KNOC 1

11/19/2008 12:00 AM

Friede & Goldman has entered into contract withKorea National Oil Corporation, KNOC, on November 19, 2008 for the upgrade of the Doosung,an F&G Pacesetter semi-submersible design.

F&G will provide engineering services to upgradethe Doosung mobile drilling unit beyond the currentoperational water depth of 1500 feet. The expectedduration of the project is 16 weeks.

For more information on KNOC, please visit their website:

http://www.knoc.co.kr/
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