FG Press Release_2013 02 01

2/1/2013 12:00 AM

Announces New License Agreements for Two JU-2000E Jackups

HOUSTON, Feb 13 / -- Friede & Goldman, Ltd. (F&G) announced today that the Company has entered into a license agreement with Dalian Shipbuilding Industry Offshore, Inc. (DSIC) for the basic design of two JU-2000E high-specification jackup drilling rigs to be constructed for Seadrill Limited. The new units are scheduled for delivery in the first and second quarter 2015. The contract also contains options for two additional units which would be scheduled for delivery in the third and fourth quarter 2015. This contract marks the 14th & 15th JU-2000E delivered by or under construction at DSIC and the 5th & 6th JU-2000E drilling rig constructed for Seadrill Limited.

The Friede & Goldman JU-2000E design represents the latest generation of high specification jackup drilling rigs with greater capacities and capabilities than most existing units. The rigs will have the capability to operate in water depths up to 400 feet and drill to depths of 30,000 feet. F&G has in addition signed contracts with DSIC to supply their patented Rack Chock leg fixation system.

The Friede & Goldman JU-2000E design represents the latest generation of high specification jackup drilling rigs with greater capacities and capabilities than most existing units. The rigs will have the capability to operate in water depths up to 400 feet and drill to depths of 30,000 feet. F&G has in addition signed contracts with DSIC to supply their patented Rack Chock leg fixation system.

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