FGH Tries To Shed Petrodrill Contracts

Friede Goldman Halter filed with the bankruptcy court a motion to reject the two contracts for the construction of the two Amethyst offshore drilling rigs for Petrodrill. The company, in a statement, said that these highly unprofitable contracts caused substantial losses to FGH, and led to the company's recent Chapter 11 filing. FGH has also taken further cost-cutting measures, announcing that all senior management members have taken substantial salary cuts, in come cases as high as 40%.