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    MODEC involved in Friede Goldman acquisition

    News // March 28, 2002
    MODEC Inc has announced that its wholly owned subsidiary MODEC (USA) Inc has, in partnership with the current management team at Friede & Goldman Ltd (FGL), signed a contract with Friede Goldman Halter Inc to acquire the assets of Friede & Goldman Ltd. The acquisition is subject to approval by the United States Bankruptcy Court.

    Commenting on the agreement, Mr Paul Geiger Jr, President of Friede & Goldman, Ltd said: "This acquisition led by the management team with the support of MODEC Group gives a tremendous boost to the business activities of FGL. We intend to aggressively market our services and designs to drilling contractors and to shipyards. We also intend to expand our services to support MODEC Group and other companies in Floating Production concepts and technology."

    Mr Kenji Yamada, President & CEO of MODEC Inc added: "MODEC and Friede & Goldman are respected names in the offshore industry with a proud heritage of completed projects. An association of these two companies will be a strong partnership. We intend to support the existing management team, to aggressively expand its services and designs to the drilling industry. In addition, by forming synergies, we intend to expand our range of solutions for the Floating Production market. MODEC also intends to utilizeFGL resources to support it in its FPSO/FSO and TLP projects."

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