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    FGH rejects Petrodrill contract

    Yard News // August 24, 2001
    Friede Goldman Halter (FGH) says the bankruptcy court has officially rejected the Petrodrill contracts FGH held.

    On 12 June, FGH filed a motion with the bankruptcy court to reject the two contracts for the construction of the two Amethyst offshore drilling rigs for Petrodrill, a Brazilian company.

    These unprofitable contracts caused substantial losses to the company, and were one of the two key influences in conjunction with the losses suffered on the Ocean Rig Bingo which led to the company's decision to file Chapter 11.

    By virtue of the order, the company's contractual obligations on this project are terminated.

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