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April 1 2002

FGH to quit east Pascagoula yard
The Biloxi Sun Herald last week reported that, as part of its bankruptcy reorganization, Friede Goldman Halter will abandon its east Pascagoula offshore fabrication yard, transferring work and equipment to yards in west Pascagoula and Texas.

The paper says most of the buildings and fixed equipment at the 50-acre yard will be left for the U.S. Maritime Administration. According to the Sun Herald, FGH attorneys estimate MARAD is owed $20.6 million in principal, plus interest, for bonds that were issued to pay for construction of the East Pascagoula yard, which is on Greenwood Island.

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