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May 9, 2001
FGH stops work on Petrodrill rigs, car carrier
FGH, which has filed for Chapter 11 protection, has asked the bankruptcy court to void its contract with Petrodrill.
If the court accepts our motion, Petrodrill would regain possession of the rigs and would be free to take them elsewhere," company spokesperson Kristi Kelly told us.
Work on the car carrier that FGH has under construction for Pasha Hawii has also temporarily ceased. FGH is currently negotiating with Travelers Insurance Group, which has issued surety bonds on the project, and expects to reach a settlement soon.