Ship Builder Friede Goldman Halter Takes Another Financial Hit - WLOX.com - The News for South Mississippi

Ship Builder Friede Goldman Halter Takes Another Financial Hit

JACKSON, Miss. (AP) -- Struggling shipbuilder Friede Goldman Halter Inc.'s finances took another hit with a $73.2 million loss in the first quarter ending March 31.

Gulfport-based Friede, in the middle of a Chapter 11 bankruptcy reorganization, recorded a loss of $3.1 million for the same period last year. The company's stock, which was delisted by the New York Stock Exchange, lost $1.50 a share in the first quarter, compared with a loss of 8 cents a share in the year-ago period.

The stock had fallen below $1 a share in the past month. Friede listed liabilities as of March 31 of $566 million, up from $381 million on Dec. 31. It has nearly $260 million in long-term debt that's in default.

Friede made no official announcement regarding the report. Spokesman Chris Cunningham said the company continued to prepare its reorganization plan and likely would use all of its allotted 120 days.

``It takes every bit of that time,'' Cunningham said. ``It's a complicated process.''

Friede has lost tens of millions of dollars in recent years because of construction delays and contract disputes on four massive drilling rigs.

Earlier this month, the company stopped work on two of the rigs, which were being built for Petrodrill. Friede has asked the bankruptcy court to negate its ``highly unprofitable'' contracts with Petrodrill.

Cunningham said the judge could rule in the next day or so. Petrodrill is a consortium formed by Pride International in Houston and Brazil's Maritima Engineering.

Friede is trying to raise capital by selling some assets as it works on other projects. Two weeks ago, the bankruptcy judge approved Friede's $33.5 million sale of its French subsidiary to Hydralift ASA of Norway. At the time, Friede chief executive John Alford said the deal gave the company liquidity and resources to start new projects.

Cunningham said Friede has a construction backlog of $324 million, as well as a pending $400 million contract to build four patrol vessels for the Egyptian navy. Friede designs and manufactures rigs, vessels and equipment for the maritime and offshore energy industries at Gulf Coast yards in Mississippi, Louisiana and Texas.

  • NEWSMore>>

  • Wilkerson makes history in two-hit shutout

    Wilkerson makes history in two-hit shutout

    Sunday, July 23 2017 11:47 PM EDT2017-07-24 03:47:31 GMT

    Faced with a four-game losing streak and the potential of their first series sweep of the season, the Biloxi Shuckers snapped out of their funk in a big way with a 7-0 victory over the Mississippi Braves on Sunday. 

    More >>

    Faced with a four-game losing streak and the potential of their first series sweep of the season, the Biloxi Shuckers snapped out of their funk in a big way with a 7-0 victory over the Mississippi Braves on Sunday. 

    More >>
  • Marriage equality celebrated in Biloxi

    Marriage equality celebrated in Biloxi

    Sunday, July 23 2017 11:03 PM EDT2017-07-24 03:03:50 GMT

    On Saturday, marriage equality was celebrated. An event called One Night Out showcased the positive reaction to the federal law from 2015 that guaranteed marriage equality. 

    More >>

    On Saturday, marriage equality was celebrated. An event called One Night Out showcased the positive reaction to the federal law from 2015 that guaranteed marriage equality.

    More >>
  • WLOX News This Week: Biloxi Development

    WLOX News This Week: Biloxi Development

    A building boom is happening in Biloxi, within the next several months more than 300 new hotel rooms will be available downtown.

    More >>

    A building boom is happening in Biloxi, within the next several months more than 300 new hotel rooms will be available downtown.

    More >>
  • Trending StoriesTrending StoriesMore>>

  • Bush's Baked Beans announces voluntary recall

    Bush's Baked Beans announces voluntary recall

    Sunday, July 23 2017 7:14 PM EDT2017-07-23 23:14:18 GMT
    Sunday, July 23 2017 7:14 PM EDT2017-07-23 23:14:18 GMT

    Bush Brothers & Co.Saturday announced a voluntary recall of certain 28-ounce cans of three varieties of its baked beans.  

    More >>

    Bush Brothers & Co.Saturday announced a voluntary recall of certain 28-ounce cans of three varieties of its baked beans.  

    More >>
  • Police: Parents gave newborn drugs to cover up addiction

    Police: Parents gave newborn drugs to cover up addiction

    Sunday, July 23 2017 1:52 AM EDT2017-07-23 05:52:55 GMT
    Sunday, July 23 2017 1:52 AM EDT2017-07-23 05:52:55 GMT
    Colby Wilde, 29, and Lacey Christenson, 26, face four counts each of child endangerment and felony drug charges. (Source: Utah County Sherriff’s Office/KUTV/CNN)Colby Wilde, 29, and Lacey Christenson, 26, face four counts each of child endangerment and felony drug charges. (Source: Utah County Sherriff’s Office/KUTV/CNN)

    The baby’s mother used heroin and prescription pain medication during her pregnancy, and the baby was born addicted to drugs, police say.

    More >>

    The baby’s mother used heroin and prescription pain medication during her pregnancy, and the baby was born addicted to drugs, police say.

    More >>
  • New York Times asks 'Fox & Friends' for apology

    New York Times asks 'Fox & Friends' for apology

    Sunday, July 23 2017 8:11 PM EDT2017-07-24 00:11:08 GMT
    Monday, July 24 2017 12:51 AM EDT2017-07-24 04:51:38 GMT
    The New York Times is asking Fox News' morning show "Fox & Friends" to apologize for what the newspaper calls a "malicious and inaccurate segment" about intelligence leaks and the Islamic State that aired Saturday.More >>
    The New York Times is asking Fox News' morning show "Fox & Friends" to apologize for what the newspaper calls a "malicious and inaccurate segment" about intelligence leaks and the Islamic State that aired Saturday.More >>
Powered by Frankly