| Friede Goldman International, Inc. | |||
| Ticker: | FGII | 525 E. Capitol Street, Suite 402 | |
| Exchange: | NASDAQ-National Market | Jackson, MS 39201 | |
| Industry: | Manufacturing (SIC Code 3731) | (601) 352-1107 | |
| Type of Shares: | Common Shares | Filing Date: | 5/22/97 | |
| U.S. Shares: | 4,665,000 | Offer Date: | 7/21/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $13.00 - $14.50 | |
| Primary Shares: | 2,650,000 | Offer Price: | $17.00 | |
| Secondary Shares: | 2,015,000 | Gross Spread: | $1.19 | |
| Offering Amount: | $64,143,750 | Selling: | $0.72 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 11,500,000 |
| Manager | Tier | Phone |
| Jefferies & Company Incorporated | Lead Manager | (212) 903-2342 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| Johnson Rice & Company | Co-manager | (504) 525-3767 |
| Issuer's Law Firm: | Andrews & Kurth |
| Bank's Law Firm: | Thompson & Knight |
| Auditor: | Arthur Andersen |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 3/31/97 | 3/31/96 | |||
| Revenue: | $25.53 | $18.66 | $2.96 | Assets: | |
| Net Income: | $2.26 | $2.85 | $3.80 | Curr Assets: | |
| EPS: | $0.25 | $0.31 | $0.41 | Liabilities: | |
| Prior EPS: | $5.35 | $1.09 | Curr Liabilities: | ||
| Cash Flow/Oper: | $4.88 | Equity: | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a leading provider of conversion, retrofit and repair services for offshore drilling rigs, including jackups, submersibles, semisubmersibles and drillships. In the last seven years, the company has completed 47 offshore drilling rig conversion or retrofit projects, which the company believes is more than any other shipyard company in the United States. The company, through its acquisition of Friede & Goldman in December 1996, is also one of the world's largest designers of offshore drilling rigs. The company offers its customers a full range of design, engineering, construction, conversion, retrofit and repair services for offshore drilling rigs, including construction of new-build offshore drilling rigs. The company's customers consist primarily of drilling contractors that drill offshore exploratory and development wells for oil and gas companies throughout the world, particularly in the Gulf of Mexico, the North Sea and areas offshore of West Africa and South America. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to fund a portion of the company's anticipated capital requirements over the next 12 to 18 months, including capital expenditures to construct and equipment a new shipyard, capital expenditures to improve the productive capacity and efficiency of the existing shipyard, research and development costs relating to the design of new offshore drilling rigs and floating production units, working capital requirements and other general corporate purposes. |