NEWS BULLETIN

October 24, 2002 --- Vol. 8, No. 112October 2002

NIED LLC commits $3 million to complete LADS rig

Less than a week after discontinuing funding of Phoenix Alaska Technology operations Oct. 18, Masakazu Okamura, president of NIED LLC, told PNA Oct. 24 that the company has restructured the LADS rig project and committed more than $3 million to complete construction and commissioning of the rig.

NIED LLC, a subsidiary of NI American Corp., discontinued funding of Phoenix Alaska Technology operations Oct. 18, Erik Opstad of Phoenix told PNA Oct. 22.

Opstad said Okamura told the Phoenix Alaska staff in a conference call that funding of operations was being discontinued due to a change in the ability of the company to fund those activities. Opstad said nearly all management and staff were released and the office effectively closed the afternoon of Oct. 18.

He said work on the light automated drilling system, the LADS rig, remains suspended and plans for the future of the project are unknown.

Okamura said Oct. 24 that a new management team has been assembled “to ensure the successful completion of the project.” He said NIED LLC expects fabrication of the rig to recommence shortly.


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