October 31, 2000

$53 million orders for FGH
Friede Goldman Halter, Inc. today announced that it has new projects with a combined value of more than $53 million, excluding options.

Halter Marine, Inc., has signed a contract with Vessel Management Services, Inc., of Seattle, Washington, for the construction of a 150,000-barrel, oceangoing, double-hulled articulated tug-barge (ATB), with options for up to five additional units.

The barges will be built at Halter's Port Bienville shipyard in Pearlington, Mississippi, and the tugs at its Moss Point Marine shipyard, in Escatawpa, Mississippi.

Halter Marine, Inc. has also signed a contract with Waller Marine, Inc., of Houston, Texas, for the construction, integration and commissioning of two 150 ft power-generating barges for ultimate use in West Africa.

The barges will be built at Moss Point Marine and outfitted at Friede Goldman Offshore's Pascagoula East facility.

Friede & Goldman, Ltd., has received a contract from Noble Drilling Corporation, of Houston, Texas, to perform design engineering for phase one of the upgrade of the Noble Ilion semisubmersible, which would involve upgrading the hull. The work on this upgrade is scheduled to be performed at Friede Goldman Offshore's facility in Pascagoula, Mississippi.

In addition, Friede Goldman Halter's Engineered Products Group announced that its BLM unit was awarded a contract from the Hudong Shipyard in China for deck machinery and a contract from Stolt Offshore for two offshore cranes. In addition, its AmClyde unit was awarded a contract from MODEC for fabrication of Tendon Support Buoys.

"Halter Marine is an industry leader in tank barge construction and conversion,'' said Friede Goldman Halter president and CEO John Alford, . "This is an area of increased marketing effort. Including our prior announcement of September 12, 2000, we have now announced over $100 million in new projects. The vessel segment continues to add contracts with options, and, historically, Halter Marine has had great success in converting options into contracts."

"`Our Friede & Goldman engineering division," he added, "is very active with project-specific work, which we believe is a good indicator of business to come. We are encouraged by the activity being generated in the offshore segment.''

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