2001 Maritime
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May 11, 2001

FGH back to work on car carrier, gets letter of intent for OSV
Friede Goldman Halter, Inc. says work will resume immediately on the Pasha Hawaii Transport Lines (PHTL) car carrier being constructed in Halter's Pascagoula, MS shipyard. Approximately 300 workers on this project were being contacted last evening and asked to report to work for their regularly scheduled shifts.

Work was temporarily suspended earlier this week pending contract negotiations for the interim resumption of work. The negotiations were successfully concluded yesterday, and the agreement approved by bankruptcy Judge Edward Gaines.

Meantime, FGH's Halter Marine, Inc. unit announced that it has signed a Letter of Intent (LOI) for the new construction of a 220-ft offshore supply vessel, but disclosed neither the name of the prospective customer nor the value of the contract.

"We have a good, solid background in building these types of vessels,'' said Richard McCreary, President of Halter Marine, Inc. "They have been consistently profitable projects for us, and we are very excited about getting started on this vessel.''

According to the LOI, construction is scheduled to begin on this vessel within 30 days of the final contract signing.

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