2001 Maritime

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April 16, 2001

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GULF OFFSHORE 2001 event
Biloxi, MS, June 5 & 6

FGH's lenders demand payment
Friede Goldman Halter, Inc. said today that, on April 13, 2001, it received a notice of continuing events of default and demand for payment, (the ``Notice''), from Foothill Capital Corporation.

Foothill is demanding the immediate payment of $85.7 million, plus interest and various other costs, within five (5) days of the date of the notice.

Won't make interest payment
Friede Goldman Halter also announced today that it would not make the interest payment due on March 15, 2001, on its $185.0 million principal amount of 4 1/2% convertible notes. The 30-day grace period provided under the indenture relating to the convertible notes expires today.