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April 5, 2002

Alford quits FGH
John Alford has resigned as president and CEO of Friede Goldman Halter. Jack R. Stone, Jr., currently serving as the CRA (chief restructuring advisor) to FGH, is now also wearing the president and CEO hats. Stone is a principal of Glass & Associates, Inc.,which has been advising the FGH board on restructuring since October 2001.

Under, FGH's recently filed reorganization plan, Alford was to have been CEO of something to be called New Offshore that will become a reinvented Friede Goldman Offshore. Will Stone now pick up that hat? The reorganization plan identifies other members of New Offshore's management team as Ron Schnoor (COO), Bob Shepherd (CAO), John Haley (President, Texas Operations), Kevin Colledge (SVP, Production), Tom Rigolo (VP, Engineering) and Joe Roche (VP, Sales & Marketing).

New Offshore's twin will be an entity called New Halter that will eventually emerge, if the reorganization is approved, as Halter Marine Group, Inc. Its management is identified as Anil Raj (CEO), Richard McCreary (President), Sid Mizell (SVP, Sales & Marketing) and Bill Skinner (SVP, Operations).

Meantime, news of Alford's departure came the same week that FGH made a filing with the SEC explaining that it would be late filing its 10-K. The statement said::

"On March 22, 2002, the Registrant filed its Plan of Reorganization with the United States Bankruptcy Court. The Plan of Reorganization includes the reorganization of the substantially all of the Registrant's Offshore and Vessels segments and the disposition of its Engineered Products segment as well as the disposition through sale, or otherwise, of other Registrant subsidiaries and assets. In addition, the Registrant recently received a list of proofs of claim filed by its creditors with the United States Bankruptcy Court. As a result of these developments, the Registrant needs additional time to evaluate the impact the Plan of Reorganization and proofs of claim will have on its consolidated financial statements. Accordingly, the Registrant is unable to file its Annual Report on Form 10-K for the period ended December 31, 2001 within the prescribed time period without unreasonable effort and expense. The Registrant intends to file such Form 10-K with the Securities and Exchange Commission no later than April 16, 2002, which is the fifteenth calendar day following the prescribed due date of April 1, 2002."

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