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June 10, 2002

Collins assumes CEO role at FGH
The board of Friede Goldman Halter has given the chief executive officer role to T. Jay Collins who recently became company chairman. Collins is overseeing the final stages of the bankruptcy process from the board level, while continuing his full-time position as president of Oceaneering International, Inc.

Jack Stone, who served as interim CEO, continues as chief restructuring advisor to FGH. He is a principal of Glass & Associates, Inc., a management-consulting firm, and has been advising the board since October 2001.

In accepting the CEO position, Collins stated, "As we move this restructuring to its conclusion the reorganization committee and the board of directors of Friede Goldman will continue to work diligently with the creditors committee to maximize the value of the estate for both the secured and unsecured creditors."

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