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May 21, 2002

Bollinger to buy Halter Marine
Friede Goldman Halter, Inc. says it has entered into a contract with Bollinger Shipyards, Inc. to sell the assets and activities of Halter Marine, Inc. for $48.0 million cash and other considerations.

Halter is one of three business units presently operated by Friede Goldman Halter and is a leading builder of small to medium sized vessels.

If the deal is approved by the U.S. Bankruptcy Court, Bollinger contemplates acquiring substantially all of Halter’s operating assets, properties, extensive design library and construction projects in progress, including the following shipyards: Halter-Pascagoula; Halter-Moss Point; Moss Point Marine; Halter-Port Bienville; Halter-Central; Gulfport-East, and Halter-Three Rivers--all in Mississippi and Halter-Lockport, in Louisiana

Closing is expected to take place in late July or early August 2002.

"The sale of Halter Marine to Bollinger Shipyards is a major step in providing a return to the creditors. The continued loyalty of the employees, customers and suppliers has made this possible," said Jack Stone, president and CEO of Friede Goldman Halter.

Donald "Boysie" Bollinger, chairman and CEO of Bollinger said, "We are very excited about this pending acquisition as it will expand our capacity and capabilities in new construction, establish our presence and visibility in new foreign and domestic markets and will compliment our extensive inventory of designs. Best of all, we will retain substantially all of Halter's dedicated employees thereby gaining hundreds of highly talented and skilled designers and shipbuilders whose excellent reputation is known around the world. We look forward to welcoming them to the Bollinger family."

"Our goal," said Bollinger, "is to make the transition for our new employees and customers as seamless as possible. The transition went very smoothly when we acquired Halter's repair division in August 2000, and we will do it again."

This acquisition will add eight new construction shipyards to Bollinger’s three new construction and eleven repair and conversion shipyards for a total of 22 facilities with 43 drydocks strategically located from Pascagoula, MS to Houston, TX.

Family-owned and operated since 1946, Bollinger is a leading provider of marine repair and conversion services and of new construction services to the energy, commercial and government marine markets. It specializes in a wide variety of small to medium-sized offshore and inland vessels

Friede Goldman Halter's current core operating units are Friede Goldman Offshore (construction, upgrade and repair of drilling units, mobile production units and offshore construction equipment) and Halter Marine, Inc. As previously announced, Friede & Goldman Ltd. (naval architecture and marine engineering) is expected to be sold in May, subject to a bankruptcy court approved auction process.

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