June 5 & 6, 2002
Grand Casino Biloxi-Islandview Hotel
Biloxi, MS

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May 23, 2002

New chairman for FGH
T. Jay Collins has been elected to serve as chairman of the board for Friede Goldman Halter, Inc. replacing J. L. Holloway who recently resigned.

Collins, president, COO and a director of Oceaneering International, Inc., has served as a director on FGH's board since 1997. He is presently chairman of the restructuring committee.

Accepting the chairmanship of FGH, Collins stated, "The reorganization committee and the board of directors of Friede Goldman are working diligently with the creditors committee to maximize the value of the estate for both the secured and unsecured creditors. We will continue to contract and execute new jobs while pursuing appropriate reorganization options with the help of loyal employees, customers and suppliers."

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