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

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May 24, 2002

Friede & Goldman sold to Russian interests
Demonstrating that the U.S. bankruptcy auction process can produce some surprises, United Heavy B.V., a division of United Heavy Machinery, has purchased Friede & Goldman Ltd. (FGL), the naval architecture and marine engineering business unit of Friede Goldman Halter, Inc. for a sum of $15 million.

United Heavy's Shelf MODU's are a Friede Goldman designUnited Heavy Machinery is the fairly recently-adopted name of Russia's Uralmash (Ural Heavy Machine Building Plant)--birthplace of World War II's legendary T-34 tank. These days its product line includes a broad range of offshore drilling rigs. Its Shelf line of MODU's are a Friede Goldman design

"We are pleased with the outcome of this auction," said Jack Stone, President and Chief Executive Officer of Friede Goldman Halter. "The competitive bidding for FGL shows the level of confidence the marketplace has in the products and services offered by Friede & Goldman Ltd. and in its future."

"The sale of Friede & Goldman Ltd. is positive for the estate and the terms of the agreement provide continued access to the FGL design technology for Friede Goldman Offshore which should prove beneficial to both companies going forward." said Ron Schnoor, President of Friede Goldman Offshore.

The previously announced contract with FGL Acquisitions (USA) was rescinded.

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