Friday, April 14 2000

Friede Goldman sells yacht division
Friede Goldman Halter, Inc. has completed the sale of its Trinity Yachts division to a group led by John Dane III, the company's former chief operating officer. The sale generated cash proceeds of approximately $5 million for Friede Goldman Halter.

"This sale is a continuation of our asset divestiture program that we announced at the merger closing," said J. L. Holloway, chairman and chief executive officer of Friede Goldman Halter. "It removes a source of operating losses and enables management to better focus on our core businesses."

In conjunction with the sale, Friede Goldman Halter's year-end 1999 backlog of $689.1 million will be reduced by approximately $29 million of Trinity Yachts backlog at December 31, 1999. The company's Halter Marine subsidiary will continue to market and build steel-hulled yachts at its Lockport, LA shipyard under the Halter Expedition Series brand.

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