Halter Marine Assets To Go To Bollinger Ship Yards In $48 Million Cash Deal

Friede Goldman Halter has entered into a contract with Bollinger Shipyards to sell the assets and activities of Halter Marine. for $48 million in 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. The agreement contemplates Bollinger acquiring all the operating assets and properties of Halter, including the assets at Halter Pascagoula, Halter Moss Point, Moss Point Marine, Halter Port Bienville Halter Lockport, Halter Gulfport East Central and Three Rivers. The acquisition is subject to approval by the United States Bankruptcy Court and the 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 Chief Executive Officer 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."