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MARITIME SECURITY,
IMPORTANT TWO-DAY CONFERENCE
WASHINGTON MARRIOTT, WASHINGTON, DC
January 30 & 31, 2002


January 17, 2002

First Wave set to emerge from bankruptcy
First Wave Marine, Inc., which operates five shipyards in the Houston/Galveston area, said today that its plan of reorganization has been confirmed by the U.S. Bankruptcy Court for the Southern District of Texas.

First Wave says that its current senior secured lender has agreed to provide it with a post-confirmation $10 million revolving line of credit and an $8 million term loan.

First Wave estimates that it will conclude its post-confirmation financing and emerge from bankruptcy on or about January 31.

The new credit facility, combined with the exchange of all of First Wave's $90 million of senior notes for 96.7% of the common stock of the company, "dramatically improves the company's balance sheet, financial strength and competitiveness," says First Wave.

"Confirmation of this plan represents the achievement of our goal to successfully restructure the company," First Wave president Grady Walker said. "We are very grateful for the loyalty and support of our customers, employees, vendors and lenders during our restructuring. This support made it possible for us to maintain our excellent vendor network, to keep our employees working and to continue to provide the same high quality and uninterrupted service our customers expect from us. As a result, we are emerging poised and ready to exploit our new financial strength to better serve the evolving needs of our customers."