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June 26, 2002

Milestone dates set for Halter Marine sale
While Friede Goldman Halter, Inc. has entered into an agreement to sell Halter Marine to Bollinger, that deal could yet fall through as the sale is subject to an auction procedure. Friede Goldman Halter has now received milestone dates from the U.S Bankruptcy Court regarding the sale of Halter Marine.

The Court auction date has been set for July 16, 2002 with the sale hearing to take place on July 23, 2002.

A copy of the procedures for participating in the auction is available from counsel for the selling debtors, Douglas G. Walter, Andrews & Kurth, Mayor, Day, Caldwell & Keeton, 600 Travis, Suite 4200, Houston, Texas 77002.

The sale contemplates an agreement for the purchase of 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, and Halter Gulfport East including the corporate headquarters, Gulfport Central and Three Rivers. The closing is expected to take place in early August 2002.

"There have been a number of parties considering Halter for possible inclusion in their operating platforms because of its strong market presence," said Jack Stone, principal, Glass & Associates, Inc. and chief restructuring advisor to FGH. "We're pleased with this interest; the sale of Halter Marine is a major step in providing a return to the creditors. The continued loyalty of the employees, customers and suppliers has made this possible."

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