October 29, 2002

Halter returns to ship repair
Halter Marine is now up and running under new ownership as VT Halter Marine.

"We're ready to move on to the next challenge of selecting the projects the new company will undertake," stated Anil Raj, President and Chief Operating Officer, VT Halter Marine, Inc. "VTHM plans to continue the existing design and construction projects for the U.S. Government. VTHM will also be geared to offer ship-repair services for both naval and commercial vessels. The staff and management of the company are excited by this transition. It opens new horizons and opportunities."

The announcement that VT Halter Marine will be offering ship repair services marks a change of direction since the days when Halter Marine was part of bankrupt Friede Goldman Halter. FGH sold Halter Marine's five all-repair yards to Bollinger Shipyards, Inc., in an $80 million deal in 2000.

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