Halter Marine Starts $38.3 Million Project

Business Wire, June 11, 2002

Business Editors

GULFPORT, Miss.--(BUSINESS WIRE)--June 11, 2002

Halter Marine, Inc., a subsidiary of Friede Goldman Halter, (OTCBB:FGHLQ) has started construction of NOAA's (National Oceanographic and Atmospheric Administration) newest vessel the M/V "Oscar Dyson."

The vessel is scheduled for delivery in 36 months at a price of $38.3 million. It is anticipated that options for additional vessels will be exercised as Congress incrementally appropriates funds. NOAA may build up to three additional Fishing Research Vessels (RFV) under the terms of the contract, pushing its value to more than $165 million.

The M/V "Oscar Dyson" is a state-of-the-art Fishing Research Vessel named in honor of Oscar Dyson, of Kodiak, Alaska. Mr. Dyson, a well-known fishing activist served as an industry advisor to government officials, including a congressional delegation. Born in 1913 in Rhode Island, Dyson relocated to Alaska in 1940 following World War II where he worked as a commercial salmon and halibut fisherman. He pioneered the expansion of the commercial fishery of crab, shrimp, and pollock. He was a founding partner of Kodiak-based All Alaskan Seafoods (later sold to Tyson Seafoods), which became the first group of fishermen to own both the vessels and the canneries. He was a founding member of the Kodiak Shrimp Trawlers Association, which later became the Alaska Draggers Association.

The vessel will be homeported in Kodiak, Alaska as part of the NOAA fleet. The Office of Marine and Aviation Operations will operate the vessel, with a crew composed of civilians and officers of the NOAA Commissioned Corps -- the smallest of the nation's seven uniformed services.

The completed vessel will be 63.6 meters in length, with a beam of 15.0 meters and a draft with the centerboard in an up position of 5.9 meters. The vessels will house multiple laboratories and is designed with a 40-day endurance.

Friede Goldman Halter is a leader in the design and manufacture of equipment for the maritime and offshore energy industries. Its core operating units are Friede Goldman Offshore (construction, upgrade and repair of drilling units, mobile production units and offshore construction equipment) and Halter Marine, Inc. (a significant domestic and international designer and builder of small and medium sized vessels for the government, commercial, and energy markets).

Note: This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of The Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Friede Goldman Halter expects, believes or anticipates will or may occur in the future, are forward-looking statements. These statements are based on certain assumptions and analyses made by Friede Goldman Halter, Inc. in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Friede Goldman Halter and which are discussed in Friede Goldman Halter's Registration Statement on Form S-3, the 2001 Annual Report on Form 10-K, and subsequent Forms 10-Q. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.