Friede Goldman Newfoundland Under New Ownership

Friede Goldman Halter, Inc. has sold the assets of Friede Goldman Newfoundland, the Company's Canadian subsidiary located in the province of Newfoundland and Labrador Canada, to Peter Kiewit Sons Co. Ltd. The transaction is part of the continuing effort to restructure the company and facilitate its emergence from Chapter 11 bankruptcy.

Bob Shepherd, Executive Vice President - Administration of FGH, commented, "The sale of the assets of FGN is in the best interests of the company as it emerges from Chapter 11 bankruptcy protection. The transaction allows the Company to reduce outstanding obligations."