Collins Assumes CEO at FGH

Monday, June 10, 2002
The Board of Directors of Friede Goldman Halter have added the title of Chief Executive Officer to T. Jay Collins who presently serves as Chairman of FGH. Collins is overseeing the final stages of the bankruptcy process from the Board level, while continuing his full-time position as President of Oceaneering International, Inc. Jack Stone, who served as interim CEO, will continue his focus as the Chief Restructuring Advisor to FGH. Stone is a principal of Glass & Associates, Inc., a nationally prominent management-consulting firm, has been advising the Board of Directors since October 2001 on restructuring matters. In accepting the position, Collins stated, “As we move this restructuring to its conclusion the Reorganization Committee and the Board of Directors of Friede Goldman will continue to work diligently with the Creditors Committee to maximize the value of the estate for both the secured and unsecured creditors.”

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