Bollinger to Acquire Halter Marine

Wednesday, May 22, 2002
In what amounts to what would be an amazing turn of fortune over a number of years, Bollinger Shipyards, Inc., Lockport, La., has signed a contract, pursuant to approval of the U.S. Bankruptcy Court, to acquire the assets and operations of Halter Marine from Friede Goldman Halter, Inc. Bollinger Shipyards has always been regarded as a well-run builder of quality vessels for the U.S. and foreign markets. However, less than a decade ago, the company was overshadowed by the enormous network of ship and boatyards that was Halter Marine. But Halter, with a mountain of debt and a tight offshore market, fell from the top, in concert with Bollinger's rise. If approved, Bollinger contemplates acquiring substantially all of Halter's operating assets, properties, extensive design library and construction projects in progress, including the following Shipyards: Halter-Pascagoula; Halter-Moss Point; Moss Point Marine; Halter-Port Bienville; Halter-Central; Gulfport-East, and Halter-Three Rivers-all in Mississippi and Halter-Lockport, in Louisiana. Donald "Boysie" Bollinger, chairman and CEO of Bollinger said, "We are very excited about this pending acquisition as it will expand our capacity and capabilities in new construction, establish our visibility and presence in new foreign and domestic markets and compliment our extensive inventory of designs. Best of all, we will retain substantially all of Halter's dedicated employees thereby gaining hundreds of highly talented and skilled designers and shipbuilders whose excellent reputation is known around the world. We look forward to welcoming them to the Bollinger family." "Our goal," said Bollinger, "is to make the transition for our new employees and customers as seamless as possible. The transition went very smoothly when we acquired Halter's repair division in August 2000, and we will do it again." Jack Stone, president and CEO of Friede Goldman said, "The sale of Halter Marine to Bollinger Shipyards is a major step in providing a return to the creditors. The continued loyalty of the employees and customers has made this possible." This acquisition will add eight new construction shipyards to Bollinger's three new construction and eleven repair and conversion shipyards for a total of 22 facilities with 43 drydocks strategically located from Pascagoula, MS to Houston, TX. Family-owned and operated since 1946, Bollinger is the foremost provider of marine repair and conversion services and a leading provider of new construction services to the energy, commercial and government marine markets specializing in a wide variety of small to medium-sized offshore and inland vessels.

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