Hydralift Asa News

Friede Goldman Halter, Inc. on April 25 closed the previously announced sale of the company's AmClyde Division located in St. Paul, Minnesota, for approximately $36 million (USD) to Hydralift ASA, a Norwegian company. "This is an important step," said Jack Stone, President and Chief Executive Officer of Friede Goldman Halter. "The completion of this transaction provides a major portion of the liquidity necessary to accomplish the financial restructuring. The Company continues to move toward Court approval of its Plan of Reorganization. The officers and employees of the AmClyde division did an exemplary job of working with their customers during the bankruptcy and are joining another market leader."

Friede Goldman Halter, Inc. (FGH) has entered a contract with Hydralift ASA, a Norwegian company, to acquire substantially all of the assets and activities of AmClyde Engineered Products (AmClyde) for approximately $36 million. AmClyde, located in St. Paul Minnesota, is one of four business units presently operated by FGH. The acquisition is subject to approval by the United States Bankruptcy Court, and a possible auction proceeding that is allowed by the United States Bankruptcy Law. Closing is expected to take place in April 2002.