FGH Subsidiary Sells Interest in Ilion

December 14, 2000

Friede Goldman Halter, Inc. has announced that one of its subsidiaries has sold its minority equity interest in Ilion LLC for $12.8 million to Noble Drilling Corporation. The Ilion, a Friede and Goldman designed semi submersible, is in the Friede Goldman Offshore shipyard in Pascagoula, Miss. Additionally Friede & Goldman, Ltd., recently received a contract from Noble Drilling to perform design engineering for phase one upgrading of the semi submersible. Phase one specifically involves the upgrading of the rig's hull.

FGH Subsidiary Sells Interest in Ilion

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