FGH Signs Contract To Sell AmClyde Division

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.