Friede Goldman Halter Finalizes $40 Million In New Contracts

Friede Goldman Halter, Inc. announced that it has recently finalized six new contracts with a total value of approximately $40 million. The contracts are with the following customers: · The Venezuelan government for the construction of two 153-foot LCU-type logistics support vessels. Financing for the project has been secured through the Export-Import Bank and all guarantees have been obtained. Construction for the vessels is anticipated to begin during the second quarter at the company's Moss Point Marine shipyard in Escatawpa, MS and delivery is slated for the fourth quarter of 2001. · Atwood Oceanics for the design and construction of a deepwater mooring system. The 8-point combination traction-winch/windlass mooring system will be installed on the Atwood Eagle, a semisubmersible drilling rig capable of operating in water depths up to 5,000 feet. The project will be designed by the FGH Engineered Products Group's AmClyde division and manufactured at the group's BLM Offshore facility in Nantes, France. Delivery is scheduled for January 2001. · Transocean Sedco Forex for winterization of SEDCO 714 semisubmersible drilling unit. The work will be performed at Friede Goldman Newfoundland's Cow Head Offshore fabrication facility in Newfoundland, Canada. The initial scope of work is expected to be completed by the end of the second quarter. · Atwood Oceanics for the fabrication and installation of equipment to enhance seafloor sliding characteristics for the Atwood Richmond submersible drilling unit. Work has begun at Friede Goldman Offshore Texas' Dockyard facility and is expected to be completed by the end of the second quarter of 2000. · Subsidiaries of Harrah's Entertainment, Inc. for the construction of two casino barges. Fabrication of block modules will take place at the Halter Gulfport facility with final assembly at the company's Port Bienville shipyard. Completion is scheduled for second quarter of 2000. · Thoma-Sea Boat Builders for the construction of a 150' x 50' tugboat hull and superstructure. The project will be executed at the company's Lockport, LA yard and is scheduled for completion in the fourth quarter of 2000.