<PAGE>

                                                                    EXHIBIT 99.1

                                  PRESS RELEASE


                                Immediate Release

                       T. Jay Collins Assumes CEO Position

GULFPORT, MS, June 5, 2002 -- The Board of Directors of Friede Goldman Halter
(FGH, OTCBB: FGHLQ) have added the title of Chief Executive Officer to Mr. T.
Jay Collins who presently serves as Chairman of FGH. Mr. Collins is overseeing
the final stages of the bankruptcy process from the Board level, while
continuing his full-time position as President of Oceaneering International,
Inc.

Mr. Jack Stone, who served as interim CEO, will continue his focus as the Chief
Restructuring Advisor to FGH. Mr. Stone is a principal of Glass & Associates,
Inc., a nationally prominent management-consulting firm, has been advising the
Board of Directors since October 2001 on restructuring matters.

In accepting the position, Mr. Collins stated, "As we move this restructuring to
its conclusion the Reorganization Committee and the Board of Directors of Friede
Goldman will continue to work diligently with the Creditors Committee to
maximize the value of the estate for both the secured and unsecured creditors."

Friede Goldman Halter is a leader in the design and manufacture of equipment for
the maritime and offshore energy industries. Its core operating units are Friede
Goldman Offshore (construction, upgrade and repair of drilling units, mobile
production units and offshore construction equipment) and Halter Marine, Inc. (a
significant domestic and international designer and builder of small and medium
sized vessels for the government, commercial, and energy markets).

--------------------------------------------------------------------------------

           For information regarding this or any of our press releases, contact:
                                                                    Larry Walker
                                                        Corporate Communications
                                                                  (228) 897-4867
                                                                     www.fgh.com

*Note: This press release includes certain statements that may be deemed to be
       "forward-looking statements" within the meaning of Section 27A of The
       Securities Act of 1933, as amended, and Section 21 E of the Securities
       Exchange Act of 1934, as amended. All statements, other than statements
       of historical facts, included in this press release that address
       activities, events or developments that Friede Goldman Halter expects,
       believes or anticipates will or may occur in the future, are
       forward-looking statements. These statements are based on certain
       assumptions and analyses made by Friede Goldman Halter, Inc. in light of
       its experience and its perception of historical trends, current
       conditions, expected future developments and other factors it believes
       are appropriate in the circumstances. Such statements are subject to a
       number of assumptions, risks and uncertainties, many of which are beyond
       the control of Friede Goldman Halter and which are discussed in Friede
       Goldman Halter's Registration Statement on Form S-3, the 2001 Annual
       Report on Form 10-K, and subsequent Forms 10-Q. Investors are cautioned
       that any such statements are not guarantees of future performance and
       that actual results or developments may differ materially from those
       projected in the forward-looking statements.