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EXHIBIT 99.1

                                                                 PRESS RELEASE

                                Immediate Release

           Friede Goldman Halter Signs Contract to Sell Halter Marine

GULFPORT, MS, May 22, 2002 -- Friede Goldman Halter, Inc. (OTCBB: FGHLQ) has
entered into a contract with Bollinger Shipyards, Inc. to sell the assets and
activities of Halter Marine, Inc. for $48.0 million cash and other
considerations. Halter is one of three business units presently operated by
Friede Goldman Halter and is a leading builder of small to medium sized vessels.
The agreement contemplates Bollinger acquiring all the operating assets and
properties of Halter, including the assets at Halter Pascagoula, Halter Moss
Point, Moss Point Marine, Halter Port Bienville Halter Lockport, Halter Gulfport
East Central and Three Rivers. The acquisition is subject to approval by the
United States Bankruptcy Court and the closing is expected to take place in late
July or early August 2002.

"The sale of Halter Marine to Bollinger Shipyards is a major step in providing a
return to the creditors. The continued loyalty of the employees, customers and
suppliers has made this possible," said Jack Stone, President and Chief
Executive Officer of Friede Goldman Halter.

Donald "Boysie" Bollinger, chairman and CEO of Bollinger said, "We are very
excited about this pending acquisition as it will expand our capacity and
capabilities in new construction, establish our presence and visibility in new
foreign and domestic markets and will compliment our extensive inventory of
designs. Best of all, we will retain substantially all of Halter's dedicated
employees thereby gaining hundreds of highly talented and skilled designers and
shipbuilders whose excellent reputation is known around the world. We look
forward to welcoming them to the Bollinger family."

"Our goal," said Bollinger, "is to make the transition for our new employees and
customers as seamless as possible. The transition went very smoothly when we
acquired Halter's repair division in August 2000, and we will do it again."

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). As previously
announced, Friede & Goldman Ltd. (naval architecture and marine engineering) is
expected to be sold in May, subject to a bankruptcy court approved auction
process.

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          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
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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.