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                                  EXHIBIT 99.2


                                                               PRESS RELEASE
                                                               Immediate Release


Friede Goldman Halter Contracts to Sell
Friede Goldman Offshore

Friede Goldman Halter Anticipates Sale Completion

GULFPORT MS, November 25, 2002 - Friede Goldman Halter, Inc. (OTCBB: FGHLQ)
announced today that the purchaser has completed financing arrangements for the
sale of its Friede Goldman Offshore division based in Pascagoula, Mississippi.
On November 15, Friede Goldman Halter, Inc. (FGH) entered into a definitive
contract to sell the assets of its Offshore division to ACON Offshore Partners
LP, a Delaware limited partnership and an affiliate of ACON Investments, in a
transaction valued at approximately $61 million (USD).

The sale hearing will take place in the United States Bankruptcy Court for the
Southern District of Mississippi, Southern Division, on December 16, 2002. Court
approval is expected, with a year-end closing anticipated.

"The FGH Restructuring Committee of the Board of Directors has worked diligently
in concert with the Unsecured Creditors Committee to secure this transaction,"
said Jack Stone, principal, Glass & Associates, Inc. and chief restructuring
advisor to FGH. "The sale of the Offshore division represents a determined
effort by senior management, our loyal employees, customers and suppliers to
complete this process."

Friede Goldman Halter has been advised by ACON Investments that ACON is an
international private equity investment firm, which manages investments in the
United States, Europe and Latin America. ACON's partnerships typically include
sophisticated institutional investors from the U.S., Europe and Latin America.
Among its activities, ACON is affiliated with Texas Pacific Group (TPG). TPG
manages over $5.7 billion worldwide. Friede Goldman Halter is further informed
that ACON typically utilizes a thematic investment approach to identify
investments at times of inflection points and that ACON's investment philosophy
is to identify opportunities in industries with attractive dynamics and to
pursue those opportunities in partnership with established management teams.

Friede Goldman Offshore provides new construction, upgrade and repair of all
types of offshore drilling rigs, floating production units, and inland and
offshore drilling and derrick barges.

For information regarding this or any of our press releases, contact:
Chris Cunningham
(228) 897-4987
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 2002 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.