Pasha Hawaii Transport Lines Makes Announcement

    CORTE MADERA, Calif.--April 24, 2001--Pasha Hawaii Transport Lines LLC (PHTL) announced today the April 20 petition for relief filing of Friede Goldman Halter, under Chapter 11 of the U.S. Bankruptcy Code, will have minimal impact on the construction of PHTL's new Jones Act Ro-Ro vessel. Halter Marine (an operating unit of Friede Goldman Halter) is currently building the ship in Pascagoula, MS.
    The project financing is guaranteed by the Maritime Administration's Title XI program, and performance and payment bonds are securely in place with Travelers Casualty and Surety for the full value of the shipbuilding contract. Halter and PHTL anticipate the bankruptcy proceedings will have little effect on the overall construction schedule but acknowledge the forecasted delivery of the vessel could slip by two or three months. PHTL remains confident their new service between California and Hawaii will be inaugurated by Fall 2002. Further updates will follow as the ship nears completion.
    PHTL is a joint venture of The Pasha Group and Van Ommeren Shipping (USA) LLC.
    For more information on PHTL and The Pasha Group, please visit www.pashagroup.com.