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Lockheed Martin to Provide Command and Control System, Combat System Design and Integration for Egyptian Fast Missile Patrol Craft

MANASSAS, VA, January 19th, 2001 -- Halter Marine, a subsidiary of Friede Goldman Halter (NYSE FGH), has named Lockheed Martin Naval Electronics & Surveillance Systems-Undersea Systems as key subcontractor to provide a command and control system, combat system design and integration for four Egyptian Navy Ambassador MK III Fast Missile Crafts (FMC). Construction is anticipated to begin in the second quarter of 2001, contingent upon approval of the U.S. government. "Lockheed Martin is proud to be selected by Halter Marine and the Egyptian Navy on this exciting program," said Frank M. DeBritz, president of Lockheed Martin Naval Electronics & Surveillance Systems-Undersea Systems. "We bring to the table an unsurpassed heritage in combat systems design, development and integration and a commitment to total customer satisfaction."

The Ambassador MK III FMC includes a Lockheed Martin Command and Control System featuring a flexible, state-of-the-art design based on commercial-off-the-shelf technology. The combat system will be multi-role with anti-air, anti-surface, electronic warfare, and active and passive countermeasure capabilities. In addition, the company will be responsible for the combat system integration.

Lockheed Martin Naval Electronics & Surveillance Systems-Undersea Systems in Manassas, Virginia, is a leader in developing and integrating complex systems for domestic and international military, civil government and commercial customers. It is a unit of Lockheed Martin's Systems Integration business area. With headquarters in Bethesda, MD, Lockheed Martin Corporation's (NYSE: LTM) other business areas include Aeronautics, Global Telecommunications, Space Systems and Technology Services.

Friede Goldman Halter is a world leader in the design and manufacture of equipment for the maritime and offshore energy industries. Its operating units are Friede Goldman Offshore (construction, upgrade and repair of drilling units, mobile production units and offshore construction equipment), Halter Marine (construction of ocean-going vessels for commercial and governmental markets), FGH Engineered Products Group (design and manufacture of cranes, winches, mooring systems and marine deck equipment), and Friede & Goldman Ltd. (naval architecture and marine engineering).

Carolyn Fray, 703.367.2323, or email: carolyn.fray@lmco.com