Torch Offshore Announces Contract for Alba Project in Africa with Marathon.Energy Editors/Business Editors NEW ORLEANS--(BUSINESS WIRE)--May 12, 2004 Torch Offshore, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : TORC) (the "Company") announced today it has signed a contract with Marathon E.G E.G For Example . Production Limited ("Marathon") to perform the installation of five pipelines and an umbilical for the export facility of the Marathon gas plant extension in Malabo, Bioko Island, Equatorial Guinea Equatorial Guinea (gĭn`ē), officially Republic of Equatorial Guinea, republic (2005 est. pop. 536,000), 10,830 sq mi (28,051 sq km), W central Africa. . The contract is valued at over $12.0 million and is scheduled to commence immediately with an approximate 60-day operation on site with completion scheduled for October 2004. The Company will utilize a marine spread made up of the Midnight Brave to perform the pipelay and umbilical installation and the Midnight Carrier as a support vessel. Lyle G. Stockstill, Torch Offshore, Inc. Chairman and Chief Executive Officer, commented, "The project award from Marathon is a match to our strategy to develop our pipelay business internationally. We have identified other potential projects in West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. , and will continue to bid on a selected manner." Established in 1978, Torch Offshore, Inc. is involved in offshore pipeline installation and subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". construction for the oil and natural gas industry. Torch Offshore, Inc. is expanding beyond its established shallow water See:
Any statements made in this news release, other than those of historical fact, about an action, event or development, which the Company hopes, expects, believes or anticipates may or will occur in the future, are forward-looking statements under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. The forward-looking statements in this news release include statements about the capabilities of the Company's vessels and the scope of work and contract value related to the Marathon Alba project. Such statements are subject to various assumptions, risks and uncertainties, which are specifically described in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2003 filed with the Securities and Exchange Commission, as well as other factors that may not be within the Company's control, including, specifically, oil and natural gas commodity prices, weather conditions and offshore construction activity levels. Although the Company believes its expectations are based on reasonable assumptions, it gives no assurance that the Company's assumptions and projections will prove to be correct. Actual results may differ materially from those projected. |
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