Torch Offshore Announces Update on Midnight Express Conversion.Energy Editors/Business Editors NEW ORLEANS--(BUSINESS WIRE)--May 27, 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 that the Midnight Express has substantially completed its DP-2 sea trials in the North Atlantic Ocean North Atlantic Ocean The northern part of the Atlantic Ocean, extending northward from the equator to the Arctic Ocean. without any major complications. The vessel has returned to the shipyard at Davie Maritime, Inc. for final rig-up and certification before heading to Rotterdam for installation of the patented pipelay system at the manufacturer's operation and the special-built crane. The vessel is expected to leave the shipyard during the first week of June to begin the 12- to 14-day trip to Rotterdam based on the expected travel speed of 11 to 12 knots. It is still the Company's intention to complete final outfitting and installation of the pipe handling system in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east before the vessel enters the active fleet in the latter portion of the third quarter of 2004. The vessel is scheduled to be delivered approximately two weeks after the negotiated final delivery date of May 21, 2004. The Company does not expect this minor delay to impact the timing of the Midnight Express entering the active fleet in 2004. Lyle G. Stockstill, Torch Offshore, Inc. Chairman and Chief Executive Officer, commented, "We are pleased that the vessel has almost completed its first round of sea trials and will be leaving the shipyard in the coming days. In addition, the pipelay system and crane are ready for installation in Rotterdam. Our timing is on track for the vessel to begin work in late 2004." To view photographs of the Midnight Express at the shipyard in Canada as well as photographs of the patented pipelay system in Rotterdam, please visit the Company's web site, www.torchinc.com, under Latest Presentations in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the web site. 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 departure date of the Midnight Express from Davie Maritime, Inc., the time to travel to Rotterdam, timing of the final delivery of the Midnight Express to the active fleet, and expectations of the negotiation of liquidated damages Monetary compensation for a loss, detriment, or injury to a person or a person's rights or property, awarded by a court judgment or by a contract stipulation regarding breach of contract. . 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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