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OFFSHORE PIPELINES, INC. ANNOUNCES THIRD QUARTER RESULTS

 HOUSTON, May 26 /PRNewswire/ -- Offshore Pipelines, Inc. (OPI) (NYSE: OFP) today announced that net income for the third quarter of fiscal 1993 ended April 30, 1993 was $3.7 million, up from $1.2 million in the comparable fiscal 1992 period. Revenues for the quarter were $87.4 million, down from $92.3 million reported in the third quarter of last year. The increase in profitability reflects the company's expanded international operations, higher margin projects, and increased utilization of the marine fleet.
 OFFSHORE PIPELINES, INC.
 Three Months Ended Three Months Ended
 April 30, 1993 April 30, 1992
 Contract revenue $87,435,000 $92,294,000
 Gross Profit 16,912,000 12,271,000
 Income from operations 8,931,000 3,895,000
 Income before income taxes 5,629,000 1,348,000
 Income tax expense 1,949,000 183,000
 Net income $ 3,680,000 $ 1,165,000
 Reserve for preferred dividends (776,000) --
 Net income available
 for common stockholders $ 2,904,000 $ 1,165,000
 Net income per share
 Primary $ 0.32 $ 0.14
 Fully diluted $ 0.31 $ --
 Weighted average common
 shares outstanding
 Primary 8,973,627 8,616,380
 Fully diluted 11,999,943 --
 Stockholders' equity $99,447,000 $57,619,000
 The company reported net income of $8.9 million for the first nine months ended April 30, 1993 compared to net income of $4.5 million for the first nine months of fiscal 1992. For the nine months of fiscal 1993, contract revenues were $239.8 million, down from $294.6 million reported for the first nine months of last year.
 OFFSHORE PIPELINES, INC.
 Nine Months Ended Nine Months Ended
 April 30, 1993 April 30, 1992
 Contract revenues $239,818,000 $294,607,000
 Gross profit 45,037,000 36,429,000
 Income from operations 19,982,000 14,602,000
 Income before income taxes 12,515,000 5,988,000
 Income tax expense 3,621,000 1,460,000
 Net income $ 8,894,000 $ 4,528,000
 Reserve for preferred
 dividends (2,329,000) --
 Net income available for
 common shareholders $ 6,565,000 $ 4,528,000
 Net income per common share $ 0.74 $ 0.54
 Weighted average common
 shares outstanding 8,848,748 8,442,145
 The improvement in the company's profitability is substantially due to the relocation of vessels to the international markets resulting in greater utilization of the worldwide fleet. The decrease in revenues was primarily due to a change in the mix of marine services performed, including lower levels of procurement services, and lower construction activity levels in the Gulf of Mexico compared to the prior year.
 Frank Wade, chairman and chief executive officer commented, "The results for the quarter and the fiscal year to date reflect the improved geographic diversification of our revenue base and increased utilization of our equipment. Our plan is to continue to increase our worldwide presence, although we are encouraged by the pick-up we are beginning to see in the domestic market where we have always had a strong position."
 OPI operates one of the largest marine construction fleets in the world capable of providing a full range of services to the worldwide oil and gas industry. The company is an industry leader in the fabrication and installation of offshore platforms, the laying of marine pipelines, and the salvage, refurbishment, and installation of recycled offshore structures.
 -0- 5/26/93
 /CONTACT: Victor M. Perez, senior vice president - capital markets of OPI, 713-952-1000/
 (OFP)


CO: Offshore Pipelines, Inc. ST: Texas IN: OIL SU: ERN

PS -- NY039 -- 2457 05/26/93 12:22 EDT
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Publication:PR Newswire
Date:May 26, 1993
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