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OFFSHORE PIPELINES, INC. ANNOUNCES THIRD QUARTER PROFIT

 OFFSHORE PIPELINES, INC. ANNOUNCES THIRD QUARTER PROFIT
 HOUSTON, June 3 /PRNewswire/ -- Offshore Pipelines, Inc. ("OPI")


(NYSE: OFP) today announced that revenues for the quarter ended April 30, 1992 were $92 million, up 258 percent from $26 million reported in the third quarter of last year. The company reported net income of $1.2 million for the quarter compared to a net loss of $9.9 million for the comparable fiscal 1991 period. The net loss for last year's third quarter included a gain of $2.9 million from the sale of equipment. The increase in contract revenues and profitability for the third quarter and the nine months was due to the increased contribution from the company's international operations.
 Periods ended Three Months
 April 30 1992 1991
 Contract revenues $ 92,294,000 $ 25,767,000
 Income (loss) from operations 3,894,000 (11,926,000)
 Net income (loss) 1,165,000 (9,855,000)
 Net income (loss) per share $ 0.14 $ (1.24)
 Weighted average number of shares
 outstanding 8,616,380 7,919,512
 Periods ended , Nine Months
 April 30 1992 1991
 Contract revenues $294,608,000 $119,498,000
 Income (loss) from operations 14,602,000 (19,230,000)
 Net income (loss) 4,529,000 (12,663,000)
 Net income (loss) per share $ 0.54 $ (1.60)
 Weighted average number of shares
 outstanding 8,442,145 7,914,253
 Stockholders' equity $ 57,618,000 $ 50,332,000
 For the nine months ended April 30, 1992, contract revenues increased 146 percent to $295 million from $119 million reported for the first nine months of fiscal 1991. The company reported net income of $4.5 million for the first nine months of fiscal 1992 compared to a net loss of $12.7 million for the first nine months of last year. The net loss for the first nine months of last year included gains from the sale of equipment totaling $11 million.
 International operations contributed approximately 82 percent of revenues for the third quarter, and 70 percent for the nine months ended April 30, 1992 compared to 39 percent and 13 percent for the comparable fiscal 1991 periods, respectively.
 Frank Wade, chairman and chief executive officer commented, "We have seen a significant improvement in our results compared to last year when we were just starting up our international operations. We are pleased with the presence we have now established in certain international markets and intend to further increase our penetration of those markets. Our international business is offsetting the weakness we see in the Gulf of Mexico."
 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- 6/3/92
 /CONTACT: Victor M. Perez, senior vice president - capital markets, of Offshore Pipelines, Inc., 713-952-1000/
 (OFP) CO: Offshore Pipelines, Inc. ST: Texas IN: OIL SU: ERN


AH -- NY049 -- 6611 06/03/92 13:32 EDT
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Date:Jun 3, 1992
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