Horizon Offshore Prices Shares for Public Offering

Friday, June 23, 2006
Horizon Offshore, Inc. announced the pricing on June 22, 2006 of its public offering of 8,500,000 shares of the company's common stock at $20.53 per share. The Company is selling 2,000,000 shares of common stock, and the remaining 6,500,000 shares are being sold by the selling stockholders who acquired shares in connection with the Company's recapitalization. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,275,000 shares of common stock to cover over-allotments, if any. The Company intends to use the net proceeds from the offering to repay debt and for general corporate purposes, including funding of capital expenditures and working capital requirements. The Company will not receive any of the proceeds from the sale of the common stock by the selling stockholders.
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