Torch Offshore News

Bisso Marine announced the addition of Andy Wojtaszczyk. Wojtaszczyk joins the company as Subsea Services project manager, managing saturation diving and ROV operations. Prior to joining Bisso Marine, Wojtaszczyk served as ROV superintendent in Equatorial Guinea for Bienvenue Consulting Services/Hess Corporation and ROV project manager for Offshore Innovative Solutions, Inc. Before that, he was SAT superintendent aboard the DPII DSV Midnight Hunter for Torch Offshore, Inc. (www.bissomarine.com)

Bisso Marine a provider of energy and maritime support services, announced the promotion of Glenn Posik to general manager of Diving and Subsea Services. In his new position, Posik manages all aspects of diving safety and diving operations. Before his promotion, Posik served as project manager for the Bisso Marine Pipeline Department. Prior to joining the company, he was project manager for Superior Diving Company Inc. and construction superintendent for Torch Offshore, Inc. (www.bissomarine.com)

Techcrane Global Corporation is a Covington, La.-based marine crane manufacturer/distributor who recently installed Techcrane Model F250-100 onboard Torch Offshore L.L.C.'s Midnight Wrangler. This was a crane custom-designed for Torch with a maximum capacity of 125 tons at 30-ft. reach. Time lapse between design conceptions to fabrication in Covington, La., was less than six months. The bid was awarded to Techcrane in December of 2002 for delivery in mid 2003 and is a part of the project to convert the Midnight Wrangler into a deepwater pipelaying vessel. In order to accommodate these deepwater arenas, a winch was specially designed by Lantec on behalf of Techcrane for the F250 to handle 8,000 ft. of two-in. wire rope.

It seems to be a soap opera without an end. "It is crazy…makes no sense at all," is a common observation. If you are in the oil and gas business, the number one question is, "When is the drilling going to pickup?" It is a question without an answer…at least through the first quarter of 2004. "Normally when prices are low and oil rises about $25 a barrel and gas goes above $2.50 per million cubic foot, everybody goes back to work," noted Roy Breaux, Jr., president of Breaux Bay Craft, Loreauville, La. a leading builder of crew/supply boats. "We drill ourselves out of recessions, but not this time, at least not yet" Breaux said. Breaux echoes the sentiment of almost everyone in the industry "The answer must lie in Houston because that's where the decisions on when to drill come…

Torch Offshore, Inc. said that the Midnight Rider has had nearly 100% utilization since it began its first project on December 7, 2001. The Midnight Rider, a pipelay/bury barge, was purchased in June 2001 to expand the company's capabilities on the Gulf of Mexico (GOM) Shelf, both in water depth and pipeline diameter. The barge immediately entered drydock to return it to class and to make minor modifications to improve its capabilities, all completed on time and on budget. Since its introduction to the GOM Shelf, the Midnight Rider has completed 10 projects, laying and burying 196,555 ft. of pipeline. The vessel worked for a total of 102 days before returning to the dock in mid-March 2002 to make improvements on its jetting system for future projects scheduled to begin in May.

Torch Offshore, Inc. has been awarded ISM Certification by the American Bureau of Shipping (ABS). The Safety Management System of the Company was audited by the ABS and was deemed to be compliant with all of the requirements of the International Management Code for the Safe Operation of Ships and Pollution Prevention (ISM Code) as adopted by the International Maritime Organization. This ISM certification was granted after a thorough audit of the Company's pertinent records, interviews with Company personnel and observation of daily activities. This international certification is a first-time award for the Company and carries significant prestige in the worldwide offshore safety community. Lyle G. Stockstill, Torch Offshore, Inc.

Wärtsilä has decided to cooperate with MTS within the marine e-business market and has through the MTS infrastructure integrated its Spares Online service. Spares Online gives ship owners/operators full control of their parts ordering and delivery process directly in their existing purchasing system. Spares Online keeps track of all ship owners / operators installations and provides an updated view of the equipment installed in their plant. GE Transportation's marine gas turbine business has launched a program to obtain American Bureau of Shipping (ABS) certification, to the Steel Vessel and the new Naval Vessel Rules, for its LM6000 aeroderivative gas turbine. GE plans to certify the LM6000 at a power level greater than 36 MW based on U.S. Navy standard day conditions (100oF).

Sonsub has signed a one year Frame Agreement with Torch Offshore, L.L.C to provide ROV support onboard the Midnight Wrangler. Sonsub will be supplying our 200 Hp, in-house designed and built Innovatorâ work class ROV with a depth rating of 3,000m. The Midnight Wrangler is a deepwater construction/pipelay vessel capable of laying rigid pipe, flexible pipe, coiled tubing and umbilicals, utilizing up to four reels, in water depths to 3,000m and beyond. Because both vessel and ROV are able to work in ultra deep waters, both companies feel that this is a very well suited match for the demanding deepwater construction market. The spread will be available for work beginning August 1, 2003.

Torch Offshore, Inc. entered into an agreement for the purchase of the Wave Alert, a 340-ft. cable-laying dynamically positioned ("DP-2") vessel, from Global Marine Shipping Limited for approximately $10.9 million. The purchase of the vessel is being financed by Global Marine and will be paid off by the over a five-year period. The company will rename this addition to its deepwater fleet the Midnight Wrangler. "We believe the addition of the Midnight Wrangler to our deepwater fleet continues to strengthen our position as a deepwater capable company. This vessel is in outstanding condition and has 15,750 square feet of deck space. With the addition of the crane, we feel this vessel can perform deepwater construction in all regions of the world in various water depths," Torch Offshore, Inc.

Torch Offshore, Inc. entered into an agreement for the purchase of the Wave Alert, a 340-ft. cable-laying dynamically positioned ("DP-2") vessel, from Global Marine Shipping Limited for approximately $10.9 million. The purchase of the vessel is being financed by Global Marine and will be paid off by the Company over a five-year period. The Company will rename this addition to its deepwater fleet the Midnight Wrangler. Delivery of the Midnight Wrangler to the Company is expected in March 2003 after the vessel has gone through its required drydock and all cable lay equipment has been removed. At that time, the company will take possession of the vessel and install a 125-ton crane. The company expects to use the vessel initially as a deepwater subsea construction vessel. Torch Offshore, Inc.

Torch Offshore, Inc. announced that its subsidiary, Torch Express L.L.C., has entered into a contract with Davie Maritime Inc. of Quebec, Canada for the conversion of the Midnight Express at a cost of approximately $37.0 million. The total cost of the entire conversion project, including anticipated financial costs, will be between $80.0 million and $90.0 million. The 520-foot LASH (heavy transport) vessel will be converted into a DP-2 offshore construction vessel with the capability to work in varying water depths throughout the world. The Midnight Express has been at the Davie Maritime shipyard since April 2002 where the functional design was being performed.

General Maritime Corp., a crude oil shipping company, raised $144 million by selling 8 million shares in an initial public offering, the latest in a spate of energy companies to go public. New York-based General Maritime priced shares on Tuesday at $18 each, the middle of its expected range of $17 to $19 a share. Shares are expected to begin trading on Tuesday on the New York Stock Exchange under the trading symbol GMR. The company, which operates a fleet of oil tankers in the Atlantic basin, intends to use the proceeds to reduce debt and fund operations. he IPO, which was underwritten by joint bookrunners Lehman Brothers and ABN Amro Rotschild, was co-managed by Jefferies & Co.

Torch Offshore Inc., an undersea construction firm, priced its initial public offering at $16, the top end of its expected price range, underwriter UBS Warburg said on Thursday. The company offered 5 million shares and raised $80 million through the deal. Torch, which will trade under the symbol "TORC" on the Nasdaq, had expected the deal to price between $14 to $16 per share. The offering comes amid a spate of energy company IPOs, such as Global Power Equipment Group Inc. and Encore Acquisition Co. aiming to whet investor appetite for investments that gain with a perceived shortage of energy. Gretna, La.-based Torch, which serves undersea drilling operations of oil and gas companies in the Gulf of Mexico…

Torch Offshore LLC is a Gretna, La-based integrated offshore contractor whose niche market is the installation of small diameter flow lines and related infrastructure on the Continental Shelf in the Gulf of Mexico (GOM). In 2002, the company had revenues of $68 million, laying 227 miles of pipe. Torch Offshore operates a fleet of nine vessels that lay the pipe and/or support this activity. The company is in the process of converting two large vessels that will give the company the ability to compete in the deepwater segment pf the market. "The company's strategy for the future is highly focused on the deepwater arenas of the world," said Lyle G. Stockstill, chairman of the board and chief executive officer of Torch Offshore.

Cal Dive International, Inc. with Torch Offshore, Inc. of the second review of the transaction by the Department of Justice. other assets related to the operations of the vessels. Katrina. year due to the need to drydock several of the vessels. significant upgrade work next year to reach its optimum pipelay capability. for all of the assets. oil and gas production.