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Escravos Offshore Pipeline News

09 Oct 2002

Horizon Offshore Secures First Contract in West Africa

Horizon Offshore, Inc. in association with its Nigerian affiliate, Horizon Offshore (Nigeria) Ltd., has been awarded a portion of Chevron Nigeria Ltd.'s Escravos Offshore Pipeline and Structural Installation 2-year Program (with an option for an additional year). Works will begin in late December 2002 or early January 2003. Horizon's pipelay barge, the Brazos Horizon, mobilized from the Gulf of Mexico and has arrived in Nigerian waters. A Marine Support Base in Port Harcourt to support this contract, with its Nigerian main offices located in Lagos. Horizon is actively bidding other work throughout the West Africa region. In addition to its Nigerian organization, it maintains offices and representation in Luanda, Angola.

30 Oct 2002

Horizon Offshore Reports 3Q Results

Horizon Offshore, Inc. reported net income for the quarter ended September 30, 2002, of $1.8 million, which compares to a net income of $2.8 million for the third quarter of 2001. For the third quarter of 2002, the company reported gross profit of $11.6 million, or 17.9 percent, on contract revenues of $65.0 million, compared with gross profit of $7.7 million, or 12.6 percent, on contract revenues of $61.0 million in the third quarter of 2001. Horizon also reported net income for the nine months ended September 30, 2002, of $4.8 million, or $0.19 per share-diluted. This compares with net income of $10.8 million, or $0.47 per share-diluted before an extraordinary charge of $0.6 million net of tax for the nine months ended September 30, 2001.