Horizon Offshore Announces Award of PEMEX Contract
Horizon Offshore, Inc. announced that it has been awarded PEMEX Contract for the construction of 24 km of 8" pipeline and associated platform piping from KIX-1 to Pump Platform PR-1. The lay barge, Lone Star Horizon, and diving support vessel, Pearl Horizon, will be utilized on the project. Construction is scheduled to begin late in the third quarter of 2002. "Our continued presence in Mexico has strengthened Horizon's position and enabled us to secure additional projects such as KIX. We have enjoyed our continuing relationship with PEMEX and are very excited about this award," said Bill Lam, President and CEO of Horizon Offshore.
Horizon Offshore Reports Second Quarter Earnings
Horizon Offshore, Inc. reported net income for the quarter ended June 30, 2002, of $2.6 million, or $0.10 per share-diluted. This compares with net income of $5.4 million, or $0.23 per share-diluted, for the second quarter of 2001. For the second quarter of 2002, the company reported gross profit of $9.5 million, or 14.8 percent, on contract revenues of $64.3 million, compared with gross profit of $13.0 million, or 15.6 percent, on contract revenues of $83.3 million in 2001. Horizon also reported net income for the six months ended June 30, 2002, of $3.0 million which compares with net income of $8.1 million before an extraordinary charge of $0.6 million net of tax for the six months ended June 30, 2001.
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.
