Hvide to Be Renamed Seabulk International

March 8, 2001

Hvide Marine Inc. reported a net loss of $9.6 million for the fourth quarter ended December 31, 2000, on revenues of $80 million. In the year-earlier period, the company had a net loss of $197 million, including charges related to its reorganization, on revenues of $76.8 million. Operating income in the fourth quarter of 2000 was 8.1 million versus an operating loss of $11.8 million in the fourth quarter of 1999. For all of 2000, the company reported a net loss of $29 million on revenues of $320.5 million. In 1999, the company had a net loss of $249.9 million on revenues of $342.2 million. Operating income in 2000 totaled $25.4 million versus an operating loss of 9.5 million in 1999. The company also announced that, effective March 19, it would change its name to Seabulk International, Inc. and that its stock would begin trading under a new symbol, SBLK, on March 21. Seabulk Offshore is the brand name of the company's biggest and best-known business - its offshore energy support activities, which operate worldwide and account for nearly half of its revenues.

Hvide to Be Renamed Seabulk International

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