Horizon Offshore Announces Award of Southeast Asia Award
Horizon Offshore, Inc. announced that P. T. Gunanusa Utama Fabricators of Indonesia recently awarded its subsidiary, P. T. Horizon Offshore Indonesia, a subcontract to perform offshore construction services in connection with a project for TotalFinaElf in Southeast Asia. Services provided by P. T. Horizon Offshore Indonesia will include project management, pre- and post-lay surveys and the installation and burial of a twenty-inch pipeline offshore Balikpapan, Indonesia. The combination derrick-lay barge Sea Horizon will perform all aspects of the installation, including the burial. Bill Lam, President and Chief Executive Officer of Horizon Offshore, Inc.
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.
Horizon Receives Pemex Contract in Mexico
Horizon Offshore’s subsidiaries, HOC Offshore S. de R.L. de C.V. and Horizon Offshore Contractors, Inc. jointly received a letter of award for the KU-MALOOB-ZAAP project from Pemex Exploracion y Produccion. The project calls for installation, tie-in, and associated topside hookup works of four pipelines. Horizon will utilize its lay barge Lone Star Horizon on the project. Construction is scheduled to begin late in the third-quarter of 2005. “Despite having experienced economic difficulties during a period of lower demand for our services, we have maintained good relationships with all of our major customers, including Pemex,” said David Sharp, President and CEO of Horizon Offshore, Inc. successfully complete major construction projects.
Horizon Offshore Signs Contract in Northeast
Horizon Offshore, Inc. announced that its subsidiary Horizon Offshore Contractors, Inc. signed a contract with Algonquin Gas Transmission, LLC, an affiliate of Spectra Energy Corp., to lay and bury 16 miles of 24" trunk line, two 18" lateral lines, along with the associated tie-ins and testing of the pipelines. These pipelines will service the Northeast Gateway Deepwater Port being constructed offshore Massachusetts. The work is expected to commence in May 2007 with completion expected by November 2007. The Company will utilize three of its vessels to perform this project: the Lone Star Horizon, Atlantic Horizon and Texas Horizon. The company also said that its current backlog is approximately $300m.
Horizon Offshore Announces Pemex Contract
Horizon Offshore, Inc. S. de R.L. de C.V. and Horizon Offshore Contractors, Inc. Package 'J' pipelines of the KU-MALOOB-ZAAP project offshore Mexico. Bay of Campeche. and a DP2 vessel to perform the project. construction scheduled to begin in May 2006. KU-MALOOB-ZAAP project.
Horizon Offshore Contract
Horizon Offshore, Inc. announced that its subsidiary, Horizon Offshore Contractors, Inc., has been awarded a contract by Williams Oil Gathering, LLC to install 49.96 miles of 20-inch oil pipeline in the U.S. Gulf of Mexico for the Mountaineer Shallow Water Pipeline System, which is a part of the Devils Tower project being constructed by Williams. Horizon will utilize the pipelay barge Lone Star Horizon and lay/bury barge Pecos Horizon for this project, which will be installed in water depths ranging from 8 to 270 feet. The Mountaineer project is expected to commence installation during the fourth quarter of 2002 with completion scheduled during the first quarter of 2003.
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.
Exxon Awards Horizon Offshore Contract
Horizon Offshore Contractors, Inc. has been awarded a contract for the installation of a portion of Exxon Pipeline Company's Hoover Offshore Oil Pipeline System (HOOPS). The 20-in. pipeline project includes a directionally drilled shore approach near Freeport, Texas, and pipelay to a depth of 35 ft. and the burial of approximately 67 miles of pipeline. The project will utilize three of Horizon's vessels. Cajun Horizon will be used for offshore directional drilling support, Lone Star Horizon for pipelay and Canyon Horizon for pipeline burial. Horizon has also formed an alliance with Cal Dive International in the Gulf of Mexico. The alliance…
Horizon Offshore Names New CEO, CFO
Horizon Offshore, Inc. elected David W. Financial Officer, as President and Chief Executive Officer. Mr. J. Lam in December, 2004. The Company also announced the promotion of Ronald D. Mogel, currently Vice President International Accounting and Tax of the Company's subsidiary Horizon Offshore Contractors, Inc., to Chief Financial Officer. The elections will be effective on April 30, 2005. Richard A. Sebastiao of RAS Management Advisors, Inc., a turnaround and management consulting firm, who functioned as the Company's Chief Restructuring Officer and principal executive officer since August 30, 2004, has resigned, also effective on April 30, 2005.
Horizon Offshore Names Frank as Chairman of the Board
Horizon Offshore, Inc. announced the board of directors has elected J. Louis Frank as chairman of the board of the Houston-based marine construction company. Replacing outgoing chairman, James Devine, a UK national, with Frank, a U.S. citizen, allows Horizon to meet certain U.S. regulatory requirements relevant to a recently awarded contract. Mr. Devine remains a member of the board of directors. J. Louis "Corky" Frank joined the board of directors at Horizon in July 2001. Frank has extensive oil and gas and management experience, having held numerous positions of responsibility over 43 years with Marathon Oil Company, including service as president of Marathon Ashland Petroleum. He retired from Marathon in 2001.
Horizon Offshore Announces International Certifications
Horizon Offshore, Inc., announced its achievement of two internationally recognized certifications. Norwegian classification society Det Norske Veritas (DNV) has certified Horizon's compliance with Occupational Health and Safety Assessment Series management system standard OHSAS 18001. The certification applies to Horizon operations worldwide. OHSAS 18001 is designed to minimize the risk of accidents and near-miss incidents that employees and other parties may encounter while participating in work-related activities. Horizon also received certification by DNV to international quality management system standard ISO 9001:2000 for its Houston-based support activities and Southeast Asia marine construction activities.
Horizon Offshore Receives Southeast Asia Contract
Horizon Offshore, Inc.’s subsidiary, Horizon Marine Construction, Ltd., has been awarded a contract by Brunei Shell Petroleum Company Sdn. Bhd (BSP) to perform several installations off the coast of Brunei, beginning the second quarter of 2003. Services provided by Horizon will include project management and installation of a four-pile jacket, drilling deck, two 880-ton compressor modules, and living quarters. In addition to the structural work, Horizon will provide the installation, tie-in, and gauging and testing of several pipelines ranging from 10 to 20 inches in diameter in various water depths including a beach approach. "Horizon is pleased to be awarded a contract of this magnitude in Asia and looks forward to developing a long-term relationship with BSP.
Horizon Offshore Reports Barge Blaze
Horizon Offshore, Inc. reported that a fire broke out on one of its barges, the LB Gulf Horizon, while being towed approximately 400 miles off the coast of Georgia. The Horizon spokesman said, "All of the personnel on board have been evacuated to the supporting tow tug and are accounted for. We have no reports of injury to personnel during either the initial fire-fighting effort or the evacuation. The cause of the fire and the extent of the damage are not yet known. The fire continues to burn, so we cannot yet make a damage assessment. The barge was en route to Israel to perform a job for the Israel Electric Corporation Ltd. Anticipating that the Gulf Horizon will not be able to perform this job…
Horizon Offshore Granted Pipeline Construction Component
An alliance of which Horizon Offshore is a member has been granted a contract for the EPC 64 project from Pemex Exploracion y Produccion. The project's workscope, which entails the installation, bury, hook-up and commissioning of seven pipelines in the Cantarell Field, call for Horizon to provide all marine construction. With work set to commence during August, the company will utilize one of its pipelay barges, Gulf Horizon, for laying the 12-, 20- and 24-in. pipelines. In addition, Horizon's bury barge, Canyon Horizon, will perform jetting operations to bury the newly installed pipelines and will perform the activities related with crossing existing pipelines.
Cal Dive International to Acquire Horizon Offshore
Cal Dive International, Inc. and Horizon Offshore, Inc. announced have signed a definitive merger agreement under which Cal Dive will acquire all of the outstanding shares of Horizon in a stock and cash transaction valued at approximately $650 million, including approximately $22 million of Horizon's net debt as of March 31, 2007. The combined company will operate a fleet of 23 diving support vessels, seven pipelay/pipebury barges, one dedicated pipebury barge, one multi-service vessel, one combination derrick/pipelay barge and two derrick barges. The boards of directors of Cal Dive and Horizon unanimously approved the transaction. Closing of the transaction is subject to regulatory approvals and other customary conditions…
Horizon Offshore Purchases DP2 Vessel
Cut 988 Horizon Offshore announced that its subsidiary, Horizon Vessels, Inc., has agreed to acquire the Sea Wrangler, a diving support and deepwater reel pipelay vessel. The company expects to complete the purchase later this month and to finance a portion of the purchase price. Horizon intends to rename the vessel the Texas Horizon and place it into service as soon as possible following routine maintenance due to the vessel's current laid up status. The company intends to utilize the vessel to support its Gulf of Mexico operations in both the U.S. and Mexican market areas.
Horizon Offshore Reports Barge Incident
Horizon Offshore said today that one of its vessels, the lay barge Lone Star Horizon, suffered moderate damage due to a fire while at anchor off Ciudad Del Carmen, Mexico. The vessel crew was evacuated and no injuries requiring medical treatment were reported. The Lone Star Horizon had recently completed the KIX pipeline project for PEMEX, and was preparing for demobilization to the U.S. Gulf of Mexico. The fire, which was limited to the generator control room, occurred at about 3:00 p.m. on September 20, 2002, and was extinguished by about 6:00 p.m. Horizon does not anticipate any interruption in its current work program, as it will be able to utilize other vessels in its fleet to substitute for the Lone Star in the short term…
Horizon Offshore Completes $77M Refinancing
Horizon Offshore, Inc. Inc. (the CIT Group). bears interest at LIBOR plus 4.5% per annum. unpaid interest due at maturity in March 2011. term loan facility agented by Manchester Securities Corp. March 2007 and related closing costs and fees. financings of this type.
Horizon Offshore Completes Refinancing
Horizon Offshore, Inc. has entered into a $77.4 million secured term facility agented by The CIT Group/Equipment Financing, Inc. The credit facility has a five year term and bears interest at LIBOR plus 4.5% per annum. The credit facility is payable in monthly installments of $0.9 million, plus interest, for the first 24 months beginning March 31, 2006 and $0.6 million, plus interest, for the next 35 months, with the remaining principal and unpaid interest due at maturity in March 2011. The proceeds from the facility were used to repay the outstanding amount under the Company's previous CIT Group facility maturing in March 2006 and outstanding amount under the $70 million senior secured term loan facility agented by Manchester Securities Corp.
DMT Divers Heading to Mexico
Deep Marine Technology has reached an agreement with Horizon Offshore Contractors, Inc. to supply 14 diving personnel to perform Subsea Construction Support works off the Lone Star Horizon & Canyon Horizon Barges. Working in 130 ft. of water on the 20-in. pipeline for the Marsopa project in the Bay of Campeche, the scope of work for the diving personnel include support services of construction, directional drilling, burial, and hydrostatic testing.
Horizon Offshore Backs Q2, FY06 Outlook
Horizon Offshore, Inc. announced it is reaffirming its previously announced financial guidance for the second quarter and full fiscal year of 2006 with respect to net income, adjusted EBITDA and earnings per diluted share. The Company is also updating its previously announced guidance for its second quarter 2006 revenues to be between $155 million and $165 million, due to schedule adjustments on its international projects. However, the Company reaffirms guidance for revenues for the full fiscal year of 2006, as the work on these international projects is expected to be performed during the third and fourth quarters of 2006.
Horizon Offshore Prices Shares for Public Offering
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. Company's recapitalization. shares of common stock to cover over-allotments, if any. expenditures and working capital requirements. selling stockholders.
Horizon Offshore Announces Management Changes
Horizon Offshore, Inc. named Richard A. Sebastiao of RAS Management Advisors, Inc., a turnaround and management consulting firm, as chief restructuring officer of the company. The company engaged a chief restructuring officer as part of its ongoing negotiations with the holders of its 18% subordinated secured notes, due March 31, 2007. As chief restructuring officer, Mr. Sebastiao will serve as the company's principal executive officer and work with the company's senior management to strengthen the company's financial position and reduce its indebtedness. Bill J. Lam, its Chief Executive Officer and President will continue as President and be responsible for the day-to-day operational activities of the company, while negotiating an amendment to his employment agreement with the company.