Horizon Offshore Inc News

OMNI Energy Service Corp. announced that Ronald D. Mogel has been named Senior Vice President and Chief Financial Officer of the Company and is expected to begin in the middle of January, 2008. Mogel joins OMNI from Horizon Offshore Inc., a Nasdaq listed company that was acquired by Cal Dive International, Inc. in December 2007 for $628 million. Mr. Mogel most recently served as Executive Vice President and Chief Financial Officer of Horizon. He also acted as the company's Director and Vice President of International Accounting and Tax from 1999 to 2005. Previously, Mr. Mogel served as the Vice President of Finance at Newpark Shipbuilding- Pelican Island, Inc., and from 1995 to 1998 he occupied the role of CFO at John E. Chance & Associates.

Horizon Offshore, Inc. $2.8 million. This compares with net income of $3.7 million, for the third quarter of 2000. the third quarter of 2001, the company reported gross profit of $7.7 million, or 12.6 percent, on contract revenues of $61.0 million, compared with gross profit of $10.3 million, or 18.2 percent, on contract revenues of $56.3 million in 2000. Horizon also reported net income for the nine months ended September 30, 2001, of $10.3 million. This compares with net income of $5.0 million, for the nine months ended September 30, 2000. gross profit was $17.9 million, or 16.5 percent, on contract revenues of $108.8 million for the first nine months of 2000. "During September, we purchased the Sea Horizon, a combination derrick/lay barge.

Horizon Offshore, Inc. revolving credit facilities to amend its loan agreements. million on January 31, 2004. outstanding under these revolving credit facilities. facilities mature on April 3, 2004. with the lenders on all of its credit facilities. above. claims is uncertain at this time. arbitration. in its fourth quarter 2003 results.

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, Inc reported net income for the fiscal year ending December 31, 2001, of $10.7 million. This compares with a net income of $6.4 million diluted in 2000. Before recording an extraordinary charge of $0.6 million net of taxes, net income for the fiscal year ending December 31, 2001 was $11.3 million, or $0.49 per share diluted. For the three months ended December 31, 2001, Horizon reported net income of $0.4 million, or $0.02 per share diluted, on revenues of $73.8 million, compared with a net income of $1.4 million, or $0.07 per share diluted, on revenues of $51.8 million for the fourth quarter 2000. For the fiscal year ending December 31, 2001, gross profit was $35.0 million, or 12.9 percent on contract revenues.

Horizon Offshore, Inc. reported first quarter net income of $0.4 million or $0.02 per share compared with a net income of $2.7 million or $0.12 per share-diluted before an extraordinary charge of $0.6 million net of tax for the first quarter of 2001. For the first quarter of 2002, Horizon reported gross profit of $5.0 million, or 7.6 percent, on contract revenues of $66.1 million, compared with gross profit of $9.5 million, or 17.6 percent, on contract revenues of $54.1 million last year. Pre-tax net income of $0.5 million and an income tax provision of $0.2 million were recorded for the first quarter of 2002, compared with a pre-tax net income of $4.2 million and an income tax provision of $1.5 million in the first quarter of 2001.

Horizon Offshore, Inc. announced the election of John T. Mills to its board of directors. John T. Mills is senior vice president and chief financial officer of Marathon Oil Corporation. Mills joined Marathon Oil Company in 1976 as a tax specialist. He became chief tax counsel in 1984. In 1986, he became director of taxes and energy for USX Corporation. He was appointed vice president of taxes for USX in 1987. In September 1998, Mr. Mills was appointed senior vice president of finance and administration at Marathon Oil Company. Prior to joining Marathon, Mr. Mills was employed by Coopers and Lybrand for three years. Mr. Mills earned a bachelor's degree in economics from Ohio University in 1969 and a law degree from Ohio State University in 1973.

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, 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, Inc. has entered into a letter of intent with Cal Dive International, Inc. (CDI) to conduct reeled pipelay projects in deepwater areas of the U.S. Gulf of Mexico. The two companies will jointly fund construction of pipelay equipment to be used in conjunction with CDI's dynamically positioned (DP) vessel, the Sea Sorceress, currently undergoing conversion. In addition, Horizon will construct a pipe spooling facility at its Port Arthur, Texas, shore base. Once finalized, the joint venture will allow the two companies to perform small diameter pipelay projects in water depths of 800 feet and deeper, combining Horizon's…

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. As chief restructuring officer, Mr. Sebastiao will serve as the company's principal executive officer. Bill J. Lam, its CEO and President will continue as President and be responsible for the day-to-day operational activities.

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.

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’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.

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, 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, 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, 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.

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, 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, Inc. recently completed a private placement of restricted shares of common stock with several accredited investors. The company issued 52,650,000 common shares at $0.38 per share raising $20,007,000 before deducting commissions and other expenses. The net proceeds from the private placement will be used for working capital and general corporate purposes. Energy Capital Solutions acted as the company's placement agent in connection with this private placement. The company also announced that it had contemporaneously exchanged $8,000,000 in aggregate principal amount of its 8% subordinated notes for non-interest bearing convertible notes that are convertible into shares of the company's common stock at $0.38 per share until December 31, 2005.

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, 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.