Torch Offshore Awarded ISM Certification
Torch Offshore, Inc. has been awarded ISM Certification by the American Bureau of Shipping (ABS). The Safety Management System of the Company was audited by the ABS and was deemed to be compliant with all of the requirements of the International Management Code for the Safe Operation of Ships and Pollution Prevention (ISM Code) as adopted by the International Maritime Organization. This ISM certification was granted after a thorough audit of the Company's pertinent records, interviews with Company personnel and observation of daily activities. This international certification is a first-time award for the Company and carries significant prestige in the worldwide offshore safety community. Lyle G. Stockstill, Torch Offshore, Inc.
Feature: Staying the Course
Torch Offshore LLC is a Gretna, La-based integrated offshore contractor whose niche market is the installation of small diameter flow lines and related infrastructure on the Continental Shelf in the Gulf of Mexico (GOM). In 2002, the company had revenues of $68 million, laying 227 miles of pipe. Torch Offshore operates a fleet of nine vessels that lay the pipe and/or support this activity. The company is in the process of converting two large vessels that will give the company the ability to compete in the deepwater segment pf the market. "The company's strategy for the future is highly focused on the deepwater arenas of the world," said Lyle G. Stockstill, chairman of the board and chief executive officer of Torch Offshore.
Torch Offshore Announces Shipyard Conversion Contract
Torch Offshore, Inc. announced that its subsidiary, Torch Express L.L.C., has entered into a contract with Davie Maritime Inc. of Quebec, Canada for the conversion of the Midnight Express at a cost of approximately $37.0 million. The total cost of the entire conversion project, including anticipated financial costs, will be between $80.0 million and $90.0 million. The 520-foot LASH (heavy transport) vessel will be converted into a DP-2 offshore construction vessel with the capability to work in varying water depths throughout the world. The Midnight Express has been at the Davie Maritime shipyard since April 2002 where the functional design was being performed.
Torch Offshore Adds to Deepwater Fleet
Torch Offshore, Inc. entered into an agreement for the purchase of the Wave Alert, a 340-ft. cable-laying dynamically positioned ("DP-2") vessel, from Global Marine Shipping Limited for approximately $10.9 million. The purchase of the vessel is being financed by Global Marine and will be paid off by the Company over a five-year period. The Company will rename this addition to its deepwater fleet the Midnight Wrangler. Delivery of the Midnight Wrangler to the Company is expected in March 2003 after the vessel has gone through its required drydock and all cable lay equipment has been removed. At that time, the company will take possession of the vessel and install a 125-ton crane. The company expects to use the vessel initially as a deepwater subsea construction vessel. Torch Offshore, Inc.
Offshore:Torch Offshore Adds to Deepwater Fleet
Torch Offshore, Inc. entered into an agreement for the purchase of the Wave Alert, a 340-ft. cable-laying dynamically positioned ("DP-2") vessel, from Global Marine Shipping Limited for approximately $10.9 million. The purchase of the vessel is being financed by Global Marine and will be paid off by the over a five-year period. The company will rename this addition to its deepwater fleet the Midnight Wrangler. "We believe the addition of the Midnight Wrangler to our deepwater fleet continues to strengthen our position as a deepwater capable company. This vessel is in outstanding condition and has 15,750 square feet of deck space. With the addition of the crane, we feel this vessel can perform deepwater construction in all regions of the world in various water depths," Torch Offshore, Inc.