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.