HOUSTON, Sept. 10 /PRNewswire-FirstCall/ --
Horizon Offshore, Inc. (Nasdaq: HOFF) announced today 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
Bill Lam, President and Chief Executive Officer of Horizon Offshore, Inc.
said, "We are very pleased with this award and are excited at the continued
confidence shown by our clients in Southeast Asia as this market develops. We
remain confident that we will further expand into this market and see numerous
opportunities to demonstrate our capabilities and our commitment to provide a
quality product for our clients."
Horizon Offshore, Inc., and its subsidiaries provide marine construction
services to the offshore oil and gas industry in the U.S. Gulf of Mexico, West
Africa, Southeast Asia, and Latin America. The Company's fleet is used to
perform a wide range of marine construction activities, including installation
of marine pipelines to transport oil and gas and other subsea production
systems, and the installation and abandonment of production platforms.
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, which involve
known and unknown risk, uncertainties and other factors.
Among the factors that could cause actual results to differ materially are
industry conditions and volatility; prices of oil and gas; the Company's
ability to obtain and the timing of new projects; changes in competitive
factors; and other material factors that are described from time to time in
the Company's filings with the Securities and Exchange Commission.
Actual events, circumstances, effects, and results may be materially
different from the results, performance or achievements expressed or implied
by the forward-looking statements. Consequently, the forward-looking
statements contained herein should not be regarded as representation by
Horizon or any other person that the projected outcomes can or will be
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SOURCE Horizon Offshore Contractors, Inc.