HOUSTON, July 9, 2003 (PRIMEZONE) -- Horizon Offshore, Inc. (Nasdaq:HOFF) announced today its subsidiary, Horizon Offshore Contractors, Inc., has completed pipelay and trenching on the Eastchester Extension Project for Iroquois Gas Transmission Systems L. P., through its agent, Iroquois Pipeline Operating Company.
The project involved laying and burying a 34-mile long, 24" pipeline from Northport, Long Island to Hunt's Point, New York. The primary phase began last fall and utilized Horizon's LB Gulf Horizon. Construction was completed during harsh winter conditions and in one of the busiest commercial and recreational waterways in North America.
In order to complete the burial of the pipeline, Horizon designed and built a state of the art pipeline burial plow. The plow provides minimal disturbance to areas around the pipeline, as compared to jetting or pre-dredging methods typically employed in burying pipelines. Using forward and backward looking SONAR, the plow's operators are given a real-time look at the upcoming terrain and the result of operations in its wake. A separate set of plowshares provides for backfill of the plowed trench to be achieved if required.
"We are extremely pleased with the results our people and assets achieved," said Bill Lam, President and Chief Executive Officer. "We look forward to securing more projects in the region based on our performance and experience."
Horizon 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 sub sea 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 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: Pemex's approval of claims and the outcome of related settlement agreements; our ability to manage liquidity and financing requirements pending the collection of receivables and claims from Pemex; 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 filing 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 representations by Horizon or any other person that the projected outcomes can or will be achieved.