Torch Offshore announces alliance with Unocal Gulf Region USA through December 2003
The following news release was issued by Torch Offshore, Inc.
New Orleans, Louisiana USA, August 8, 2002 -- Torch Offshore, Inc. (NASDAQ: TORC) (the "Company") announced today that it has entered into an alliance with Unocal Gulf Region USA through December 2003. The alliance entitles the Company to at least 80% of Spirit Energy's pipelay work in less than 200 feet of water in the Gulf of Mexico plus consideration for other projects. The alliance is a continuation of a relationship that was consummated in 1999.
Lyle G. Stockstill, Torch Offshore Chairman and Chief Executive Officer, commented, "We are pleased to continue our relationship with Unocal in the Gulf of Mexico as it has been a beneficial relationship to both parties since its inception in 1999. Not only does the alliance provide us with a minimum of 80% of their work in the shallow water of the Gulf of Mexico, but it gives us an inside track to bidding on other Unocal projects, including work in the deepwater regions of the Gulf of Mexico."
Established in 1978, Torch Offshore, Inc. is involved in offshore pipeline installation and subsea construction for the oil and natural gas industry. Torch Offshore is expanding beyond its established shallow water niche market in order to serve the industry's worldwide growing needs in the deep waters.
Any statements made in this news release, other than those of historical fact, about an action, event or development, which the Company hopes, expects, believes or anticipates may or will occur in the future, are forward-looking statements under U.S. securities laws. Such statements are subject to various assumptions, risks and uncertainties, which are specifically described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001 filed with the Securities and Exchange Commission, as well as other factors that may not be within the Company's control, including, specifically, variable oil and natural gas commodity prices and offshore construction activity levels. Forward-looking statements are not guarantees of future performance or an assurance that the Company's current assumptions and projections are valid. Actual results may differ materially from those projected.
Updated: August 2002