The vessel is scheduled to be delivered approximately two weeks after the negotiated final delivery date of May 21, 2004. The Company does not expect this minor delay to impact the timing of the Midnight Express entering the active fleet in 2004.
Lyle G. Stockstill, Torch Offshore, Inc. Chairman and Chief Executive Officer, commented, "We are pleased that the vessel has almost completed its first round of sea trials and will be leaving the shipyard in the coming days. In addition, the pipelay system and crane are ready for installation in Rotterdam. Our timing is on track for the vessel to begin work in late 2004."
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