Horizon Offshore Announces President's Resignation

Horizon Offshore announced that Bill J. Lam, President of the Company, has exercised his right to terminate his employment with the Company in accordance with his employment contract. Mr. Lam will be entitled to receive deferred payments of the severance benefits due under his amended employment agreement. The Company's Board of Directors will begin a search, considering both internal and external candidates, for a Chief Executive Officer, a position currently held on an interim basis by Richard A. Sebastiao, who will remain as the Company's Chief Restructuring Officer until the search is completed.

"The Company is grateful to Mr. Lam for his service,'' John T. Mills, Chairman of the Board, said. "We wish him well in his future endeavors.''

Horizon also announced that George G. Reuter, Senior Vice President and Group Executive, Projects and Proposals, has been promoted to Chief Operating Officer. He will immediately assume responsibility for the Company's worldwide operations. Mr. Reuter has over 25 years' experience in the offshore construction industry. His experience includes operations in North America, Middle East, India, Africa, Southeast Asia and the North Sea.

"Our Board of Directors has great confidence in George's ability, as well as the energy he adds to the top level of the Company's management. He has been integral to the Company's successful performance of several major projects, and we look forward with confidence to his assuming this expanded role,'' said Mr. Mills.

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