Horizon Offshore Updates Status of Recapitalization Plans

Horizon Offshore, Inc. (NasdaqNM: HOFF) has repaid all amounts outstanding under its domestic revolving credit facility and has amended its EXIM guaranteed facility, agented by Southwest Bank of Texas, N.A. (Southwest Bank), to further extend its maturity date to February 18, 2005. Future collections on foreign receivables will pay down the $12.1 million outstanding under the EXIM guaranteed facility. The Company had earlier extended the January 21, 2005 maturity date to February 11, 2005.

The Company continues to work with a prospective lender to refinance, through a term loan and revolving credit facility, the debt outstanding under its Southwest Bank EXIM guaranteed facility and The CIT Group/Equipment Finance, Inc. facilities. The Company is also continuing to work with its subordinated note holders to complete this proposed refinancing and proceed with its previously announced equity recapitalization through equity offerings and/or consensual debt for equity exchanges with its subordinated note holders.

This press release and the amended loan agreements referenced in this press release will be filed on a current report on Form 8-K with the Securities and Exchange Commission. Horizon encourages you to read the current report and the amended loan agreements attached as exhibits thereto in their entirety.

Horizon and its subsidiaries provide marine construction services for the offshore oil and gas industry in the U.S. Gulf of Mexico, West Africa, Southeast Asia, Latin America and the Mediterranean. 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.
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