Horizon Offshore Announces 2001 Results

Horizon Offshore, Inc. reported net income for the fiscal year ending December 31, 2001, of $10.7 million, or $0.46 per share diluted. This compares with a net income of $6.4 million, or $0.33 per share diluted in 2000. Before recording an extraordinary charge of $0.6 million net of taxes, net income for the fiscal year ending December 31, 2001 was $11.3 million, or $0.49 per share diluted.

For the three months ended December 31, 2001, Horizon reported net income of $0.4 million, or $0.02 per share diluted, on revenues of $73.8 million, compared with a net income of $1.4 million, or $0.07 per share diluted, on revenues of $51.8 million for the fourth quarter 2000.

For the fiscal year ending December 31, 2001, gross profit was $35.0 million, or 12.9 percent on contract revenues. Contract revenues for 2001 were $272.2 million, 53 percent of which resulted from operations performed for Pemex in Mexico. This compares with gross profit of $24.4 million, or 15.2 percent on contract revenues of $160.5 million for 2000. For 2001, pre-tax net income was $16.1 million, and income tax expense was $4.8 million. For 2000, pre-tax net income was $7.9 million and income tax expense was $2.9 million.

"Competitive market conditions, due to fluctuating demands in the natural gas market, resulted in a challenging year. We met and overcame these challenges with our commitments to strict financial controls and market diversification through the hard work of our employees, and look forward to what we believe will be a sounder more fundamental second half of 2002 into 2003," said Bill J. Lam, president and chief executive officer.

"We have continued to pursue an increased market share in the Gulf of Mexico offshore construction industry while expanding our operations into selected international markets. Both Central and South America have proven to be productive areas for us in 2001, and we believe they will provide us with additional growth opportunities," added Lam.

As part of Horizon's global expansion plan, Horizon officially launched the Sea Horizon into the Southeast Asia area in February of 2002. This vessel, purchased in 2001, is the largest combination pipelay/derrick barge in our thirteen-vessel fleet. The Sea Horizon is currently working on location off of the coast of Kalimantan, Indonesia. The Sea Horizon is scheduled to undergo crane modifications to increase its lift capacity to 1,200 metric tons later in 2002. Additionally, Horizon purchased and upgraded the Pecos Horizon in 2001, which is ideally suited for South American and West African offshore operations because of its combination pipelay/pipebury capabilities.

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