Horizon Plans to Make History in 2006

Horizon Offshore on Tuesday announced financial guidance for the first quarter of 2006 and fiscal year 2006.

"During the last twelve months we have positioned ourselves to capitalize on improved market conditions," said David W. Sharp, Horizon's president and CEO. "Given the current demand for our services, we expect revenues, net income, and EBITDA in 2006 to be the highest in our operating history."

"Our strengthened financial condition and the experience and commitment of our employees, along with the improved market conditions, have provided strong operating performance, returning our company to profitability," added Sharp.

The company said that it expects to generate earnings before interest, taxes, depreciation and amortization (EBITDA) of between $37 million and $39 million for the first quarter of 2006 and between $135 million and $150 million for the full fiscal year of 2006. This compares to EBITDA of $0.6 million for the first quarter of 2005 and $50.7 million for all of 2005.

Horizon also stated that net income is expected to be between $14.5 million and $15.5 million for the first quarter of 2006 and between $60 million and $70 million for the full fiscal year of 2006. This compares to net losses of $(15.5) million for the first quarter of 2005 and $(71.1) million for all of 2005. Additionally, revenues for the first quarter of 2006 are expected to be between $130 million and $132 million and for the full fiscal year of 2006 between $515 million and $560 million. This compares to revenues of $37.3 million for the first quarter of 2005 and $325.0 million for all of 2005.

The company expects earnings per share (diluted) for the first quarter of 2006 to be between $0.47 and $0.51 per share (on a post-reverse split basis related to the previously announced 1-for-25 reverse stock split effective April 12).For the full year, the anticipated earnings per share (on a post-reverse split basis) falls between $1.98 and $2.30 per share.

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