The Company has signed a Letter of Intent for the vessel to work on a project for Entre Holdings Company in the Gulf of Mexico Eugene Island Block 294 Area. The Midnight Wrangler will install one 4.5-inch and two 3.5-inch coiled tubing flowlines in 200 ft. water depth. Each flowline is 8,000 ft. in length. The three flowlines will originate from a newly installed Entre Holdings Company platform and tie-in to an existing platform. The work will commence in late August, 2003.
Torch Offshore took delivery of the Midnight Wrangler, a DP2, 341-foot deepwater construction/pipelay vessel in March 2003. The Company equipped the vessel with a 125-ton crane and a 60-ton crane. When in pipelay mode, the vessel can accommodate up to four 9.2-meter reels as part of its modular lay system. In addition, Torch Offshore and Sonsub signed an alliance partnership for subsea remote intervention support on the vessel with the 200 hp. INNOVATOR (R)12 ROV (Remotely Operated Vehicle) on board.
Lyle G. Stockstill, Torch Offshore Chairman and Chief Executive Officer, commented, "We are excited to introduce the Midnight Wrangler to our active fleet and have our first project utilizing the vessel successfully completed. The first two jobs truly depict the flexibility, which we consider one of its greatest attributes and a key to high levels of utilization in the future. The Midnight Wrangler has been engineered to utilize its powerful cranes, open deck space and reel capabilities so that it can make an immediate impact on the financial results of the Company."
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