Pemex Awards Torch Offshore Long Term Contract

Torch Offshore, Inc. has secured a long term contract for the Midnight Arrow in Mexico waters.

The Midnight Arrow has been working in the Bay of Campeche, Mexico, for Pemex, through a Torch/Oceanografia commercial agreement since May 1, 2001 and is now committed until the end of December 2001. The contract covers diving support services.

Built in Europe, this new DP-2 vessel has been highly utilized since its arrival in the Gulf of Mexico in March of 2000, averaging 93.5% utilization since that time. During the second half of 2001, the Midnight Arrow will be performing diving services in several fields in the Bay of Campeche.