Horizon Offshore to Purchase the Sea Wrangler

Horizon Offshore has agreed to acquire the Sea Wrangler, a dynamically positioned diving support and deepwater reel pipelay vessel. The company expects to complete the purchase later this month and to finance a portion of the purchase price. Horizon intends to rename the vessel the Texas Horizon and place it into service as soon as possible following routine maintenance due to the vessel's current laid up status. The company intends to utilize the vessel to support its Gulf of Mexico operations in both the U.S. and Mexican market areas.

David Sharp, President and CEO of Horizon Offshore, Inc. stated, "With the purchase of the Texas Horizon, we hope to capitalize on the improved marine construction market by expanding the scope of our services. This dynamically positioned vessel should add profitability to our pipelay operations by allowing us to provide services we've historically subcontracted, and also gives us additional flexibility to install small diameter deepwater flowlines and umbilicals. Given our recent Pemex award, we believe this vessel will provide immediate utilization."