Horizon Wins Pemex Contract

Horizon Offshore, Inc. has been awarded a contract by PEMEX for the rehabilitation of pipelines in the Cantarell field. Horizon Offshore will conduct the salvage and repair of various pipelines including: repair of riser expansion curves, pigging and testing of repaired segments and related existing facilities, installation of topside spools and valves, line stabilizations, repair of pipeline crossings, recovery of lines out of service and trenching of the repaired segments and existing pipeline installations. The derrick barge Atlantic Horizon, lay barge Gulf Horizon and diving support vessel Pearl Horizon will be utilized on the project. Construction is scheduled to begin late second quarter of 2002.

"With this award, we continue to solidify our presence in Mexico and are well placed to pursue additional work. We have enjoyed a continuous work program in Mexico since June 2000. This award further underscores our continued momentum in the international marketplace," stated Bill Lam, president and chief executive officer.