Torch To Provide Pipelay Services for Unocal in the Gulf of Mexico
Torch Offshore, Inc. has entered into an alliance with Unocal Gulf Region USA through December 2003. The alliance entitles the Company to at least 80% of Spirit Energy's pipelay work in less than 200 feet of water in the Gulf of Mexico plus consideration for other projects. The alliance is a continuation of a relationship that was consummated in 1999.
Lyle G. Stockstill, Torch Offshore Chairman and Chief Executive Officer, commented, "We are pleased to continue our relationship with Unocal in the Gulf of Mexico as it has been a beneficial relationship to both parties since its inception in 1999. Not only does the alliance provide us with a minimum of 80% of their work in the shallow water of the Gulf of Mexico, but it gives us an inside track to bidding on other Unocal projects, including work in the deepwater regions of the Gulf of Mexico."