Horizon Wins Another Contract in Southeast Asia

Horizon Offshore, Inc. has been awarded a contract by Brunei Shell Petroleum Company Sdn. Bhd to perform several installations off the coast of Brunei, beginning the second quarter of 2003. Services provided by Horizon will include project management and installation of a four-pile jacket, drilling deck, two 880-ton compressor modules, and living quarters. In addition to the structural work, Horizon will provide the installation, tie-in, and gauging and testing of several pipelines ranging from 10 to 20 inches in diameter in various water depths including a beach approach.

"Horizon is pleased to be awarded a contract of this magnitude in Asia and looks forward to developing a long-term relationship with BSP. This award further strengthens our position in Southeast Asia, and combined with other recently announced awards, clearly demonstrates our commitment to provide marine services worldwide," stated Bill Lam, president and chief executive officer.

Mr. Lam further stated, "We are also pleased to announce our backlog of $183 million is the largest to date and should help to spring the company forward into what we believe will be a more active environment in 2003."

Horizon and its subsidiaries provide marine construction services to the offshore oil and gas industry in the U.S. Gulf of Mexico, West Africa, Southeast Asia, and Latin America. The Company's fleet is used to perform a wide range of marine construction activities, including installation of marine pipelines to transport oil and gas and other sub sea production systems, and the installation and abandonment of production platforms.