Torch
Offshore announces time charter of Midnight Hunter
Posted: 20 February 2004
Torch Offshore, Inc has entered into a time charter for the Midnight
Hunter, a 340-foot DP-2 deepwater capable vessel, and intends to
utilize the vessel in a diving support capacity.
The time charter for the Midnight Hunter is at a set day rate and
extends through September 2, 2005, with provisions for extension
or outright purchase. The vessel was previously under charter by
the Company, but the Company cancelled the charter in January 2003
because the vessel did not meet certain specifications as outlined
in the charter agreement which prevented the Company from performing
some types of work, particularly deepwater pipelay. However, the
Company has re-chartered the vessel at a lesser day rate and has
altered its intentions for use of the vessel. The Company intends
to utilize the DP-2 vessel in a diving support capacity, which will
allow it to perform deepwater tie-ins with the Company's 1,000-foot
saturation system that has been installed on the vessel.
Lyle G. Stockstill, Torch Offshore, Inc. Chairman and Chief Executive
Officer, commented, "We welcome the Midnight Hunter back into
our fleet. The vessel is very capable for the role of a diving support
vessel in our fleet. With our saturation system onboard the vessel,
we feel there is quite a bit of work it is capable of performing
in various water depths ranging from the shallow water of the Continental
Shelf to the deepwater regions of the world."
Established in 1978, Torch Offshore, Inc. is involved in offshore
pipeline installation and subsea construction for the oil and natural
gas industry. Torch Offshore, Inc. is expanding beyond its established
shallow water niche market in order to serve the industry's worldwide
growing needs in the deep waters.
For more information see www.torchinc.com
Posted by Richard Price,
Editor Pipeline Magazine
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