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Torch Offshore delays annual report

Posted: 30 March 2004

Torch Offshore files notification of delayed filing with the Securities and Exchange Commission for its annual report on form 10-K

Torch Offshore has filed notification of delayed filing with the Securities and Exchange Commission on Form 12b-25 for its annual report on Form 10-K for the year ended December 31, 2003 because it is not able to complete its audited financial statements for inclusion in the annual report on Form 10-K by the filing deadline of March 30, 2004. The Company expects to file its annual report on Form 10-K on or before April 14, 2004.

The Company is filing this Form 12b-25 because it needs additional time to complete its financial statements. In particular, the resolution of certain contractual claims and financing matters related to the conversion of the Midnight Express will materially affect the Notes to the financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations, including the Company's financial condition and liquidity, to be included in the Company's Annual Report on Form 10-K for the fiscal year ending December 31, 2003. Because the Company's financial statements have not been completed to reflect the impact of these material events in process, the examination by our independent auditors has not been completed. The successful completion and deployment of the Midnight Express into the Company's operational fleet is critical to the Company's ability to successfully manage its liquidity needs in the future. Further significant delays in the completion of the conversion of the Midnight Express could have a material adverse effect on demand for this vessel and the Company's future revenues and cash flows.

The Company anticipates that these matters will be resolved before the Company's Form 10-K must be filed pursuant to the extended filing date afforded by Rule 12b-25 under the Securities Exchange Act of 1934, as amended, and the financial statements to be included in the Company's 2003 Form 10-K are expected to include relevant disclosures concerning the status of these matters including the expected impact on the Company's future financial condition and liquidity. Due to the additional time required to complete these financial statements, the Company could not file its 2003 Form 10-K in a timely manner without unreasonable effort or expense.

Although the Company originally anticipated that it would release its December 31, 2003 financial results and conduct its quarterly earnings conference call in late March 2004, the Company now expects to release its December 31, 2003 financial results and conduct its quarterly earnings conference call at a date following the filing of its annual report on Form 10-K.

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 http://www.torchinc.com/

Posted by Richard Price, Editor Pipeline Magazine

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