| Torch
Offshore Q1 earnings and patent for pipelay system
Posted: 12 May 2003
First quarter results
Torch Offshore, Inc. announced today that revenues for
the quarter ended March 31, 2003 were $17.0 million, an increase
of 1.8 per cent compared to revenues of $16.7 million for the first
quarter of 2002.
Gross profit (revenues less cost of sales) for the first quarter
of 2003 was $3.3 million or 19.3 per cent of revenues compared to
the first quarter 2002 gross profit of $4.0 million or 23.8 per
cent of revenues.
First quarter 2003 net income attributable to stockholders was
$0.1 million or $0.01 per diluted share.
The first quarter 2003 results were adversely impacted by $0.4
million (after tax effect), or $0.03 per diluted share, due to additional
costs related to the termination of the Midnight Hunter charter.
Net income attributable to stockholders in the first quarter of
2002 was $0.6 million or $0.04 per diluted share.
Lyle G. Stockstill, Torch Offshore, Inc. Chairman and Chief Executive
Officer, commented, “The first quarter of 2003 continued to
be very competitive in the shallow water pipelay market as our fleet
maintained only a 61 per cent utilisation rate. Despite the challenges
of our market and uncertainties in the world’s economies,
we were able to maintain a positive bottom line and move forward
with our strategy towards the future.”
“As for the future of Torch Offshore, we continue to take
the appropriate steps toward our strategic goal of entering the
deepwater markets of the world. In March 2003, we completed the
acquisition of the Midnight Wrangler, a 341-foot DP-2 cable-laying
vessel, and currently expect the vessel to enter our fleet in the
second quarter of 2003. In addition, the conversion of the Midnight
Express, a 520-foot DP-2 offshore construction vessel equipped with
our patented pipelay system, continues to progress and should be
completed in time for the vessel to enter our active fleet in early
2004.”
Notice of patent issuance
The Company announced that, on April 29, 2003, the United
States Patent and Trademark Office (PTO) issued to the Company,
as assignee, United States patent number 6,554,538 entitled “Reel
Type Pipeline Laying Ship and Method.”
A copy of the patent can be obtained from the Company or downloaded
from the PTO’s web site, www.uspto.gov.
The pipelay system will be installed on the Midnight Express.
Posted by Richard Price,
Editor Pipeline Magazine
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