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May 19, 2004

Fire on Horizon barge

Horizon Offshore, Inc. (Nasdaq:HOFF) reports that a fire broke out yesterday on one of its barges, the LB Gulf Horizon, while being towed approximately 400 miles off the coast of Georgia.

A Horizon spokesman said, "All of the personnel on board have been evacuated to the supporting tow tug and are accounted for. We have no reports of injury to personnel during either the initial fire-fighting effort or the evacuation. The tow tug, unaffected by the fire, will offload personnel onto another vessel or bring them into port at the earliest opportunity."

The cause of the fire and the extent of the damage are not yet known. The fire continues to burn, so we cannot yet make a damage assessment, said Horizon.

The barge was en route to Israel to perform a job for the Israel Electric Corporation Ltd. Anticipating that the Gulf Horizon will not be able to perform this job, Horizon is considering moving the work to other assets within its fleet and is working with Israel Electric Company regarding the substitution.

Horizon and its subsidiaries provide marine construction services for the offshore oil and gas industry in the U.S. Gulf of Mexico, West Africa, Southeast Asia, Latin America, and the Mediterranean. The 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.

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