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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: isopatch who wrote (85813)	1/31/2001 6:08:21 PM
From: ldo79	Respond to of 95453

HOFF/CDIS News: Wednesday January 31, 5:43 pm Eastern Time Press Release SOURCE: Horizon Offshore, Inc. Horizon Offshore and Cal Dive International to Form New Deepwater Joint Venture HOUSTON, Jan. 31 /PRNewswire/ -- Horizon Offshore, Inc. (Nasdaq: HOFF - news) today announced that it has entered into a letter of intent with Cal Dive International, Inc. (Nasdaq: CDIS - news; CDI) to conduct reeled pipelay projects in deepwater areas of the U.S. Gulf of Mexico. The two companies will jointly fund construction of pipelay equipment to be used in conjunction with CDI's dynamically positioned (DP) vessel, the Sea Sorceress, currently undergoing conversion. In addition, Horizon will construct a pipe spooling facility at its Port Arthur, Texas, shore base. Once finalized, the joint venture will allow the two companies to perform small diameter pipelay projects in water depths of 800 feet and deeper, combining Horizon's expertise as a leading provider of pipelay services to the energy industry with CDI's experience as operator of the Gulf of Mexico's largest fleet of permanently deployed DP support vessels. Bill Lam, President and CEO of Horizon, said, ``Horizon is pleased to take its relationship with Cal Dive a step further. Our existing strategic alliance has proven our ability to work together to our mutual benefit and at the same time provide our customers quality service at low cost. Horizon will continue to focus on strategic alliances and joint ventures as means of penetrating new markets.'' Martin Ferron, President and COO of Cal Dive, said, ``We are delighted to partner with Horizon to address this growing market sector. Their core competency in pipelay services together with our strength in deepwater operations will make this a powerful combination.'' Regards, ldo79