Horizon Offshore purchases lay barge in S.E Asia

NASDAQ listed Horizon Offshore, Inc. announced Monday an agreement to purchase the combination derrick/lay barge Shillelagh currently located in Indonesia.

According to the company the vessel is 360 feet long and 100 feet wide and has both pipelay and derrick capabilities. Upgrading and modifying the vessel will be performed in Batam, Indonesia and is expected to be completed by year-end.

After completing the upgrade, said the company, the vessel would become the company's largest combination barge, enabling it to perform turnkey projects in remote locations with a single mobilization.

The company intends to operate the vessel in Indonesia, Malaysia, as well as other areas in Southeast Asia such as Thailand and Vietnam. This acquisition represents the company's entry into the Asian market and positions the company to pursue opportunities in this market.

Horizon President and Chief Executive Officer, Bill J. Lam said, ``We are excited about the acquisition of this vessel and the prospects for the recovering Asian market. This acquisition represents another step in our business strategy and international expansion plans.''

Horizon Offshore provides marine construction services to the offshore oil and gas industry, primarily in the Gulf of Mexico. The company's fleet is used to perform a wide range of marine construction activities, including installation of marine pipelines to transport oil and gas from newly installed production platforms and other subsea production systems, and the installation and abandonment of production platforms. (alex)