Torch Offshore, Inc. (TORCQ.PK)

Torch Offshore, Inc. provides integrated pipeline installation, subsea construction, and support services to the offshore oil and natural gas industry primarily in the United States Gulf of Mexico. Its primary services include installation of flowlines and related infrastructure; pipeline tie-ins and tie-backs; riser installation; pipeline surveys and installation engineering; and integrated construction support. The company’s vessels primarily install marine pipelines and flowlines that transport oil and natural gas to production platforms and subsea production systems. It also connects production platforms to trunklines that transport oil and natural gas to shore. The company specializes in the installation and connection of the smaller flowlines and umbilicals, including the laying and burying of pipelines, flowlines, and umbilicals and the laying of both flexible flowlines and coiled tubing. It provides subsea construction services in connection with the in-field development of offshore oil and natural gas reservoirs. Further, the company provides services, including installing and maintaining small diameter flowlines and related infrastructure on the Continental Shelf of the Gulf of Mexico. The company’s customers include oil and natural gas companies, and independent oil and natural gas operators. Torch Offshore was founded by Lyle G. Stockstill and Lana J. Hingle Stockstill in 1978. The company is headquartered in Gretna, Louisiana. Torch Offshore Inc. and its wholly owned subsidiaries, Torch Offshore L.L.C. and Torch Express, L.L.C., filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in January 2005. The company and its subsidiaries operate as debtors-in-possession.

For the nine months ended 9/30/04, revenues rose 16% to $53.4 million. Net loss totaled $14.7 million, up from $2.5 million. Results reflect a decrease in the utilization of fleet as well as higher cost of sales.