Torch Offshore Announces 2003 Fourth Quarter and Annual Results and Commencement of Contract Negotiations for the First Project for the Midnight Express.

Energy Editors/Business Editors

NEW ORLEANS--(BUSINESS WIRE)--April 15, 2004

Torch Offshore, Inc. (NASDAQ: TORC) (the "Company") announced today its fourth quarter and twelve month 2003 financial results, as summarized below.

FOURTH QUARTER RESULTS

Revenues for the quarter ended December 31, 2003 were $19.4 million, a decrease of 20.9 percent compared to revenues of $24.5 million for the fourth quarter of 2002. Gross profit (revenues less cost of sales) for the fourth quarter of 2003 was $0.2 million or 1.2 percent of revenues compared to gross profit for the fourth quarter of 2002 which was $5.9 million, or 24.0 percent of revenues. The fourth quarter 2003 net loss was $6.8 million, or $0.54 per diluted share, compared to net...

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