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    Torch provides update on Midnight Express

    Vessel & ROV News // April 25, 2003
    Torch Offshore in the US has announced that all of the conditions for the contract for the conversion of the Midnight Express at Davie Maritime in Canada to become unconditionally effective have been satisfied, with the exception of closing its $60.0 million financing package for the work.

    The company said the total value of the shipyard's contract is approximately $37.0 million, which represents the major portion of the cost of converting the ship to a DP-2 offshore pipelay and construction vessel.

    To date, Torch has incurred approximately $31.0 million in costs associated with the conversion.

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