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    Torch selects Davie Maritime for Midnight Express conversion

    Vessel & ROV News // December 6, 2002
    Torch Offshore has announced that its subsidiary, Torch Express LLC, has entered into a contract with Davie Maritime of Quebec, Canada for the conversion of the Midnight Express at a cost of approximately $37.0 million.

    The total cost of the entire conversion project, including anticipated financial costs, will be between $80.0 million and $90.0 million. The 520ft LASH (heavy transport) vessel will be converted into a DP-2 offshore construction vessel with the capability to work in varying water depths throughout the world.

    The Midnight Express has been at the Davie Maritime shipyard since April 2002 where the functional design was being performed. Some of the conversion work will begin immediately; however, the complete contract will not become effective until various conditions are satisfied, including arrangements for the required debt financing for the project.

    The current schedule should put the Midnight Express in the water and ready for work in the fourth quarter of 2003.

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