Torch Offshore gets bank facility, loses CFO
Torch Offshore chairman and CEO Lyle G. Stockstill termed the new bank facility "an integral part of Torch's long-term expansion plan into the deepwater construction market."
Stockstill said the company has received bids for the conversion of the Midnight Express and is in the early stages of evaluating and selecting a shipyard for the conversion. "We remain on schedule to award the contract for the conversion in August and to commence construction shortly thereafter," he said. "This new facility allows us to continue with these plans while we implement Torch's long-term financing plan."
Separately, Torch Offshore also announced today that CFO William J. Blackwell has resigned and relinquished his seat on the board in order to pursue other career interests. Blackwell will remain with the company through the announcement of itd second quarter financial results on August 8, 2002.
Torch says it is actively seeking a replacement and that "no business, competitive or financial reporting issues played any role" in Blackwell's decision.