Average Aggressive $50 million secured credit facility (borrowing base of $25 million) due 2004. $175 million senior notes due 2008. Operates in deepwater niche market, which has provided strong day rates and high utilization, thanks to the long-term nature of deepwater projects and the related contract coverage; Contract coverage has been strong through 2002; Internal cash flows are expected to fund new-vessel programs; and A long-term contract with Amerada Hess Corp. provides revenue stability for tugboat and tank barge operations. Remains an aggressive, speculative builder of new vessels for the offshore support vessel (OSV) market; Revenues may fall as contracts expire in 2003; Better-capitalized competitors may enter the deepwater market through new-vessel construction; High debt leverage; and Both OSV and
