UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C.  20549
                    ____________________

                          FORM 8-K

                       CURRENT REPORT

 Pursuant to Section 13 or 15(d) of the Securities Exchange
                         Act of 1934

        Date of Report (Date of earliest event reported):
              November 13, 2003 (November 13, 2003)
                     ___________________

                    TORCH OFFSHORE, INC.
   (Exact Name of Registrant as Specified in its Charter)

                         000-32855
                  (Commission File Number)

         Delaware                              74-2982117
(State or Other Jurisdiction of              (IRS Employer
 Incorporation or Organization)           Identification No.)

      401 Whitney Avenue, Suite 400
           Gretna, Louisiana                   70056-2596
 (Address of Principal Executive Offices)      (Zip Code)

  Registrant's Telephone Number, Including Area Code:
                        (504) 367-7030


ITEM 7.   FINANCIAL STATEMENTS, PROFORMA FINANCIAL
          INFORMATION AND EXHIBITS.

          (a)  Not applicable.

          (b)  Not applicable.

          (c)  Exhibits.

          The following exhibits are filed herewith:

Exhibit No.             Description
-----------             -----------

  99.1      Torch Offshore, Inc. Press Release, dated
            November 13, 2003.


ITEM 12.  RESULT OF OPERATIONS AND FINANCIAL CONDITION.

On  November 13, 2003, Torch Offshore, Inc. (the  "Company")
issued a press release announcing operating results for  the
quarter  ended  September 30, 2003. A  copy  of  this  press
release  is  furnished as Exhibit 99.1 to  this  report  and
incorporated by reference herein.

The Company has presented its EBITDA for the three- and nine-
month  period ended September 30, 2003 in the press release,
which  is  a  "non-GAAP" financial measure under  Regulation
G.  The  components of EBITDA are computed by using amounts,
which are determined in accordance with GAAP. As part of our
press release information, we have provided a reconciliation
of  EBITDA to net loss, which is its nearest comparable GAAP
financial measure.  However, because EBITDA is not based  on
any  standardized methodology prescribed by GAAP, it is  not
necessarily  comparable  to similar  measures  presented  by
other  companies.  The Company included EBITDA in the  press
release because it believes that it uses this measure as  an
internal  benchmark  against certain performance  objectives
and   to   provide   investors  and   creditors   additional
information   in   assessing  the  Company's   business   in
comparison   to   industry  and  other  market   competitive
standards.

                          SIGNATURE

Pursuant to the requirements of the Securities Exchange  Act
of  1934, the registrant has duly caused this report  to  be
signed  on  its  behalf  by  the undersigned  hereunto  duly
authorized.

                              TORCH OFFSHORE, INC.


                              By: /s/ ROBERT E. FULTON
Date: November 13, 2003       ------------------------
                              Robert E. Fulton
                              Chief Financial Officer


                      INDEX TO EXHIBITS

Exhibit No.              Description
-----------              -----------

   99.1       Torch Offshore, Inc. Press Release, dated
              November 13, 2003.

                                                EXHIBIT 99.1

NEWS RELEASE
For immediate release to:
Analysts, Financial Community, Media
Contact: Bob Fulton (1)504-367-7030  b.fulton@torchinc.com
         Bradley Lowe (1)504-367-7030  b.lowe@torchinc.com

     Torch Offshore Announces 2003 Third Quarter Results

New Orleans, Louisiana USA, November 13, 2003

THIRD QUARTER RESULTS
Torch   Offshore,   Inc.  (NASDAQ:  TORC)  (the   "Company")
announced   today  that  revenues  for  the  quarter   ended
September 30, 2003 were $15.3 million, an increase  of  10.3
percent compared to revenues of $13.8 million for the  third
quarter of 2002. Gross profit (revenues less cost of  sales)
for  the  third  quarter of 2003 was  $1.5  million  or  9.8
percent of revenues compared to the third quarter 2002 gross
profit  of  $2.6 million or 18.7 percent of revenues.  Third
quarter 2003 gross profit was adversely impacted by  a  $0.7
million ($0.5 million after tax effect, or $0.04 per diluted
share)  charge  to cost of sales resulting  from  additional
costs  incurred related to the termination of  the  Midnight
Hunter  charter. The third quarter 2003 net  loss  was  $1.4
million,  or $0.11 per diluted share, compared  to  the  net
loss in the third quarter of 2002 which was $0.3 million, or
$0.02 per diluted share.

Lyle  G. Stockstill, Torch Offshore, Inc. Chairman and Chief
Executive Officer, commented, "The third quarter of 2003 was
a  period  of contrasts. We experienced one of the  toughest
months  in  the  history of the Company in  August  only  to
follow  that  up  with one of our best months  ever  as  our
vessels  worked  235  revenue days  in  September.  Overall,
although  we  have seen a slight improvement in work  levels
since  the  low levels in July and August, we are continuing
to  experience  relatively weak  activity  in  the  Gulf  of
Mexico."

"As  for  the  deepwater operations of Torch  Offshore,  the
third  quarter  of  2003  marked  the  introduction  of  the
Midnight  Wrangler to the active fleet. The vessel completed
a   variety  of  jobs  in  the  quarter,  including   subsea
construction  and  pipelay work. The  vessel  has  performed
admirably thus far and at the level we expected."

NINE-MONTH RESULTS
For  the nine months of 2003, revenues increased 6.2 percent
to  $46.2 million generating a gross profit of $6.2  million
or 13.3 percent of revenues, compared to the year-ago period
revenues  of $43.5 million that produced a gross  profit  of
$8.8  million, or 20.2 percent of revenues. Included in cost
of  sales in the first nine months of 2003 was $2.1  million
($1.3  million after tax effect, or $0.11 per diluted share)
of  costs related to the termination of the Midnight  Hunter
charter.  The  net loss for the first nine  months  of  2003
totaled  $2.5 million, or $0.20 per diluted share,  compared
to  the net loss in the first nine months of 2002 which  was
$0.1 million, or $0.01 per diluted share.

RECENT DEVELOPMENTS
The  Company has been involved in an arbitration  proceeding
in  London regarding the termination of the charter  of  the
Midnight  Hunter. In November 2003, the arbitrator issued  a
ruling against the Company, finding that the Company was not
entitled to terminate the charter of the Midnight Hunter and
ruled  in  favor of the Company on the issue  of  breach  of
contract warranty. An interim award of $2.2 million was made
in favor of Cable Shipping, Inc., the owners of the Midnight
Hunter.  Further  evidence is to be  taken  on  the  quantum
issue.  The  Company  intends  to  appeal  the  arbitrator's
ruling.  The  Company has recorded the full  amount  of  the
interim judgment in the financial statements as of September
30,  2003; however, the arbitrator may award further amounts
on an interim or final basis pending appeal.

CONFERENCE CALL
A  conference call will be held at 10:00 a.m. (Central Time)
on Thursday, November 13, 2003. To participate by telephone,
United   States   callers  can  dial  (800)   599-9795   and
international callers can dial (617) 786-2905 ten to fifteen
minutes  prior to the starting time. The conference  ID  for
all  callers is 96086993. The conference call will  also  be
webcast  live on the Internet through the Investor Relations
page on the Company's web site, www.torchinc.com.

The call will be available for replay beginning at 1:00 p.m.
(Central Time) on Thursday, November 13, 2003 and ending  at
midnight (Central Time) on Wednesday, November 19, 2003. For
callers  in the United States, the toll-free number for  the
replay  is  (888) 286-8010. For international  callers,  the
number  is (617) 801-6888. The conference ID for all callers
for the replay is 21337291. All individuals listening to the
conference  call  or  the  replay  are  reminded  that   all
conference  call material is copyrighted by Torch  Offshore,
Inc.  and  cannot be recorded or rebroadcast  without  Torch
Offshore, Inc.'s express written consent.

Established  in  1978, Torch Offshore, Inc. is  involved  in
offshore  pipeline installation and subsea construction  for
the  oil  and natural gas industry. Torch Offshore, Inc.  is
expanding beyond its established shallow water niche  market
in  order to serve the industry's worldwide growing needs in
the deep waters.

Any  statements made in this news release, other than  those
of  historical fact, about an action, event or  development,
which  the  Company hopes, expects, believes or  anticipates
may  or  will  occur  in  the  future,  are  forward-looking
statements  under the Private Securities Litigation  Act  of
1995.  The  forward-looking statements in this news  release
include  statements  about  our  deepwater  operations,  our
appeal  of  the Midnight Hunter arbitration ruling  and  the
capabilities  of the Company's vessels. Such statements  are
subject  to  various  assumptions, risks and  uncertainties,
which  are  specifically described in the  Company's  Annual
Report  on Form 10-K for the fiscal year ended December  31,
2002  filed with the Securities and Exchange Commission,  as
well  as  other factors that may not be within the Company's
control,  including,  specifically,  oil  and  natural   gas
commodity   prices,   weather   conditions   and    offshore
construction activity levels. Although the Company  believes
its  expectations  are based on reasonable  assumptions,  it
gives  no  assurance  that  the  Company's  assumptions  and
projections  will  prove to be correct. Actual  results  may
differ materially from those projected.

                                                   PR 03-019
                            # # #


                      TORCH OFFSHORE, INC.
              Statements of Operations (Unaudited)
             (in thousands, except per share data)

                              Three Months     Nine Months
                                 Ended            Ended
                              September 30,    September 30,
	                       ---------------  ---------------
                              2003    2002     2003    2002
                             ------- -------  ------- -------
Revenues                     $15,262 $13,833  $46,167 $43,468
Cost of revenues:
   Cost of sales              13,771  11,242   40,016  34,695
   Depreciation and
     amortization              1,983   1,842    5,632   5,633
   General and admin-
     istrative expenses        1,614   1,226    4,317   3,497
                             ------- -------  ------- -------
      Total cost of revenues  17,368  14,310   49,965  43,825

Operating loss                (2,106)   (477)  (3,798)   (357)
Other income (expense):
   Interest expense                -     (38)       -     (93)
   Interest income                 -      56        1     220
                             ------- -------  ------- -------
      Total other income           -      18        1     127
                             ------- -------  ------- -------
Loss before income
  tax benefit                 (2,106)   (459)  (3,797)   (230)
Income tax benefit               737     161    1,329      81
                             ------- -------  ------- -------
Net loss                     $(1,369)$  (298) $(2,468)$  (149)
                             ======= =======  ======= =======

Net loss per common share:
     Basic                   $ (0.11)$ (0.02) $ (0.20)$ (0.01)
                             ======= =======  ======= =======
     Diluted                 $ (0.11)$ (0.02) $ (0.20)$ (0.01)
                             ======= =======  ======= =======

Weighted average common
  stock outstanding:
     Basic                    12,639  12,689   12,637  12,749
                             ======= =======  ======= =======
     Diluted                  12,639  12,689   12,637  12,749
                             ======= =======  ======= =======

Other data:
   EBITDA (A), (B)           $  (123)$ 1,365  $ 1,834 $ 5,276
                             ======= =======  ======= =======

(A) The Company calculates EBITDA as earnings before net
interest, income taxes, depreciation and amortization.
Please see Condensed Balance Sheet and Other Information
included in this news release for a reconciliation of
EBITDA to net loss. EBITDA is presented here to provide
additional information about our operations. EBITDA is
not a calculation based on generally accepted accounting
principles (GAAP) and should not be considered as an
alternative to net income, as an indicator of our
operating performance or as an alternative to cash flow
as a better measure of liquidity. In addition, our EBITDA
calculation may not be comparable to similarly titled
measures of other companies.


                          TORCH OFFSHORE, INC.
    Condensed Balance Sheet and Other Information (Unaudited)
              (in thousands, except per share data)

                                 September 30,   December 31,
                                     2003             2002
                                 -------------   -------------
Assets
Current assets                   $      25,714   $      31,373
Property, net                          134,633          67,561
Other assets                             2,904           2,970
                                 -------------   -------------
     Total assets                $     163,251   $     101,904
                                 =============   =============

Liabilities and
  Stockholders' Equity
Accounts payable - trade         $      13,286   $       7,677
Accrued expenses and other               8,212           7,393
Midnight Express Finance Facility       37,795               -
Current portion of long-term debt        2,866              14
Receivable line of credit                7,440           4,271
                                 -------------   -------------
     Total current liabilities          69,599          19,355
Deferred income taxes                    1,307           2,636
Long-term debt, less
  current portion                       14,888              46
Stockholders' equity                    77,457          79,867
                                 -------------   -------------
     Total liabilities and
       stockholders' equity      $     163,251   $     101,904
                                 =============   =============

                           Three Months        Nine Months
                              Ended              Ended
                          September 30,       September 30,
                          -------------      --------------
                           2003    2002      2003     2002
                          ------- ------    -------  ------
EBITDA Reconciliation(B):
     Net loss             $(1,369)$ (298)   $(2,468) $ (149)
     Income tax benefit      (737)  (161)    (1,329)    (81)
     Other income               -    (18)        (1)   (127)
     Depreciation and
       amortization         1,983  1,842      5,632   5,633
                          ------- ------    -------  ------
     EBITDA               $  (123)$1,365    $ 1,834  $5,276
                          ======= ======    =======  ======

(B) We have disclosed EBITDA, a non-GAAP measure determined
as described in item (A) above, because we use this measure
as an internal benchmark against certain performance objectives
and to provide investors and creditors additional information
in assessing our business in comparison to industry and other
market competitive standards.
[{"type": "8-K", "sequence": "1", "filename": "third8k.txt", "description": "3Q EARNINGS PRESS RELEASE", "secsgml_size_bytes": 16015}]
{"company-data": {"conformed-name": "TORCH OFFSHORE INC", "cik": "0001129650", "assigned-sic": "1389", "irs-number": "742982117", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-32855", "film-number": "03995810"}, "business-address": {"street1": "401 WHITNEY AVENUE", "street2": "SUITE 400", "city": "GRETNA", "state": "LA", "zip": "70056", "phone": "5043677030"}, "mail-address": {"street1": "401 WHITNEY AVENUE", "street2": "SUITE 400", "city": "GRETNA", "state": "LA", "zip": "70056"}, "former-company": {"former-conformed-name": "TORCH OFFSHORE INC", "date-changed": "20001207"}}
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C.  20549
                    ____________________

                          FORM 8-K

                       CURRENT REPORT

 Pursuant to Section 13 or 15(d) of the Securities Exchange
                         Act of 1934

        Date of Report (Date of earliest event reported):
              November 13, 2003 (November 13, 2003)
                     ___________________

                    TORCH OFFSHORE, INC.
   (Exact Name of Registrant as Specified in its Charter)

                         000-32855
                  (Commission File Number)

         Delaware                              74-2982117
(State or Other Jurisdiction of              (IRS Employer
 Incorporation or Organization)           Identification No.)

      401 Whitney Avenue, Suite 400
           Gretna, Louisiana                   70056-2596
 (Address of Principal Executive Offices)      (Zip Code)

  Registrant's Telephone Number, Including Area Code:
                        (504) 367-7030

ITEM 7.   FINANCIAL STATEMENTS, PROFORMA FINANCIAL
          INFORMATION AND EXHIBITS.

          (a)  Not applicable.

          (b)  Not applicable.

          (c)  Exhibits.

          The following exhibits are filed herewith:

Exhibit No.             Description
-----------             -----------

  99.1      Torch Offshore, Inc. Press Release, dated
            November 13, 2003.

ITEM 12.  RESULT OF OPERATIONS AND FINANCIAL CONDITION.

On  November 13, 2003, Torch Offshore, Inc. (the  "Company")
issued a press release announcing operating results for  the
quarter  ended  September 30, 2003. A  copy  of  this  press
release  is  furnished as Exhibit 99.1 to  this  report  and
incorporated by reference herein.

The Company has presented its EBITDA for the three- and nine-
month  period ended September 30, 2003 in the press release,
which  is  a  "non-GAAP" financial measure under  Regulation
G.  The  components of EBITDA are computed by using amounts,
which are determined in accordance with GAAP. As part of our
press release information, we have provided a reconciliation
of  EBITDA to net loss, which is its nearest comparable GAAP
financial measure.  However, because EBITDA is not based  on
any  standardized methodology prescribed by GAAP, it is  not
necessarily  comparable  to similar  measures  presented  by
other  companies.  The Company included EBITDA in the  press
release because it believes that it uses this measure as  an
internal  benchmark  against certain performance  objectives
and   to   provide   investors  and   creditors   additional
information   in   assessing  the  Company's   business   in
comparison   to   industry  and  other  market   competitive
standards.

                          SIGNATURE

Pursuant to the requirements of the Securities Exchange  Act
of  1934, the registrant has duly caused this report  to  be
signed  on  its  behalf  by  the undersigned  hereunto  duly
authorized.

                              TORCH OFFSHORE, INC.

                              By: /s/ ROBERT E. FULTON
Date: November 13, 2003       ------------------------
                              Robert E. Fulton
                              Chief Financial Officer

                      INDEX TO EXHIBITS

Exhibit No.              Description
-----------              -----------

   99.1       Torch Offshore, Inc. Press Release, dated
              November 13, 2003.

                                                EXHIBIT 99.1

NEWS RELEASE
For immediate release to:
Analysts, Financial Community, Media
Contact: Bob Fulton (1)504-367-7030  b.fulton@torchinc.com
         Bradley Lowe (1)504-367-7030  b.lowe@torchinc.com

     Torch Offshore Announces 2003 Third Quarter Results

New Orleans, Louisiana USA, November 13, 2003

THIRD QUARTER RESULTS
Torch   Offshore,   Inc.  (NASDAQ:  TORC)  (the   "Company")
announced   today  that  revenues  for  the  quarter   ended
September 30, 2003 were $15.3 million, an increase  of  10.3
percent compared to revenues of $13.8 million for the  third
quarter of 2002. Gross profit (revenues less cost of  sales)
for  the  third  quarter of 2003 was  $1.5  million  or  9.8
percent of revenues compared to the third quarter 2002 gross
profit  of  $2.6 million or 18.7 percent of revenues.  Third
quarter 2003 gross profit was adversely impacted by  a  $0.7
million ($0.5 million after tax effect, or $0.04 per diluted
share)  charge  to cost of sales resulting  from  additional
costs  incurred related to the termination of  the  Midnight
Hunter  charter. The third quarter 2003 net  loss  was  $1.4
million,  or $0.11 per diluted share, compared  to  the  net
loss in the third quarter of 2002 which was $0.3 million, or
$0.02 per diluted share.

Lyle  G. Stockstill, Torch Offshore, Inc. Chairman and Chief
Executive Officer, commented, "The third quarter of 2003 was
a  period  of contrasts. We experienced one of the  toughest
months  in  the  history of the Company in  August  only  to
follow  that  up  with one of our best months  ever  as  our
vessels  worked  235  revenue days  in  September.  Overall,
although  we  have seen a slight improvement in work  levels
since  the  low levels in July and August, we are continuing
to  experience  relatively weak  activity  in  the  Gulf  of
Mexico."

"As  for  the  deepwater operations of Torch  Offshore,  the
third  quarter  of  2003  marked  the  introduction  of  the
Midnight  Wrangler to the active fleet. The vessel completed
a   variety  of  jobs  in  the  quarter,  including   subsea
construction  and  pipelay work. The  vessel  has  performed
admirably thus far and at the level we expected."

NINE-MONTH RESULTS
For  the nine months of 2003, revenues increased 6.2 percent
to  $46.2 million generating a gross profit of $6.2  million
or 13.3 percent of revenues, compared to the year-ago period
revenues  of $43.5 million that produced a gross  profit  of
$8.8  million, or 20.2 percent of revenues. Included in cost
of  sales in the first nine months of 2003 was $2.1  million
($1.3  million after tax effect, or $0.11 per diluted share)
of  costs related to the termination of the Midnight  Hunter
charter.  The  net loss for the first nine  months  of  2003
totaled  $2.5 million, or $0.20 per diluted share,  compared
to  the net loss in the first nine months of 2002 which  was
$0.1 million, or $0.01 per diluted share.

RECENT DEVELOPMENTS
The  Company has been involved in an arbitration  proceeding
in  London regarding the termination of the charter  of  the
Midnight  Hunter. In November 2003, the arbitrator issued  a
ruling against the Company, finding that the Company was not
entitled to terminate the charter of the Midnight Hunter and
ruled  in  favor of the Company on the issue  of  breach  of
contract warranty. An interim award of $2.2 million was made
in favor of Cable Shipping, Inc., the owners of the Midnight
Hunter.  Further  evidence is to be  taken  on  the  quantum
issue.  The  Company  intends  to  appeal  the  arbitrator's
ruling.  The  Company has recorded the full  amount  of  the
interim judgment in the financial statements as of September
30,  2003; however, the arbitrator may award further amounts
on an interim or final basis pending appeal.

CONFERENCE CALL
A  conference call will be held at 10:00 a.m. (Central Time)
on Thursday, November 13, 2003. To participate by telephone,
United   States   callers  can  dial  (800)   599-9795   and
international callers can dial (617) 786-2905 ten to fifteen
minutes  prior to the starting time. The conference  ID  for
all  callers is 96086993. The conference call will  also  be
webcast  live on the Internet through the Investor Relations
page on the Company's web site, www.torchinc.com.

The call will be available for replay beginning at 1:00 p.m.
(Central Time) on Thursday, November 13, 2003 and ending  at
midnight (Central Time) on Wednesday, November 19, 2003. For
callers  in the United States, the toll-free number for  the
replay  is  (888) 286-8010. For international  callers,  the
number  is (617) 801-6888. The conference ID for all callers
for the replay is 21337291. All individuals listening to the
conference  call  or  the  replay  are  reminded  that   all
conference  call material is copyrighted by Torch  Offshore,
Inc.  and  cannot be recorded or rebroadcast  without  Torch
Offshore, Inc.'s express written consent.

Established  in  1978, Torch Offshore, Inc. is  involved  in
offshore  pipeline installation and subsea construction  for
the  oil  and natural gas industry. Torch Offshore, Inc.  is
expanding beyond its established shallow water niche  market
in  order to serve the industry's worldwide growing needs in
the deep waters.

Any  statements made in this news release, other than  those
of  historical fact, about an action, event or  development,
which  the  Company hopes, expects, believes or  anticipates
may  or  will  occur  in  the  future,  are  forward-looking
statements  under the Private Securities Litigation  Act  of
1995.  The  forward-looking statements in this news  release
include  statements  about  our  deepwater  operations,  our
appeal  of  the Midnight Hunter arbitration ruling  and  the
capabilities  of the Company's vessels. Such statements  are
subject  to  various  assumptions, risks and  uncertainties,
which  are  specifically described in the  Company's  Annual
Report  on Form 10-K for the fiscal year ended December  31,
2002  filed with the Securities and Exchange Commission,  as
well  as  other factors that may not be within the Company's
control,  including,  specifically,  oil  and  natural   gas
commodity   prices,   weather   conditions   and    offshore
construction activity levels. Although the Company  believes
its  expectations  are based on reasonable  assumptions,  it
gives  no  assurance  that  the  Company's  assumptions  and
projections  will  prove to be correct. Actual  results  may
differ materially from those projected.

                                                   PR 03-019
                            # # #

                      TORCH OFFSHORE, INC.
              Statements of Operations (Unaudited)
             (in thousands, except per share data)

                              Three Months     Nine Months
                                 Ended            Ended
                              September 30,    September 30,
	                       ---------------  ---------------
                              2003    2002     2003    2002
                             ------- -------  ------- -------
Revenues                     $15,262 $13,833  $46,167 $43,468
Cost of revenues:
   Cost of sales              13,771  11,242   40,016  34,695
   Depreciation and
     amortization              1,983   1,842    5,632   5,633
   General and admin-
     istrative expenses        1,614   1,226    4,317   3,497
                             ------- -------  ------- -------
      Total cost of revenues  17,368  14,310   49,965  43,825

Operating loss                (2,106)   (477)  (3,798)   (357)
Other income (expense):
   Interest expense                -     (38)       -     (93)
   Interest income                 -      56        1     220
                             ------- -------  ------- -------
      Total other income           -      18        1     127
                             ------- -------  ------- -------
Loss before income
  tax benefit                 (2,106)   (459)  (3,797)   (230)
Income tax benefit               737     161    1,329      81
                             ------- -------  ------- -------
Net loss                     $(1,369)$  (298) $(2,468)$  (149)
                             ======= =======  ======= =======

Net loss per common share:
     Basic                   $ (0.11)$ (0.02) $ (0.20)$ (0.01)
                             ======= =======  ======= =======
     Diluted                 $ (0.11)$ (0.02) $ (0.20)$ (0.01)
                             ======= =======  ======= =======

Weighted average common
  stock outstanding:
     Basic                    12,639  12,689   12,637  12,749
                             ======= =======  ======= =======
     Diluted                  12,639  12,689   12,637  12,749
                             ======= =======  ======= =======

Other data:
   EBITDA (A), (B)           $  (123)$ 1,365  $ 1,834 $ 5,276
                             ======= =======  ======= =======

(A) The Company calculates EBITDA as earnings before net
interest, income taxes, depreciation and amortization.
Please see Condensed Balance Sheet and Other Information
included in this news release for a reconciliation of
EBITDA to net loss. EBITDA is presented here to provide
additional information about our operations. EBITDA is
not a calculation based on generally accepted accounting
principles (GAAP) and should not be considered as an
alternative to net income, as an indicator of our
operating performance or as an alternative to cash flow
as a better measure of liquidity. In addition, our EBITDA
calculation may not be comparable to similarly titled
measures of other companies.

                          TORCH OFFSHORE, INC.
    Condensed Balance Sheet and Other Information (Unaudited)
              (in thousands, except per share data)

                                 September 30,   December 31,
                                     2003             2002
                                 -------------   -------------
Assets
Current assets                   $      25,714   $      31,373
Property, net                          134,633          67,561
Other assets                             2,904           2,970
                                 -------------   -------------
     Total assets                $     163,251   $     101,904
                                 =============   =============

Liabilities and
  Stockholders' Equity
Accounts payable - trade         $      13,286   $       7,677
Accrued expenses and other               8,212           7,393
Midnight Express Finance Facility       37,795               -
Current portion of long-term debt        2,866              14
Receivable line of credit                7,440           4,271
                                 -------------   -------------
     Total current liabilities          69,599          19,355
Deferred income taxes                    1,307           2,636
Long-term debt, less
  current portion                       14,888              46
Stockholders' equity                    77,457          79,867
                                 -------------   -------------
     Total liabilities and
       stockholders' equity      $     163,251   $     101,904
                                 =============   =============

                           Three Months        Nine Months
                              Ended              Ended
                          September 30,       September 30,
                          -------------      --------------
                           2003    2002      2003     2002
                          ------- ------    -------  ------
EBITDA Reconciliation(B):
     Net loss             $(1,369)$ (298)   $(2,468) $ (149)
     Income tax benefit      (737)  (161)    (1,329)    (81)
     Other income               -    (18)        (1)   (127)
     Depreciation and
       amortization         1,983  1,842      5,632   5,633
                          ------- ------    -------  ------
     EBITDA               $  (123)$1,365    $ 1,834  $5,276
                          ======= ======    =======  ======

(B) We have disclosed EBITDA, a non-GAAP measure determined
as described in item (A) above, because we use this measure
as an internal benchmark against certain performance objectives
and to provide investors and creditors additional information
in assessing our business in comparison to industry and other
market competitive standards.