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):
                August 8, 2003 (August 8, 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
             August 8, 2003.


ITEM 12.  RESULT OF OPERATIONS AND FINANCIAL CONDITION.

On  August  8,  2003, Torch Offshore, Inc.  (the  "Company")
issued a press release announcing operating results for  the
quarter ended June 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 six-
month period ended June 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  income  (loss)  attributable  to   common
stockholders, 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: August 8, 2003          ------------------------
                              Robert E. Fulton
                              Chief Financial Officer


                      INDEX TO EXHIBITS


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

   99.1       Torch  Offshore, Inc. Press Release, dated
              August 8, 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 Second Quarter Results

New Orleans, Louisiana USA, August 8, 2003

SECOND QUARTER RESULTS
Torch   Offshore,   Inc.  (NASDAQ:  TORC)  (the   "Company")
announced today that revenues for the quarter ended June 30,
2003 were $13.9 million, an increase of 7.5 percent compared
to revenues of $12.9 million for the second quarter of 2002.
Gross  profit (revenues less cost of sales) for  the  second
quarter  of 2003 was $1.4 million or 9.9 percent of revenues
compared  to  the second quarter 2002 gross profit  of  $2.2
million or 17.1 percent of revenues. Our second quarter 2003
gross  profit was adversely impacted by a $0.7 million ($0.4
million after tax effect, or $0.03 per diluted share) charge
to  cost  of sales resulting from additional costs  incurred
relating  to the termination of the Midnight Hunter charter.
The   second   quarter   2003  net  loss   attributable   to
stockholders  was $1.2 million, or $0.09 per diluted  share,
compared to the net loss attributable to stockholders in the
second quarter of 2002 which was $0.4 million, or $0.03  per
diluted share.

Lyle  G. Stockstill, Torch Offshore, Inc. Chairman and Chief
Executive  Officer,  commented,  "The  competition  in   the
shallow  water  Gulf  of  Mexico market  during  the  second
quarter   of  2003  was  extremely  intense,  resulting   in
depressed pricing and a lower gross profit for the  Company.
Although  the  utilization of our fleet remained  relatively
stable  as  compared to traditional second quarter activity,
the pricing structure was simply not there for shallow water
pipelay work."

"As  for  the future of Torch Offshore, we continue to  work
towards  our goal of entering the deepwater markets  of  the
world and providing state of the art vessels and opportunity
to  our  customers. During the second quarter, we  completed
the   necessary  modifications  to  the  Midnight  Wrangler,
including  the addition of cranes, and it has gone  out  and
successfully completed its first job in the past  few  days.
In  addition, the conversion of the Midnight Express, a 520-
foot  dynamically  positioned (DP-2)  offshore  construction
vessel  equipped with our patented pipelay system, continues
to  progress and should be completed in time for the  vessel
to enter our active fleet in the first half of 2004."

FIRST HALF RESULTS
For  the  first half of 2003, revenues increased 4.3 percent
to  $30.9 million generating a gross profit of $4.7  million
or  15.1  percent  of revenues, compared to year-ago  period
revenues  of $29.6 million that produced a gross  profit  of
$6.2  million or 20.9 percent of revenues. Included in  cost
of  sales  in the first six months of 2003 was $1.3  million
($0.9  million after tax effect, or $0.07 per diluted share)
of  costs related to the termination of the Midnight  Hunter
charter. The net loss attributable to stockholders  for  the
first six months of 2003 totaled $1.1 million, or $0.09  per
diluted  share,  compared to the net income attributable  to
stockholders in the first six months of 2002 which was  $0.1
million, or $0.01 per diluted share.

CONFERENCE CALL
A conference call will be held at 10:00 a.m. Central Time on
Friday, August 8, 2003. To participate by telephone,  United
States  callers  can dial (800) 901-5226  and  international
callers can dial (617) 786-4513 ten to fifteen minutes prior
to  the starting time. The conference ID for all callers  is
88664617. 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  August 8, 2003 and ending  at  midnight
(Central Time) on Thursday, August 14, 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  37855044.  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,  the
modification  and/or  conversion  timing  and  cost  of  the
Midnight  Express  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 03-013
                            # # #


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

                                Three Months       Six Months
                                Ended June 30,    Ended June 30,
                               --------------    --------------
                                 2003    2002     2003     2002
                               ------  ------   ------   ------
Revenues                      $13,876 $12,910  $30,905  $29,635
Cost of revenues:
   Cost of sales               12,500  10,707   26,245   23,453
   Depreciation and
     amortization               1,822   1,861    3,649    3,791
   General and
     administrative expenses    1,348   1,021    2,703    2,271
                               ------  ------   ------   ------
      Total cost of revenues   15,670  13,589   32,597   29,515
                               ------  ------   ------   ------
Operating income (loss)        (1,794)   (679)  (1,692)     120
                               ------  ------   ------   ------
Other income (expense):
   Interest expense                 -     (20)       -      (55)
   Interest income                  -      62        -      164
                               ------  ------   ------   ------
      Total other income            -      42        1      109
                               ------  ------   ------   ------
Income (loss) before
  income taxes                 (1,794)   (637)  (1,691)     229
Income tax (expense)
  benefit                         628     223      592      (80)
                               ------  ------   ------   ------
Net income (loss)
  attributable to common
  stockholders                $(1,166)$  (414) $(1,099) $   149
                               ======  ======   ======   ======

Net income (loss) per
  common share:
     Basic                    $ (0.09)$ (0.03) $ (0.09) $  0.01
                               ======  ======   ======   ======
     Diluted                  $ (0.09)$ (0.03) $ (0.09) $  0.01
                               ======  ======   ======   ======
Weighted average common
  stock outstanding:
     Basic                     12,636  12,723   12,636   12,788
                               ======  ======   ======   ======
     Diluted                   12,653  12,723   12,645   12,788
                               ======  ======   ======   ======
Other data:
   EBITDA (A), (B)            $    28 $ 1,182  $ 1,957  $ 3,911
                               ======  ======   ======   ======

(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 income (loss) attributable to common
stockholders. 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)


                                June 30,      December 31,
                                  2003            2002
                              ------------    ------------
Assets
Current assets                  $ 21,765        $ 31,373
Property, net                    111,815          67,561
Other assets                       3,185           2,970
                              ------------    ------------
     Total assets               $136,765        $101,904
                              ============    ============

Liabilities and
  Stockholders' Equity
Accounts payable - trade        $  9,156        $  7,677
Accrued expenses and other         3,815           7,393
Midnight Express
  Finance Facility                19,630               -
Current portion of long-
  term debt                        2,780              14
Receivable line of credit          4,868           4,271
                            ------------    ------------
     Total current
       liabilities                40,249          19,355
Deferred income taxes              2,044           2,636
Long-term debt, less
  current portion                 15,680              46
Stockholders' equity              78,792          79,867
                            ------------    ------------
     Total liabilities and
       stockholders' equity     $136,765        $101,904
                            ============    ============

                          Three Months      Six Months
                         Ended June 30,   Ended June 30,
                         --------------   --------------
                           2003    2002     2003    2002
                          -----   -----    -----   -----
EBITDA Reconciliation(B):
Net income (loss)
  attributable to common
  stockholders           $(1,166)$ (414)   $(1,099)$  149
Income tax expense
  (benefit)                 (628)  (223)      (592)    80
Other income                   -    (42)        (1)  (109)
Depreciation and
  amortization             1,822  1,861      3,649  3,791
                           -----  -----      -----  -----
EBITDA                   $    28 $1,182    $ 1,957 $3,911
                           =====  =====      =====  =====

(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.
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{"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": "03830218"}, "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):
                August 8, 2003 (August 8, 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
             August 8, 2003.

ITEM 12.  RESULT OF OPERATIONS AND FINANCIAL CONDITION.

On  August  8,  2003, Torch Offshore, Inc.  (the  "Company")
issued a press release announcing operating results for  the
quarter ended June 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 six-
month period ended June 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  income  (loss)  attributable  to   common
stockholders, 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: August 8, 2003          ------------------------
                              Robert E. Fulton
                              Chief Financial Officer

                      INDEX TO EXHIBITS

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

   99.1       Torch  Offshore, Inc. Press Release, dated
              August 8, 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 Second Quarter Results

New Orleans, Louisiana USA, August 8, 2003

SECOND QUARTER RESULTS
Torch   Offshore,   Inc.  (NASDAQ:  TORC)  (the   "Company")
announced today that revenues for the quarter ended June 30,
2003 were $13.9 million, an increase of 7.5 percent compared
to revenues of $12.9 million for the second quarter of 2002.
Gross  profit (revenues less cost of sales) for  the  second
quarter  of 2003 was $1.4 million or 9.9 percent of revenues
compared  to  the second quarter 2002 gross profit  of  $2.2
million or 17.1 percent of revenues. Our second quarter 2003
gross  profit was adversely impacted by a $0.7 million ($0.4
million after tax effect, or $0.03 per diluted share) charge
to  cost  of sales resulting from additional costs  incurred
relating  to the termination of the Midnight Hunter charter.
The   second   quarter   2003  net  loss   attributable   to
stockholders  was $1.2 million, or $0.09 per diluted  share,
compared to the net loss attributable to stockholders in the
second quarter of 2002 which was $0.4 million, or $0.03  per
diluted share.

Lyle  G. Stockstill, Torch Offshore, Inc. Chairman and Chief
Executive  Officer,  commented,  "The  competition  in   the
shallow  water  Gulf  of  Mexico market  during  the  second
quarter   of  2003  was  extremely  intense,  resulting   in
depressed pricing and a lower gross profit for the  Company.
Although  the  utilization of our fleet remained  relatively
stable  as  compared to traditional second quarter activity,
the pricing structure was simply not there for shallow water
pipelay work."

"As  for  the future of Torch Offshore, we continue to  work
towards  our goal of entering the deepwater markets  of  the
world and providing state of the art vessels and opportunity
to  our  customers. During the second quarter, we  completed
the   necessary  modifications  to  the  Midnight  Wrangler,
including  the addition of cranes, and it has gone  out  and
successfully completed its first job in the past  few  days.
In  addition, the conversion of the Midnight Express, a 520-
foot  dynamically  positioned (DP-2)  offshore  construction
vessel  equipped with our patented pipelay system, continues
to  progress and should be completed in time for the  vessel
to enter our active fleet in the first half of 2004."

FIRST HALF RESULTS
For  the  first half of 2003, revenues increased 4.3 percent
to  $30.9 million generating a gross profit of $4.7  million
or  15.1  percent  of revenues, compared to year-ago  period
revenues  of $29.6 million that produced a gross  profit  of
$6.2  million or 20.9 percent of revenues. Included in  cost
of  sales  in the first six months of 2003 was $1.3  million
($0.9  million after tax effect, or $0.07 per diluted share)
of  costs related to the termination of the Midnight  Hunter
charter. The net loss attributable to stockholders  for  the
first six months of 2003 totaled $1.1 million, or $0.09  per
diluted  share,  compared to the net income attributable  to
stockholders in the first six months of 2002 which was  $0.1
million, or $0.01 per diluted share.

CONFERENCE CALL
A conference call will be held at 10:00 a.m. Central Time on
Friday, August 8, 2003. To participate by telephone,  United
States  callers  can dial (800) 901-5226  and  international
callers can dial (617) 786-4513 ten to fifteen minutes prior
to  the starting time. The conference ID for all callers  is
88664617. 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  August 8, 2003 and ending  at  midnight
(Central Time) on Thursday, August 14, 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  37855044.  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,  the
modification  and/or  conversion  timing  and  cost  of  the
Midnight  Express  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 03-013
                            # # #

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

                                Three Months       Six Months
                                Ended June 30,    Ended June 30,
                               --------------    --------------
                                 2003    2002     2003     2002
                               ------  ------   ------   ------
Revenues                      $13,876 $12,910  $30,905  $29,635
Cost of revenues:
   Cost of sales               12,500  10,707   26,245   23,453
   Depreciation and
     amortization               1,822   1,861    3,649    3,791
   General and
     administrative expenses    1,348   1,021    2,703    2,271
                               ------  ------   ------   ------
      Total cost of revenues   15,670  13,589   32,597   29,515
                               ------  ------   ------   ------
Operating income (loss)        (1,794)   (679)  (1,692)     120
                               ------  ------   ------   ------
Other income (expense):
   Interest expense                 -     (20)       -      (55)
   Interest income                  -      62        -      164
                               ------  ------   ------   ------
      Total other income            -      42        1      109
                               ------  ------   ------   ------
Income (loss) before
  income taxes                 (1,794)   (637)  (1,691)     229
Income tax (expense)
  benefit                         628     223      592      (80)
                               ------  ------   ------   ------
Net income (loss)
  attributable to common
  stockholders                $(1,166)$  (414) $(1,099) $   149
                               ======  ======   ======   ======

Net income (loss) per
  common share:
     Basic                    $ (0.09)$ (0.03) $ (0.09) $  0.01
                               ======  ======   ======   ======
     Diluted                  $ (0.09)$ (0.03) $ (0.09) $  0.01
                               ======  ======   ======   ======
Weighted average common
  stock outstanding:
     Basic                     12,636  12,723   12,636   12,788
                               ======  ======   ======   ======
     Diluted                   12,653  12,723   12,645   12,788
                               ======  ======   ======   ======
Other data:
   EBITDA (A), (B)            $    28 $ 1,182  $ 1,957  $ 3,911
                               ======  ======   ======   ======

(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 income (loss) attributable to common
stockholders. 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)

                                June 30,      December 31,
                                  2003            2002
                              ------------    ------------
Assets
Current assets                  $ 21,765        $ 31,373
Property, net                    111,815          67,561
Other assets                       3,185           2,970
                              ------------    ------------
     Total assets               $136,765        $101,904
                              ============    ============

Liabilities and
  Stockholders' Equity
Accounts payable - trade        $  9,156        $  7,677
Accrued expenses and other         3,815           7,393
Midnight Express
  Finance Facility                19,630               -
Current portion of long-
  term debt                        2,780              14
Receivable line of credit          4,868           4,271
                            ------------    ------------
     Total current
       liabilities                40,249          19,355
Deferred income taxes              2,044           2,636
Long-term debt, less
  current portion                 15,680              46
Stockholders' equity              78,792          79,867
                            ------------    ------------
     Total liabilities and
       stockholders' equity     $136,765        $101,904
                            ============    ============

                          Three Months      Six Months
                         Ended June 30,   Ended June 30,
                         --------------   --------------
                           2003    2002     2003    2002
                          -----   -----    -----   -----
EBITDA Reconciliation(B):
Net income (loss)
  attributable to common
  stockholders           $(1,166)$ (414)   $(1,099)$  149
Income tax expense
  (benefit)                 (628)  (223)      (592)    80
Other income                   -    (42)        (1)  (109)
Depreciation and
  amortization             1,822  1,861      3,649  3,791
                           -----  -----      -----  -----
EBITDA                   $    28 $1,182    $ 1,957 $3,911
                           =====  =====      =====  =====

(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.