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Board of Directors of the Company has engaged outside counsel to conduct an investigation to determine whether any improper payment was actually made, as well as whether there are any deficiencies in the Company's internal controls and procedures with respect to the oversight and record keeping. The company has notified the Securities and Exchange Commission of this matter and of its inter- nal investigation. The company is fully cooperating with the Securities and Exchange Commission. The authorization of payment raises questions concerning whether there has been a violation of the Foreign Corrupt Practices Act (FCPA), including whether the payment was accu- rately reflected on the Company's books and records. In response to the discovery, the Company has instituted disciplinary action against several employees. "Hori- zon takes this matter very seriously and will not tolerate improper conduct at any level. We are working as quickly as possi- ble to complete our internal investigation, and intend to cooperate fully with the SEC to ensure an expeditious resolution of this matter," said David W. Sharp, Pres- ident and CEO of Horizon Offshore, Inc. Command Change The U.S. Coast Guard has appointed Captain Paul J. Roden as Com- manding Officer of the Engineering Logistics Center (ELC) in Baltimore, Md. Captain Roden relieved Capt. Kevin P. Jarvis, USCG in a Change of Command ceremony on June 9, 2006. The USCG ELC supports the entire Coast Guard fleet of cutters and boats as well as all ashore units. As the USCG's naval engineering and logistics "Center of Excellence," the ELC maintains the ser- vice's technical knowledge and expertise of USCG platforms, systems, and items to deliver life-cycle engineering support and Integrated Logistics Support (ILS) neces- sary to sustain USCG operational capabil- ity. Intec Names Tam CSO Christophe (Chris) Tam, Ph.D., was named INTEC Engineering's chief strategy officer (CSO). Tam, an eight-year veteran of INTEC, has served as the com- pany's president of North America opera- tions since 2003. Tam's responsibilities as chief strategy officer-a newly created position with global impact-include strat- egy development, planning and imple- mentation with continued emphasis on technology. Bruce Crager, chief executive officer of INTEC, advises that Tam will lead the company in its enhanced pursuit of new technologies and market niches. 12 • MarineNews • June, 2006 Circle 265 on Reader Service Card 4 E M P & I L E P D F 0 - Circle 245 on Reader Service Card News JUNE MN2006 2(9-16).qxd 6/2/2006 10:43 AM Page 12
