Document:

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                                                                   EXHIBIT 10.12

                                PIPELAY SERVICES
                                 CONTRACT # 9C

                                     UNOCAL
                                       &
                                  TORCH, INC.

                      January 1, 2001 - December 31, 2001

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                                 W A R N I N G
                                 -------------

THE INFORMATION CONTAINED HEREIN IS STRICTLY CONFIDENTIAL AND IS TO BE VIEWED
FOR BUSINESS PURPOSES BY UNOCAL EMPLOYEES. IF YOU ARE A NON-EMPLOYEE, OR YOU
KNOW ANY NON-EMPLOYEE WHO HAS ACCESS TO THIS INFORMATION, PLEASE NOTIFY THE
CONTRACTS ADMINISTRATOR IMMEDIATELY.

THIS INFORMATION MAY NOT BE REPRODUCED FOR DISTRIBUTION AND IS NOT TO BE
DISCLOSED BY ANY METHOD OR MANNER TO THIRD PARTIES OR NON-EMPLOYEES.

ANY EMPLOYEE FOUND TO HAVE VIOLATED THIS WARNING WILL BE SUBJECT TO DISCIPLINARY
ACTION, UP TO AND INCLUDING TERMINATION.
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CONTENTS

o  Form of Contract                                      Pages 3-6

o  Contract Acceptance/Signature                         Page 7

o  Attachment 1
   Torch Rate Sheet

o  Attachment 2
   Invoicing & Payment

o  Attachment 3
   Reports, Tracking, Performance, Contracts & Addresses

o  Attachment 4
   HES Loss Control

Pipelay Services Contract
Unocal/Torch
January 1, 2000 - December 31, 2001

Page 2
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                           GOM SHELF PIPELAY SERVICES
                                  CONTRACT # 9B

    This Contract is made by and between UNION OIL COMPANY OF CALIFORNIA d.b.a.
    Unocal ("UNOCAL") with offices at 4021-4023 Ambassador Caffrey Parkway,
    Lafayette, Louisiana 70596-9200 and Torch, Inc. ("TORCH") with offices at
    401 Whitney Avenue, Suite 400, Gretna, Louisiana 70056. UNOCAL and TORCH
    agree as follows:

1.  CONTRACT DESCRIPTION

    UNOCAL promises to pay for and TORCH promises to provide Pipelay Services at
    the agreed contract pricing, per the contract terms and conditions.

2.  CONTRACT TERM

    The contract is effective as of January 1, 2001 and will expire on December
    31, 2001. The contract may be extended annually for one year terms by mutual
    agreement of both parties. If extended the contract terms and conditions
    will be those of the primary term.

3.  SCOPE

    The contract covers Pipelay Services for UNOCAL's Spirit Energy 76 Gulf of
    Mexico operations for pipelay burial and riser installation projects in the
    Gulf of Mexico "Shelf" in water depths ranging from 10 feet to 200 feet.

    Additional areas for consideration include Pipeline Repair; Dive Boat
    Support; Diving Services, and Pipelay Operations beyond 200 feet.

4.  INTENT

    The intent of this contract is TORCH shall supply approximately 80% of
    UNOCAL's Spirit Energy 76 Gulf of Mexico Operations Pipelay Services as
    defined in Section 3 above. UNOCAL will contact TORCH to supply these
    services at the contract prices. It is also the intent to involve TORCH in
    the early planning stages of pipelay projects to assist in the design,
    engineering, and scheduling of projects.

    Further, TORCH is to provide the necessary vessels & services at the
    contract prices to meet UNOCAL's construction requirements, to maintain
    adequate supplies required to operate their equipment, to properly maintain
    equipment to prevent delays, and to provide technical service & various
    reports as necessary to complete projects.

5.  PIPELAY PROJECT DEFINITIONS

    The following definitions are listed for the purpose of contract
    clarification.

    Target Price- The price set during pre-project planning as the cost to
    complete the project. All costs, profits and a factor to cover contingencies
    are included in this number. Cost associated with potential weather delays
    are not included. This will be used in calculating the amount of risk to be
    shared.

    Contingency- The factor added to the Target Price to cover unforeseen costs
    due to mechanical maintenance or breakdowns, difficult soil conditions, or
    other conditions causing delays or added expense. Weather related expenses
    are not included in this amount.

    RRSP- A reference number calculated by subtracting the amount included in
    the Target Price for contingency from the Target Price. This will be used in
    calculating the amount of reward to be shared.

    Project Price- The actual amount of money charged to complete the project
    inclusive of all costs and profits.

Pipelay Services Contract
Unocal/Torch
January 1, 2001 - December 31, 2001

Page 3

<PAGE>   4

    Weather Related Delay- The amount billed to cover TORCH's costs for
    non-productive periods of time due to weather. Costs will be incurred
    depending upon the status of the men and equipment. There will be three
    status conditions and a rate sheet covering each is included in Attachment
    1.

    o Full crew on board vessel not working.

    o Skeleton crew on board vessel not working.

    o Vessel tied up at dock.

    Cost- The billing rate less all profit.

6.  EXCLUSIONS

    UNOCAL retains the right to acquire services from another supplier for any
    service considered critical and not immediately available from TORCH. In
    such cases, work performed by other pipelay service companies shall be
    treated as though TORCH performed the work when measuring performance toward
    meeting UNOCAL business share commitments described in Section 4 of this
    contract.

    UNOCAL does not guarantee any estimated dollar purchase of products or
    services in whole or part. TORCH will be the first call for projects meeting
    the scope of work defined herein.

7.  PRICING

    Prices for pipelay vessels & services will be those submitted by TORCH and
    listed in Attachment 1 of this contract. The pricing identified in
    Attachment 1 shall remain firm for the contract duration.

    Risk & Reward Projects:

    When mutually agreeable a risk and reward program will be developed for
    projects. The specifics will be defined for each project prior to beginning
    work. If a risk and reward program is not established between the parties,
    then the project will be billed as Time & Materials using the rate schedule
    listed in Attachment 1 or based upon on a mutually agreed lump sum price.
    When a risk and reward program is developed the following guidelines will be
    utilized.

    When a scope of work is defined two different dollar reference points will
    be established as follows:

         (i)      Target Price Will be developed using the rate sheets in
                  Attachment 1 and the time estimates for models, previous
                  projects and/or any benchmark mutually agreed between the
                  parties. The price will include a factor for contingencies.
                  Weather related delay costs will not be included in this
                  number.

         (ii)     RRSP Will be determined by subtracting the contingencies (i)
                  from the Target Price. For projects completed at a cost higher
                  than the Target Price, the cost overrun will be shared equally
                  between both parties. TORCH's share of the overrun cost will
                  be capped. The amount of the cap will be defined in the Work
                  Order. For projects that are completed for less than the RRSP,
                  a bonus will be paid to TORCH equal to one-half (50%) the
                  amount of the actual project price less than the determined
                  RRSP. All costs attributed to weather related delays shall be
                  subtracted from the project price when the risk/reward
                  calculations are determined.

    Projects with a risk and reward program will be handled as a fixed profit
    contract. The portion of the Target Price attributed to profit will be
    identified and paid in proportion to project completion. Invoices will be
    presented at the end of a project or once per month (whichever is shorter)
    for the actual costs incurred inclusive of the earned profits portion.

Pipelay Services Contract
Unocal/Torch
January 1, 2001 - December 31, 2001

Page 4

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    Third Party Billing:

    Third party purchases paid by UNOCAL shall be billed the actual invoiced
    price to TORCH plus a 10% markup. Should third party buyouts exceed $10,000
    for any given project, only a 5% markup will be charged in excess of
    $10,000. TORCH may order goods through UNOCAL's existing commercial
    contracts for UNOCAL projects and have the vendor bill UNOCAL direct. Boat
    charters are excluded from any markup or dollar limit. UNOCAL will however
    pay the actual cost for boat charters plus a "broker commission" of $50 per
    day.

    Transportation Billing:

    TORCH may invoice for construction crew transportation costs on short
    duration projects of 4 day or less in cases when it is cost effective for
    the crew to be removed prior to mobilization or demobilization. In such
    cases TORCH shall invoice UNOCAL 75% of the actual transportation cost. In
    such cases, TORCH may invoice UNOCAL 100% of the transportation cost for
    construction material supply boats even when construction crews are
    transported. TORCH is responsible for all crew transportation cost (per
    draft) should the project exceed 4 days.

    The UNOCAL Logistics Group shall be given the first right of refusal to
    provide boat transportation for crew or supply boat charters. The UNOCAL
    contact number is (337) 295-6532. Further, UNOCAL boat suppliers shall be
    given 1st call consideration when TORCH bids supply boat charters for any
    UNOCAL projects. If a UNOCAL boat supplier is selected, TORCH agrees to
    contract directly with the supplier.

    Hurricane Billing Guidelines:

    Depending on the course of action required to protect crews and equipment
    all billable rates are to be in accordance with the rate sheet included in
    Attachment 1. For named storms threatening work in the GOM 75% of the third
    party services cost (including tugs for lowing) will be billed at cost to
    UNOCAL and TORCH agrees to pay the remaining 25% of charges. Tugs may be
    held for the duration of the storm to facilitate return to the work site. In
    most circumstances the crews shall remain with the laybarge. However, when
    necessary TORCH may invoice UNOCAL for the actual cost of any transportation
    required to safely demobilize and return crews to the Dulac, Louisiana
    shorebase facility. The company representative shall determine when it is
    necessary to demobilize and remobilization for storm threats.

    Fabrication Shop Rates:

    Shop rates for fabrication work shall be billed @ $38.00/hr. and includes
    payment of all crafts, supervisors, welding, welding rods, lifting
    equipment, blasting sand & painting equipment.

8.  ASSIGNMENT OF PROJECTS

    A Work Order will be generated to define specific billable work performed
    under this agreement. All work will be per the Terms and Conditions of the
    Master Services Contract (MSC) executed between UNOCAL and TORCH. The Work
    Order will define the scope of work for the project, the specific start and
    finish dates, the Target Price, and the RRSP. The risk and reward program
    will be detailed to include the maximum amount TORCH will place at risk for
    the project. A project work team will also be identified.

    It is understood that TORCH will commit certain resources to projects based
    upon Spirit Energy's issuance and TORCH's acceptance of a Work Order. Both
    parties are expected to commit to the terms of a Work Order and obligate
    themselves to certain expenses related to the execution of the project.
    Thus, either party may seek reasonable compensation for actual out of pocket
    expenses incurred in the event the other party cancels and/or defaults on
    the terms of a signed Work Order.

         (THE WORK ORDER SHOULD BE SIGNED BY BOTH PARTIES 10 DAYS PRIOR TO START
         OF PROJECT. CONTACT NAMES AND PHONE NUMBERS SHALL BE LISTED IN THE
         PROJECT WORK ORDER.)

9.  F.O.B. POINT

    Project materials are F.O.B., Bayou Pipe, Port of Iberia and TORCH shall
    arrange transportation services. The actual cost for transportation may be
    included in the Project Price. Mobilization and demobilization charges will
    be dependent on equipment location. Normal mob/demob will be from TORCH's
    main facility in Dulac, Louisiana.

Pipelay Services Contract
Unocal/Torch
January 1, 2001 - December 31, 2001

Page 5

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    Any reduction in costs due to a closer proximity of the previous or
    successive jobs shall reduce the Mobilization/Demobilization costs
    accordingly. Materials and services provided by TORCH are F.O.B. TORCH's
    facility in Dulac, Louisiana.

10. INVOICE & PAYMENT REQUIREMENTS

    Attachment 2 is a listing of the Invoicing & Delivery Ticket Requirements
    applicable per this contract.

11. PERFORMANCE INCENTIVES

    UNOCAL is constantly striving for better reliability, performance and
    enhancement of services. We want to have the most cost effective pipelay
    services in the Gulf of Mexico. It is expected that during the course of
    this agreement, both TORCH and UNOCAL will from time to time put certain
    performance incentives in place on a project by project basis. Section 7
    above details a risk and reward program that will be compensated for cost
    saving performance.

    Cost Saving Ideas

    During the term of the contract either UNOCAL or TORCH may identify ideas
    which could reduce TORCH's operating cost. Communication of such ideas is
    greatly encouraged and it should be agreed in principle between the parties
    that savings resulting from such ideas should be shared in an equitable
    manner between the parties.

12. REPORTS/CONTRACT TRACKING

    Reports are required in Excel format and shall be submitted to the Contracts
    Administrator of UNOCAL's Spirit Energy 76 Operations. Attachment 3 is a
    listing of the Reports, Tracking & Performance Requirements applicable per
    this contract.

13. HES REQUIREMENTS

    Attachment 4 is a listing of the HES Requirements applicable per this
    contract.

14. CHANGE OF OWNERSHIP/TRANSFERABILITY/BANKRUPTCY

    This contract is not assignable in whole or in part, without the prior
    written consent of both parties, and any purported assignment without such
    consent shall be void. In addition, either party shall have the right to
    terminate this contract immediately at any time if the other party becomes
    insolvent, makes an assignment for the benefit of creditors, or has a
    bankruptcy petition filed by or against it.

    Also, in the event of a change of ownership of either party, the other may
    elect at its sole discretion to terminate this contract. A change in
    ownership shall mean a change in the person or persons having the power to
    direct or cause the direction of the management and policies of TORCH,
    whether through the ownership of voting securities or otherwise.

15. CONTRACT PERFORMANCE

    Violation of any contract terms/conditions or unsatisfactory service
    received from TORCH may result in cancellation of this contract. In the
    event of such a violation UNOCAL will issue a written notice outlining the
    problem(s). If TORCH is unable to resolve the problem(s) to UNOCAL's
    satisfaction within thirty (30) days after receipt of such notice, UNOCAL
    may terminate their contract altogether, or remove the location where the
    problem occurred without affecting any volume discounts that may be in force
    in this or other contracts.

Pipelay Services Contract
Unocal/Torch
January 1, 2001 - December 31, 2001

Page 6<PAGE>   1

                                                                   EXHIBIT 10.15

                             ----------------------
                               OPTION TO PURCHASE
                             ----------------------

         BE IT KNOWN, that

         ROBBYE WALDRON, in his capacity as the duly appointed and authorized
         trustee of the Chapter 7 bankruptcy estate of HBH, Inc., Bankruptcy
         Case No. 00-35703-H4-7, pending on the docket of the United States
         Bankruptcy Court for the Southern District of Texas, Houston Division
         (hereinafter referred to as "Seller").

in consideration of the sums more specifically set forth below does hereby grant
to:

         TORCH OFFSHORE, L.L.C., a Delaware limited liability company, whose
         principal place of business is located at 401 Whitney Avenue, Suite
         400, Gretna, Louisiana 70056-2596, represented herein by and through
         its duly authorized officer or its assignee or nominee (hereinafter
         referred to as "Purchaser"),

an exclusive option to purchase the vessel hereinafter described on the
following terms and conditions (the or this "Option"):

                                    ARTICLE 1
                                    PROPERTY

         1.1 Vessel. The vessel subject to this agreement is the pipe lay barge,
BH-400, Official Number 1035377, (the "Vessel") having dimensions of
approximately 260' x 72' x16', together with all cables, engines, machinery,
rigging, anchors, chains, tackle, apparel, furniture, fittings, tools, pumps,
jet pumps, equipment, supplies, 2 Manitowoc cranes, stingers together with spare
parts and other appurtenances and accessories and additions thereto whether or
not located on the Vessel.

                                    ARTICLE 2
                                 PURCHASE PRICE

         2.1 Purchase Price. The purchase price for the Vessel (the "Purchase
Price") shall be the sum of Nine Million Four Hundred Fifty Thousand and 00/100
Dollars (U.S.)($9,450,000.00) in cash or cash equivalent, to be delivered at
Closing by the Purchaser in certified funds or by wire transfer to the account
designated in writing by the Seller.

                                    ARTICLE 3
                              OPTION TERM AND PRICE

         3.1 Option Period. The term of the Option shall be three (3) months,
commencing on the first day of the month immediately following the Effective
Date of this Agreement as defined
<PAGE>   2

in Article 6 below and continuing thereafter until 5:00 p.m. on the last day of
the third month of the Option Period, unless sooner exercised.

         3.2 Option Price. As consideration for the Option, on the first day of
the month immediately following the Effective Date, Purchaser shall pay Seller
the sum of One Hundred Thousand and 00/100 Dollars ($100,000.00). Purchaser
shall thereafter pay the Seller the sum of $100,000.00 on the first day of each
successive month unless Purchaser shall exercise the Option as provided for
herein or Purchaser shall otherwise terminate the Option. The Purchaser shall
not be in default of this Agreement so long as the Seller receives the monthly
payment on or before the 5th day of each month.

                                    ARTICLE 4
                               EXERCISE OF OPTION

         4.1 Exercise of Option. As long as Purchaser is not in default,
Purchaser may exercise this Option, by giving Seller written notice of the
exercise, signed by a duly authorized representative of Purchaser, before the
time set forth herein for expiration of the Option. In that event, Purchaser
shall not be required to make any further Option payments but shall only be
required to pay to Seller the Purchase Price and Close the purchase as provided
for herein.

         4.2 Acquisition or Termination. If Purchaser exercises the Option
within the Option Period, then a binding agreement to sell, transfer and convey
the Vessels shall exist between the parties. If the Purchaser does not timely
exercise the Option (time being of the essence), the rights of Purchaser to
acquire the Vessel shall automatically and immediately terminate without notice.
The Purchaser, for any or no reason at all, may terminate this Option at any
time after the Effective Date by giving written notice to Seller and in that
event, Purchaser shall have no further obligations to perform hereunder or make
any further payments to Seller. If Purchaser acquires or terminates, Seller
shall retain any and all sums paid as consideration for the Option and be under
no further obligation to return or credit the Purchaser for sums paid for the
Option.

                                    ARTICLE 5
                                     CLOSING

         5.1 Closing. The Closing of the sale of the Vessel shall be performed
on or before thirty (30) calendar days following the exercise of the Option as
provided herein and at the date and time specified by Purchaser. At Closing, the
Seller shall deliver to Purchaser, or its nominee, a Bill of Sale in the
substance and form as that attached hereto and incorporated herein as Exhibit
"A".

         5.2 Warranty. The Vessel shall be sold on an "as is, where is" basis
without warranty of any kind other than Seller represents and warrants that he
shall convey the Vessel to Purchaser free of all liens, claims or encumbrances
pursuant to order of the Bankruptcy Court for the Southern District of Texas and
Seller shall deliver the Vessel to Purchaser afloat in Amelia, Louisiana.

                                      -2-
<PAGE>   3

         5.3 Inspection. At any time prior to exercise of the Option or
termination, Purchaser shall have the right but not the obligation to inspect,
survey and dry dock the Vessel in accordance with standard industry practice, at
its cost. After the exercise of the Option and prior to Closing, Purchaser shall
have the right to inspect and/or survey of the Vessel, at its cost. Seller shall
grant Purchaser and/or its employees, agents and representatives full and
complete access to the Vessel during daylight hours upon request and otherwise
reasonably cooperate with Purchaser in coordinating and scheduling any
inspections or survey.

                                    ARTICLE 6
                            BANKRUPTCY COURT APPROVAL

         6.1 Bankruptcy Court Approval. The Seller shall file an appropriate
motion for authority to enter into the Option and to sell the Vessel to
Purchaser free and clear of all liens, claims and encumbrances with the U.S.
Bankruptcy Court having jurisdiction over the matter entitled In re HBH, Inc.,
Bankruptcy Case No. 00-35703-H4-7. This Agreement shall not be effective or
enforceable by either party until the eleventh (11th) day after the date of
entry of the order by the bankruptcy court approving the motion (the "Effective
Date") and the order is not stayed or appealed. The motion shall be noticed to
all creditors of the estate of HBH, Inc. and to all persons or entities that
have liens, claims and/or encumbrances against the Vessel that are recorded with
the National Vessel Documentation Center.

                                    ARTICLE 7
                                     DEFAULT

         7.1 Purchaser's Default; Sellers' Remedies. In the event Purchaser
exercises the Option, if, through default of Purchaser on its obligations
hereunder, the sale does not timely close, Seller shall have the right to demand
specific performance and the right to the recovery of reasonable attorney's fees
and costs in the event Seller files an action to enforce the terms hereof.
Seller shall not be entitled to any consequential damages.

         7.2 Seller's Default; Purchaser's Remedies. If, through default of
Seller on its obligations hereunder, the sale does not timely close, and
Purchaser is in compliance with the terms of this Agreement, Purchaser shall
have the right to demand specific performance or the return of all sums paid for
the Option as its sole remedy. Purchaser shall not be entitled to any
consequential damages.

                                    ARTICLE 8
                                     NOTICES

         8.1 Any notice required or permitted to be given hereunder shall be in
writing and shall be either (a) sent by certified mail, return receipt
requested, in which case notice shall be deemed delivered three (3) business
days after deposit, postage prepaid in the U.S. Mail, (b) sent by nationally
recognized overnight courier, in which case notice shall be deemed delivered one
(1) business day after deposit with such courier, or (c) sent by telecopy with
original sent by next business day courier (e.g. Federal Express), in which
event notice shall be deemed delivered

                                      -3-
<PAGE>   4

upon receipt of the telecopy. The addresses and telephone numbers set forth
below may be changed by written notice to the other party; provided, however,
that no notice of a change of address shall be effective until actual receipt of
such notice. All notices to the parties shall be delivered to the following
addresses, respectively:

         If to Sellers:             Torch Offshore, L.L.C.
                                    401 Whitney Avenue
                                    Suite 400
                                    Gretna, Louisiana 70056-2596
                                    Attn: Lyle G. Stockstill
                                    Telephone: (504) 367-7030
                                    Fax: (504) 367-7075

         With a copy to:            Kenneth F. Tamplain, Jr.
                                    Adams and Reese, LLP
                                    4500 One Shell Square
                                    New Orleans, LA 70139
                                    Telephone: (504) 585-0329
                                    Fax: (504) 566-0210

         If to Purchaser:           Robbye Waldron, Trustee
                                    15150 Middlebrook Drive
                                    Houston, Texas  77058
                                    Telephone: (281) 488-4438
                                    Fax:  (281) 488-4597

         with a copy to:            David R. Jones
                                    Floyd, Isgur, Rios & Wahrlich, P.C.
                                    700 Louisiana, Suite 4600
                                    Houston, Texas 77002-2732
                                    Telephone: (713) 222-1481
                                    Fax: (713) 222-1475

                                    ARTICLE 9
                                     GENERAL

         9.1      Time of the Essence.  The parties hereto agree that time is of
the essence with respect to all time limitations specified herein.

                                      -4-
<PAGE>   5

         9.2 Entire Agreement; Modifications. This Option comprises the entire
agreement between the parties with respect to the Vessel and merges all previous
understandings of every nature and kind, whether verbal or written. Neither this
Option nor any provisions hereof may be waived, modified, amended, discharged or
terminated except by an instrument in writing signed by the party against which
the enforcement of such waiver, modification, amendment, discharge or
termination is sought, and then only to the extent set forth in such instrument.

         9.3 Applicable Law. This Agreement shall be construed and enforced
under and pursuant to the laws of the State of Texas and the applicable laws of
the United States of America.

         9.4 Parties Bound. The terms and provisions of this Option shall be
binding upon, inure to, extend to and be for the benefit of the heirs,
successors, assigns, and legal representatives of the respective parties hereto.

         9.5 Additional Acts. In addition to the acts and deeds recited herein
and contemplated hereunder to be performed, executed or delivered by Seller or
Purchaser, Seller and Purchaser hereby agree to perform, execute or deliver or
cause to be performed, executed or delivered at the Closing or thereafter, any
and all such further acts, deeds and assurances as Purchaser or Seller, as the
case may be, may reasonably require to evidence and vest in Purchaser the
ownership of and title to the Vessel and consummate the transaction contemplated
hereunder.

         9.6 Attorneys' Fees. In the event that either party shall employ an
attorney or attorneys to enforce any of the provisions hereof or to protect
his/its interests in any manner arising under this Option or to recover damages
for the breach of any portion of this Option the non-prevailing party in any
action pursued agrees to pay to the prevailing party all reasonable costs and
attorneys' fees expended or incurred in connection therewith.

         9.7 Deadlines. In the event that any deadline imposed hereunder shall
fall on a Saturday, Sunday or legal holiday, such deadline shall be extended to
the next business day.

         9.8 Headings. The headings contained in this Option are for references
and convenience purposes only and shall not in any way affect the meaning or
interpretation hereof.

         9.9 Multiple Counterparts. This Option may be executed in a number of
identical counterparts. If so executed, each such counterpart is to be deemed an
original for all purposes, and all such counterparts shall collectively
constitute one agreement.

This Option to Purchase is hereby signed and executed by Purchaser in Gretna,
Louisiana, on this 23rd day of February, 2001.

Witnesses:                                   Torch Offshore, L.L.C.

                                      -5-
<PAGE>   6
/s/ Kenneth Tamplain, Jr.                     By: /s/ Lyle G. Stockstill
                                                  Lyle G. Stockstill
                                                  Chief Executive Officer

/s/ John Chancellor

This Option to Purchase is hereby signed and executed by Seller in Houston,
Texas on this 2nd day of March, 2001.

Witnesses:                                     Purchaser:
                                               ROBBYE WALDRON, TRUSTEE OF THE
                                               HBH, INC.

/s/ Doug R.F.                                   BY: /s/ Robbye Waldron, Trustee
                                                   Robbye Waldron, Trustee

/s/ Elizabeth Winker

                                      -6-

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