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Horizon Offshore (HOFF) reaffirmed second-quarter earnings guidance but trimmed its revenue outlook for the quarter, citing international project delays.

The Houston-based oil driller also unveiled an 8 million share stock offering, featuring the sale of 6 million shares by insiders.

Horizon said it expects second-quarter revenue of $155 million to $165 million. Horizon said work on those international projects is expected to be performed during the third and fourth quarters of 2006. The company said it would stand by previously issued full-year revenue guidance.

In April, Horizon said it expected full-year revenue of $515 million to $560 million. The company's shares began trading on Nasdaq later that month after the company did a 1-for-25 reverse stock split.

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Shares fell $1.25 to $23.25.