HOUSTON, Jan. 12 /PRNewswire-FirstCall/ -- Cal Dive International, Inc.
(Nasdaq: CDIS) announced today that it plans to enhance the capabilities of
the Q4000 to include drilling. The upgrade, which only involves the addition
of a modular-based drilling system, will take place when long lead items, such
as the Blow Out Preventer (BOP), become available early next year. The total
capital to be spent on the upgrade will be around $30 million.
The selected drilling system is based on hybrid slimbore technology which
has the best application to the exploration and appraisal of deepwater
reservoirs. However, the system will also allow the Q4000 to drill
completeable wells out to 6,000 fsw.
Owen Kratz, Chairman and Chief Executive Officer, stated, "This is an
important strategic move for Cal Dive because not only does it improve the
quantity and mix of high dayrate work available to the Q4000, it also allows
us to use the vessel as another tool to secure working interest positions, and
even operator status, on select deepwater projects. Prior to the vessel being
ready to enter the drilling market we will be active in further building a
portfolio of suitable prospects."
Cal Dive International, Inc., headquartered in Houston, Texas, is an
energy service company which provides alternate solutions to the oil and gas
industry worldwide for marginal field development, alternative development
plans, field life extension and abandonment, with service lines including
subsea intervention, reservoir management, facilities ownership and oil and
gas production.
This press release contains forward-looking statements that involve risks,
uncertainties and assumptions that could cause our results to differ
materially from those expressed or implied by such forward-looking statements.
All statements, other than statements of historical fact, are statements that
could be deemed "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without limitation, any
projections of revenue, gross margin, expenses, earnings or losses from
operations, or other financial items; any statements of the plans, strategies
and objectives of management for future operations; any statement concerning
developments, performance or industry rankings relating to services; any
statements regarding future economic conditions or performance; any statements
of expectation or belief; and any statements of assumptions underlying any of
the foregoing. The risks, uncertainties and assumptions referred to above
include the performance of contracts by suppliers, customers and partners;
employee management issues; complexities of global political and economic
developments, and other risks described from time to time in our reports filed
with the Securities and Exchange Commission, including the Company's Annual
Report on Form 10-K for the year ending December 31, 2004. We assume no
obligation and do not intend to update these forward-looking statements.
SOURCE Cal Dive International, Inc.
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Related links:
http://www.caldive.com
CONTACT:
Wade Pursell, Chief Financial Officer of Cal
Dive International, Inc., +1-281-618-0400, or fax,
+1-281-618-0505
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