Cal Dive International, Inc. Announces Two Production Contractor Acquisition Transactions

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Cal Dive International, Inc. Announces Two Production Contractor Acquisition Transactions
    HOUSTON, April 5 /PRNewswire-FirstCall/ -- Energy Resource Technology,
Inc., (ERT), a wholly owned subsidiary of Cal Dive International, Inc.
(Nasdaq: CDIS), has entered into two separate participation agreements to
acquire (a) 50% working interest in the Devil's Island discovery (Garden Banks
Block 344 E/2) in 2300' water depth and (b) 50% working interest in the Tulane
Prospect (Garden Banks Blocks 114/158) in 1200' water depth.  Both of these
deepwater developments are operated by Amerada Hess and will be drilled in
2005.
    The Devil's Island discovery contains proved undeveloped reserves in a
sand that has been very prolific in the area.  The field will be developed via
a subsea tieback to Baldpate Field (Garden Banks Block 260). Under the
participation agreement, ERT will pay 100% of the drilling costs and a
disproportionate share of the development costs to earn 50% working interest
in the field.  Amerada Hess will own 40% and Newfield 10% in the Devil's
Island Field.
    The previously disclosed Tulane prospect is a lower-risk exploration well
targeting two deeper sands in the field.  Under the participation agreement,
ERT will pay a disproportionate share of the initial well cost to earn 50%
working interest in the field.  Amerada Hess will own the remaining 50%.  The
Tulane well will be produced via a subsea tieback to Garden Banks Block 72.
    Cal Dive will have the opportunity to utilize their deepwater construction
vessels for the installation of the subsea tiebacks for both fields.  Cal Dive
Chairman and CEO, Owen Kratz, indicated, "Cal Dive is pleased to be working
with Amerada Hess on both these projects.  Hess has extensive drilling and
development experience in the Garden Banks area while Cal Dive brings subsea
tieback knowledge and experience.  Participation in these developments is
in-line with our strategy to be a Production Contractor through our unique mix
of production and contracting expertise."
    Cal Dive and ERT have been active in the deepwater Gulf of Mexico during
the past three years with their participation as a 20% working interest owner
in the Gunnison Spar development, as well as innovative infrastructure
ownership participation as a 50% owner of the Marco Polo TLP, and a 20% owner
of the Independence Hub.  Most recently, ERT has taken a 30% working interest
in the deepwater discovery, Telemark (Atwater Valley Block 63).
    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
marine diving services, robotics, well operations, 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; as 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.
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