HOUSTON, April 12 /PRNewswire-FirstCall/ -- Cal Dive International, Inc.
(Nasdaq: CDIS) announced today that is has agreed to acquire the diving and
shallow water pipelay assets of Stolt Offshore that presently operate in the
waters of the Gulf of Mexico (GOM) and Trinidad for $125 million in cash. The
transaction includes: seven diving support vessels; two diving and pipelay
vessels (the Seaway Kestrel and the DLB 801); a portable saturation diving
system; various general diving equipment and Louisiana operating bases at the
Port of Iberia and Fourchon. The transaction, which requires regulatory
approval, is expected to close within 45 days.
Cal Dive intends to add the acquired assets and operating personnel to its
existing GOM Shelf division in order to form a wholly-owned subsidiary
company. In all, the subsidiary will operate eighteen vessels, employ around
four hundred personnel and should generate revenues in excess of $200 million
per year.
Owen Kratz, Chairman and Chief Executive Officer, stated, "The diving and
pipelay business on the Outer Continental Shelf of the Gulf of Mexico faces
several major challenges including cyclical demand, aging resources and
increased customer expectations, especially in the area of Health, Safety and
Environmental management. This deal places Cal Dive as a market leader and
allows us to address these challenges as well as better serve the needs of a
wider range of customers."
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 and attached presentation contain 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.
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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, fax: 281-618-0505
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