HOUSTON, Dec. 28 /PRNewswire-FirstCall/ -- Energy Resource Technology,
Inc., (ERT) a wholly owned subsidiary of Cal Dive International, Inc.
(Nasdaq: CDIS) has been advised by Norsk Hydro USA Oil and Gas, Inc., that
they will not pursue their development plan for the deepwater discovery known
as Telemark in Atwater Valley Block 63.
ERT did not support that development plan and is now screening its own
plans based on the marginal field methodologies that were envisaged when the
working interest was acquired. Any revised development plan will have to be
approved by the Minerals Management Service (MMS).
Owen Kratz, Chairman and Chief Executive Officer, stated, "Cal Dive
regards this situation as an exciting potential opportunity to showcase our
unique approach to the development of deepwater marginal fields. ERT intends
to take up the designation of operator and present the MMS with a new
development plan that will hopefully meet with their approval. This
announcement has no impact on the 2006 earnings guidance released earlier this
month."
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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