Cal Dive Closes Agreement with Torch

Thursday, September 01, 2005
Cal Dive International, Inc. closed an asset purchase agreement with Torch Offshore, Inc. following early termination of the second review of the transaction by the Department of Justice. Under the terms of the purchase agreement Cal Dive paid a consideration of $85 million for two shelf pipelay barges; four shelf diving vessels; the deepwater pipelay vessel Midnight Express; and a portable saturation diving system, together with all equipment, inventory, intellectual property and other assets related to the operations of the vessels.

Martin Ferron, President, stated, "We are very pleased to have concluded this complicated transaction and are now focused on getting the acquired assets back to work, especially given the extra demand generated by Hurricane Katrina. We expect this to happen on a phased basis before the end of the year due to the need to drydock several of the vessels. The Midnight Express will be placed in service this year in its present condition, but will require significant upgrade work next year to reach its optimum pipelay capability. We expect the overall drydocking and upgrade budget to be around $30 million for all of the assets.

"The deal should be accretive to fourth quarter earnings this year and we expect the acquired assets to generate between $25 million - $30 million of operating cash flow on a full year basis."

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.

Maritime Reporter September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

NZ's Lyttelton Port Recommends Offer, to Pay Special Dividend

The board of New Zealand's  Lyttelton Port Co. Ltd recommended minority shareholders accept an offer of NZ$3.95 a share offer from the commercial arm of the Christchurch city council.

NYK Opens New Planning Center in Kumamoto

On September 1, 2014, NYK and Kozo Keikaku Engineering Inc. established a stowage planning center for container shipping at the Kumamoto office of Kozo Keikaku Engineering Inc.

Indian Investigators Drop Case Against Billionaire Birla

India's Central Bureau of Investigation (CBI) has closed a coal scam case against billionaire Kumar Mangalam Birla and a former top bureaucrat that emerged in

Coast Guard

USCG Medevacs Mariner in Port Alexander, Alaska

The Coast Guard medevaced an 87-year-old female reportedly suffering from complications associated with a lower back injury aboard the fishing vessel Annie B in Port Alexander, Sunday evening.

USCG Responds to Plane Crash 51 mi SE Of Chincoteague Island, VA

The Coast Guard is responding to a plane crash Saturday approximately 51 miles southeast of Chincoteague Island.   Watchstanders at the Coast Guard 5th District

USCG Repatriates 86 Migrants

Coast Guard crews aboard the Coast Guard Cutter Charles David Jr. and the Coast Guard Cutter Valiant repatriated 86 migrants illegally migrating from Cuba and Haiti.

 
 
Maritime Security Maritime Standards Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1637 sec (6 req/sec)