Cal Dive Cuts Losses In Q4 2013
Houston-based Cal Dive International, Inc. generated a loss for the fourth quarter 2013 of $0.5 million, or $0.01 per diluted share, which compared with a loss in the fourth quarter of the previous year of $19.1 million, or $0.21 per diluted share.
Commenting on the results, Cal Dive’s Chairman, President and Chief Executive Officer, Quinn Hébert, stated:
“As expected the fourth quarter was our best quarter of the year due to the ramp up in offshore work in Mexico. This increase was partially offset by harsh winter weather conditions throughout the Gulf of Mexico and lower domestic activity in part due to the re-positioning of certain assets to Mexico.
“In Mexico, we operated six assets for the Pemex projects during the fourth quarter and have completed approximately 60% of our awarded $290 million in Pemex contracts as of the end of 2013. Currently, we are operating five assets in the region as we completed the pipelay portion of three of the larger projects in January. One of the projects, our fourth award in August 2013 for $40 million, has been delayed by Pemex until the summer of 2014 due to the platform not being ready. The impact of this is expected to be a shift of revenue and profit from the fourth quarter 2013 and first quarter 2014 to the third quarter of 2014. We expect bidding activity for Pemex work to continue to be strong in the coming months.”
Mr. Hébert continued, “Looking forward, we expect improved financial performance over the next two quarters compared to the first half last year primarily driven by the activity related to our Pemex contracts as we had little activity in Mexico during this time last year. We will continue to focus on international growth as we continue to bid on more projects in Mexico in 2014.”