Cal Dive Agrees to Acquire Robotics Company
Cal Dive International, Inc. announced that it has agreed to acquire 85 percent of Canyon Offshore, Inc., a supplier of remotely operated vehicles (ROVs) and robotics to the offshore construction and telecommunications industries. Cal Dive would purchase the remaining 15 percent at a price to be determined by Canyon's performance during the years 2002 through 2004. The purchase price from $66 million $74 million is four to five times expected Canyon EBITDA. Hart Scott Rodino filing, is expected to close before year-end. Owen Kratz, chairman and chief executive officer of Cal Dive, said, "Acquiring Canyon will be a vertical integration which flows from the CDI policy of directly controlling all aspects on the critical path of significant projects. John S.
Horizon, Cal Dive Form Joint Venture
Horizon Offshore, Inc. has entered into a letter of intent with Cal Dive International, Inc. (CDI) to conduct reeled pipelay projects in deepwater areas of the U.S. Gulf of Mexico. The two companies will jointly fund construction of pipelay equipment to be used in conjunction with CDI's dynamically positioned (DP) vessel, the Sea Sorceress, currently undergoing conversion. In addition, Horizon will construct a pipe spooling facility at its Port Arthur, Texas, shore base. Once finalized, the joint venture will allow the two companies to perform small diameter pipelay projects in water depths of 800 feet and deeper, combining Horizon's…
Helix Announces Another GOM Find
Helix Energy Solutions announced that its wholly-owned subsidiary, Energy Resource Technology GOM (ERT) has made a second discovery in Garden Banks Block 506, approximately 145 miles offshore from Galveston, Texas, in 2,700 feet of water in the Gulf of Mexico. The 100% owned and operated "Danny" exploratory well has been drilled and wireline logs and repeat formation tests confirm the presence of high quality oil in a single sand body. Preliminary analysis indicates reserve potential of around 50 bcfe. The well is currently being completed and it is anticipated that the Danny discovery will be developed, in conjunction with the development of the Noonan reservoir…
Cal Dive Closes Agreement with Torch
Cal Dive International, Inc. with Torch Offshore, Inc. of the second review of the transaction by the Department of Justice. other assets related to the operations of the vessels. Katrina. year due to the need to drydock several of the vessels. significant upgrade work next year to reach its optimum pipelay capability. for all of the assets. oil and gas production.
