Cal Dive Sells Off its GofM Surface Diving Fleet
Cal Dive International says it has sold its U.S. Gulf of Mexico shallow water surface diving fleet to a privately held company for cash of US$18.5-million and a 19.9% minority interest in the entity acquiring the assets. Cal Dive explains that the assets sold are comprised of eight surface diving vessels and miscellaneous inventory and equipment and it anticipates recording a gain during the second quarter as a result of the transaction. Net proceeds from the sale were used to repay a portion of the Cal Dive’s revolving credit facility. The Company also entered into a multi-year alliance agreement with the buyer under which the buyer will have the exclusive right to provide any surface diving services required by Cal Dive in the U.S.
Cal Dive Wins GoM Subsea Pipeline Contract
Cal Dive International awarded an EPIC contract by Pemex Exploración y Producción; updates Q1 2013 expectations. The contract is for the engineering, procurement, installation and commissioning (EPIC) of 12 kilometers of eight-inch subsea pipeline and associated tie-ins on four existing platforms located in the Abkatun-Pol-Chuc Field in the Bay of Campeche. It is expected to generate total revenue of approximately $63 million and will utilize three of the Company’s vessels. The offshore construction is expected to commence in the third quarter 2013. The Company is also providing an update on its previously disclosed expected first quarter results.
