Cal Dive Shaves Loss in Q1 2014

Posted by George Backwell
Monday, May 12, 2014
Underwater operations: Image courtesy of Cal Dive

Houston's Cal Dive International, Inc. has  reported a first quarter 2014 loss of $13.1 million, or $0.14 per diluted share, on revenues of $119.1 million. This compares to a loss of $17.7 million, or $0.19 per diluted share, on revenues of $80.9 million for the first quarter 2013. For the first quarter 2014, the Company reported EBITDA of positive $2.0 million compared to negative $6.5 million for the first quarter 2013.

Commenting on the results, Cal Dive’s Chairman, President and Chief Executive Officer, Quinn Hébert, stated, “The improvement in our first quarter results reflects our increased activity levels in Mexico. While we did experience harsher weather conditions during the month of March than anticipated, we were able to make significant progress towards the completion of our current projects.

"We expect to complete two of the four projects in the second quarter and work on the remaining two projects, which were delayed by Pemex, will continue through the third and fourth quarters. We expect significant collections to come over the next five months as we complete these projects. We are also entering the busy season for submitting bids for new projects to Pemex and remain confident in continued high activity levels in the region.”

Mr. Hébert continued, “Domestically, the first quarter was generally in line with our expectations although we did experience harsher weather than anticipated. Some assets exceeded expectations while others were below expectations due to either weather or customers not yet starting their annual spend cycle. However, we are seeing signs of continued improvement in the U.S. Gulf of Mexico, specifically as it relates to new pipelay activity.

"We expect our results during the upcoming good weather months to be improved over the same period in 2013. Elsewhere, the DLB Sea Horizon experienced strong utilization in Southeast Asia and our Australia results were solid during the first quarter. We also substantially completed a project for the installation of three platforms off the coast of Ecuador.”

About the Company
Cal Dive International, Inc., headquartered in Houston, Texas, is a marine contractor that provides manned diving, pipelay and pipe burial, platform installation and salvage, and light well intervention services to the offshore oil and natural gas industry on the Gulf of Mexico OCS, Northeastern U.S., Latin America, Southeast Asia, China, Australia, West Africa, the Middle East, and Europe, with a diversified fleet of surface and saturation dive support vessels and construction barges.
 

 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Georgia Delegation visit Naval Academy "NYVaptsarov"

From 15 to 17oktomvri 2014. Naval Academy "N. Vaptzarov "hosted a delegation from Georgia led by prof. Sharabidze Irakli - Rector of the State Maritime Academy, city.

Zamakona Yards Delivers Tuna Freezer Vessel

Zamakona Yards yesterday celebrated in Getxo (Bizkaia) the delivery of the tuna freezer vessel LJUBICA, their latest construction to the owner group Jadran based in Ecuador and Panamá.

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

Finance

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Offshore Energy

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

Underwater Engineering

Boskalis Consortium Wins Suez Canal Expansion Contract

A consortium consisting of Royal Boskalis Westminster N.V. (Boskalis), Van Oord, NMDC (Abu Dhabi) and Jan de Nul (Belgium) has acquired a contract from the Suez

Hydroid Wins Gold at MassEcon Impact Awards

Hydroid, Inc., a subsidiary of Kongsberg Maritime and a leading manufacturer of autonomous underwater vehicles (AUVs), today announced that it has been named

Mærsk Deliverer's Contract extended

Cabinda Gulf Oil Company Limited, a Chevron subsidiary in Angola, has extended the current contract for the ultra deepwater semi-submersible Mærsk Deliverer expiring in June 2015 by two years.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Sonar
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: 0.1742 sec (6 req/sec)