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

People & Company News

Russia's Shipping Major Reports Strong 1H 2014

OAO Sovcomflot (SCF Group), Russia’s largest shipping company and a global leader in seaborne energy transportation and offshore services, has announced its financial

Tankship-specific Version of FindaportCD Released

Harbour & terminal information providers, Shipping Guides Ltd, says its latest tanker-specific  addition enables customers to access the most comprehensive port

Navy Unmanned Aircraft Sets the Bar

The Navy's X-47B unmanned aircraft has completed its final test aboard 'USS Theodore Roosevelt' (CVN 71) and has returned to its home base at Naval Air Station Patuxent River after eight days at sea
,

Finance

Russia's Shipping Major Reports Strong 1H 2014

OAO Sovcomflot (SCF Group), Russia’s largest shipping company and a global leader in seaborne energy transportation and offshore services, has announced its financial

Gibdock Rreputation Rises in German Market

Gibdock has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent client list

Panama Canal Generates VER Carbon Credits

The Panama Canal Authority (ACP) informs it has certified Verified Emission Reductions (VERs) or carbon credits, within the framework of the Sustainable Forest

Offshore Energy

A Boost for UK Offshore Drilling? DW Monday Muses

Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report

Drydocks World to Participate in SMM 2014

Drydocks World, the leading provider of maritime and offshore services to the shipping, oil, gas, and energy sectors, will participate in the prestigious 26th edition of Shipbuilding,

SBM Offshore Completes Real Estate Divestment

SBM Offshore is pleased to announce that is has completed the sale and lease back of its Monaco real estate portfolio.  The last of the three buildings was sold

Underwater Engineering

A Boost for UK Offshore Drilling? DW Monday Muses

Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report

Odfjell Drilling in Tighter 2Q North Sea Market

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million),

Seadrill's Q2 2014 Revenue Holds Nearly Steady

Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Electronics 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: 0.1516 sec (7 req/sec)