Cal Dive Lowers 1Q Earnings Guidance

April 4, 2002

Cal Dive International, Inc. expects first quarter diluted earnings per share to fall in a range of 8 to 10 cents, below the 11 cent minimum of the company's earlier guidance for the quarter. Analysts surveyed by research firm Thomson Financial/First Call on average expect Cal Dive to report a profit of 12 cents per share in the first quarter. Since this reduction is primarily the result of work being shifted into the second quarter, the company reaffirmed its guidance of 85 to 95 cents in earnings for the full year. Vice Chairman S. James Nelson, Jr. noted, "Our first quarter forecast assumed that the large Nansen/Boomvang project would be substantially completed, including the tie-in work performed by CDI vessels. However, inclement weather delayed setting the topsides, shifting this work into the second quarter. The weather fronts passing through the Gulf of Mexico in March also limited construction activity on the Outer Continental Shelf. In addition, shipyard delays resulted in the Eclipse being placed into service almost a month later than assumed in our forecast. These project and shipyard delays created significant reshuffling of fleet responsibilities and, in some cases, lower than expected utilization."

Cal Dive Lowers 1Q Earnings Guidance

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