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Monday, January 22, 2018

Cal Dive News

Cal Dive International to Acquire Horizon Offshore

Cal Dive International, Inc. and Horizon Offshore, Inc. announced have signed a definitive merger agreement under which Cal Dive will acquire all of the outstanding shares of Horizon in a stock and cash transaction valued at approximately $650 million, including approximately $22 million of Horizon's net debt as of March 31, 2007. The combined company will operate a fleet of 23 diving support vessels, seven pipelay/pipebury barges, one dedicated pipebury barge, one multi-service vessel, one combination derrick/pipelay barge and two derrick barges. The boards of directors of Cal Dive and Horizon unanimously approved the transaction. Closing of the transaction is subject to regulatory approvals and other customary conditions…

Cal Dive Sells Off its GofM Surface Diving Fleet

Image courtesy of Cal Dive

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.

Cal Dive Completes Acquisition of Horizon

Cal Dive International, Inc. announced has completed its acquisition of Horizon Offshore following approval by Horizon's shareholders on December 10, 2007. As a result of the acquisition, each share of Horizon common stock has been converted into the right to receive $9.25 in cash and 0.625 shares of Cal Dive common stock. Information regarding the exchange of share certificates will be sent to Horizon shareholders as soon as practicable. The cash portion of the acquisition is being funded through a $375msenior secured term loan A facility which amortizes $20 million per quarter commencing on June 30, 2008. Interest floats at LIBOR plus 225 basis points and the facility is prepayable without penalty.

Cal Dive & Fugro Share Charter Party

Cal Dive International has entered into a 50/50 strategic partnership with Fugro for the long-term charter of the DP2 Toisa Paladin, a 2007 purpose built, DNV classed, diving support vessel. The charter party agreement with Toisa Pte Ltd will be shared equally between Cal Dive and Fugro and has a three-year term plus two six-month extension periods. Cal Dive and Fugro will bring together their respective expertise to jointly pursue the growing number of subsea projects to provide construction, diving, ROV and other services to the offshore energy industry. The Toisa Paladin is currently working on its first project in Malaysia. Cal Dive…

Cal Dive Nets International Contracts

'Kestrel': Photo credit Cal Dive

Cal Dive International charters out diving vessel & also wins 3 Australian saturation diving contracts. The company's diving vessel Kestrel is chartered to a major contractor in Mexico to perform repair and maintenance work for Pemex. The charter started in mid-October and has a fixed term of two years with an additional one-year option. The charter is expected to result in EBITDA of approximately $10 million per year during the two-year charter term. The vessel is expected to generate approximately break-even EBITDA in 2012.

Exxon Awards Horizon Offshore Contract

Horizon Offshore Contractors, Inc. has been awarded a contract for the installation of a portion of Exxon Pipeline Company's Hoover Offshore Oil Pipeline System (HOOPS). The 20-in. pipeline project includes a directionally drilled shore approach near Freeport, Texas, and pipelay to a depth of 35 ft. and the burial of approximately 67 miles of pipeline. The project will utilize three of Horizon's vessels. Cajun Horizon will be used for offshore directional drilling support, Lone Star Horizon for pipelay and Canyon Horizon for pipeline burial. Horizon has also formed an alliance with Cal Dive International in the Gulf of Mexico. The alliance…

Stolt Offshore Announces Sale of Certain Assets to Ca

Stolt Offshore S.A. confirmed that the US Department of Justice has cleared the sale of the shallow water assets that form part of its North America and Mexico (NAMEX) business to Cal Dive. Stolt Offshore is now undertaking pre-close formalities and completion accounts with Cal Dive after which information will be issued on the final gain on sale.

El Paso, Cal Dive Will Construct Anadarko's Marco Polo Deepwater Discovery

El Paso Energy Partners, L.P. and Cal Dive International, Inc. announced that they have signed a letter of intent to form a 50-50 venture to construct, install, and own a deepwater production hub platform and associated facilities primarily for Anadarko Petroleum Corporation's Marco Polo field discovery at Green Canyon 608 in the Gulf of Mexico. The companies anticipate that the facilities will be completed and online in 2004. The production hub platform will be installed in 4,300 ft. of water and has been designed to process 100,000 barrels of oil per day and 250 million cubic ft. of natural gas per day. barrels of oil per day and 150 million cubic ft. of gas per day. discoveries.

Cal Dive Completes Marco Polo and Gunnison Loan Facilities

Cal Dive International, Inc. announced that it has completed project financing to fund its share of the cost to construct production facilities at the Marco Polo and Gunnison Deepwater fields. Deepwater Gateway LLC, a joint venture owned by El Paso Energy Partners, L.P. and Cal Dive, has secured a $155 million commitment to fund 70 percent of the estimated total cost of the Marco Polo tension leg platform (TLP). As a 50% owner of Deepwater Gateway, CDI will fund the first $33 million of construction cost, at which point the joint venture will draw upon the loan facility. Repayment, which will begin after delivery of the TLP, consists of Cal Dive paying 20 quarterly installments of $2.75 million and a balloon of $22.5 million due in 2008.

News: Cal Dive Riser System Deployed in Deepwater Project

Well Ops, Inc., a subsidiary of Cal Dive International, Inc. had the successful first application of the company's purpose-built, open water intervention riser system. Cal Dive's well intervention vessel, the Q4000, deployed the system in 1,042 ft. of water, where it was latched to a horizontal Cameron tree. The system includes a control umbilical, two-in. annular line, 7.375-in. flowhead and swivel. The riser system was integral to a successful well decommissioning operation conducted for a major client in the Gulf of Mexico. The system remained at depth during through-tubing zonal and annulus abandonment operations. The tree was recovered with the system once the well had been safely plugged.

Cal Dive to Review 4Q and 2002 Annual Earnings With Investors

Cal Dive International, Inc. will conduct a conference call regarding its financial and operational results for the fourth quarter and the year 2002 on Tuesday, February 18, at 10 a.m. Central Standard Time. A shareholders' report summarizing these results is planned for distribution after the market closes on Monday, February 17, 2003. Investors will be able to obtain the shareholders' report and listen to the live conference call broadcast from the Investor Relations page at www.caldive.com . A replay will be available by selecting the Audio Archives link from the same page.

America's First Offshore Windfarm – Contractors Chosen

Cape Wind has selected the joint venture team of Flatiron Construction Corp., Cal Dive International, Inc., and Cashman Equipment Corp. as its construction contractor to build America’s first offshore wind farm in Nantucket Sound. Boston-based Cashman Equipment Corp. has constructed many marine projects in Massachusetts and New England and is one of the leading providers of floating marine equipment in the country and provides floating marine equipment worldwide. Colorado-based Flatiron Construction Corp. is one of the leading construction and civil engineering firms in the U.S. “We are excited to build Cape Wind, this project is moving forward and there is no better way for us to enter the US offshore wind market than to help build the first commercial project…

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.

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…

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.

Northern Canyon Completes Gunnison Spar Contract

In November, Canyon Offshore Inc., a subsidiary of Cal Dive International mobilized the M/V Northern Canyon with two 2,500-m rated Triton XLS systems on board, to support the Gunnison Spar installation for Kerr McGee. Canyon operated as a subcontractor to Cal Dive International, Inc. The vessel has since completed a number of SPAR installation tasks, including survey array installation, flowline and riser installation support, mooring hook up support, and specific ROV intervention tasks relating to the SPAR completion. The vessel performed well in rough, winter conditions, and all assigned tasks were completed on schedule. The Northern Canyon is a 280-foot (85m) DP II vessel with accommodations for 58 personnel…

Northern Canyon Completes Gunnison Spar Contract

In November, Canyon Offshore Inc., a subsidiary of Cal Dive International mobilized the M/V Northern Canyon with two 2,500-m rated Triton XLS systems on board, to support the Gunnison Spar installation for Kerr McGee. Canyon operated as a subcontractor to Cal Dive International, Inc. The vessel has since completed a number of SPAR installation tasks, including survey array installation, flowline and riser installation support, mooring hook up support, and specific ROV intervention tasks relating to the SPAR completion. The vessel performed well in rough, winter conditions, and all assigned tasks were completed on schedule. The Northern Canyon is a 280-foot (85m) DP II vessel with accommodations for 58 personnel…

Bender Granted Conversion Contract From Cal Dive

Bender Shipbuilding & Repair of Mobile, Ala., has been awarded the conversion of the 400 x 102 ft. (121.9 x 31 m) Sea Sorceress. The barge, which will be converted from a manned fuel barge to a DP-II construction barge for Cal Dive International of Houston, Texas, will receive eight 850 kW retractable Z drives. These drives will be powered by four Wärtsilä generators providing 6.6kV of power. A new engine room on the dynamically positioned barge will be used for the vessel's main source of power, as well as ancillary equipment. A 31 x 102 ft. (9.4 x 31 m) stern piece will be removed and replaced by a new stern housing for four of the thrusters - the other four will be positioned forward in the bow.

Cal Dive Announces Promotions

Cal Dive International, Inc. announced today the retirement of Scott T. Naughton, the Company’s Chief Operating Officer, effective September 9, 2011. Also, the Company announced that John R. Abadie, Jr., the Company’s current Senior Vice President - Operations - Western Hemisphere, has been promoted to serve as Executive Vice President and Chief Operating Officer, and that G. Kregg Lunsford, the Company’s current Executive Vice President - Strategy and Business Development has been named Executive Vice President and Chief Strategy and Business Development Officer of the Company, both effective September 9, 2011. Mr. Abadie has nearly 20 years of international and domestic offshore marine construction experience. Mr.

Cal Dive Cuts Losses In Q4 2013

Image courtesy of Cal Dive

Houston-based Cal Dive International, Inc. generated a loss for the fourth quarter 2013 of $0.5 million, or $0.01 per diluted share, which compared with a loss in the fourth quarter of the previous year of $19.1 million, or $0.21 per diluted share. “As expected the fourth quarter was our best quarter of the year due to the ramp up in offshore work in Mexico. This increase was partially offset by harsh winter weather conditions throughout the Gulf of Mexico and lower domestic activity in part due to the re-positioning of certain assets to Mexico.

Cal Dive International Buys Canyon Offshore

Cal Dive International has acquired 85 percent of outstanding Canyon Offshore shares, with the remaining 15 percent to be acquired over the next three years. The acquisition, which is subject to the customary Hart Scott Rodino filing, is expected to close before year-end. John S. Edwards, CEO of Canyon, said, "CDI was our first customer when Canyon began operations in early 1997 and we are extremely excited to be joining the CDI group of companies and expect to be a major contributor to their continuing success. Joining the CDI group of companies greatly expands Canyons ability to further develop our global capabilities; provides access to capital, a large fleet of dynamically positioned vessels and access to considerable project management resources.

Cal Dive Lowers 1Q Earnings Guidance

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.

CDI Builds New MSV

Cal Dive International, Inc. is building a new DSV to replace Cal Diver IV which has been sold. The new vessel, which will retain the name Cal Diver IV, is under construction at R&S Fabrication, Inc. in Lockport, La. Like its predecessor, the new vessel will be ideally suited for supporting general diving such as: pipeline inspections, pipeline commissioning and decommissioning, platform inspections and repairs, wellhead inspections, drilling rig support, and "liveboating" operations. Although the mission of the new build remains basically unchanged, its increase in size and capacity will enable it to conduct small construction projects. CDI expects delivery in the second quarter of 1999.

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