Helix starting secondary public offering of Cal Dive stock

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Helix Energy Solutions plans to cut its majority stake in subsidiary Cal Dive International Inc. by more than half.

The Houston-based offshore energy company plans to offer 20 million shares in Cal Dive through a public offering, with an option for underwriters to purchase an additional 3 million shares to cover over-allotments. Helix (NYSE: HLX) also has agreed to sell Cal Dive an additional $14 million worth of shares at a price equal to the offering.

Houston-based Cal Dive (NYSE: DVR) has 94 million shares outstanding.

When the offering closes and Cal Dive repurchases its allocation, Helix’s ownership in Cal Dive will be reduced to 25 percent from 51 percent, according to a regulatory filing with the U.S. Securities and Exchange Commission. If the over-allotment option is not exercised, Helix’s ownership will be 29 percent.

Helix expects to use the proceeds for general corporate purposes.

Helix shares closed at $11.25 on Friday and were trading at $11.92 mid-morning Monday, while Cal Dive shares closed Friday at $10.09 and were trading at $9.85 mid-morning on Monday.

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