Salvage and repair work leads to strong quarter for Cal Dive

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Cal Dive

HOUSTON — Diving contractor Cal Dive International, Inc. reported second quarter 2009 net income of US$28.6 million compared to US$16.9 million for the same period of 2008.

The increase in net income is primarily due to increased new construction and repair and salvage work in the Gulf of Mexico and new pipelay projects in China and Mexico. Gulf of Mexico salvage and repair activity increased due to the impact from Hurricanes Gustav and Ike that struck the region in the late summer of 2008.

Cal Dive President and CEO Quinn Hébert stated, “We had an excellent quarter operationally across all regions which translated to strong financial performance. We continue to execute at a high level domestically in both the new construction and salvage markets and we are especially excited about our project performance in China and Mexico. These two pipelay projects have contributed to Cal Dive increasing its international revenues by nearly 50% in the first half of 2009 as compared to the first half of 2008.”

During the second quarter, a secondary public offering of common stock by Helix Energy Solutions, together with related stock repurchase and retirement of shares at the offering price, reduced Helix’s ownership interest in Cal Dive from 51 percent to 26 percent.

Looking forward, Hébert said bidding activity remains steady and Cal Dive’s vessels and barges should be highly utilized during the third quarter. The company’s backlog as of June 30 was US$284 million, around 75 percent of which will be performed in 2009.

www.energycurrent.com

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