Helix Energy Solutions Group, Inc. (NYSE:HLX) reports that it has entered into a definitive stock repurchase agreement with Cal Dive International, Inc. (NYSE:DVR), a majority-owned subsidiary, pursuant to which it will sell to Cal Dive 13,564,669 shares of Cal Dive’s common stock for total consideration equal to $86,000,000 or $6.34 per share. The purchase price represents an approximate 2% discount to the 30 day average trading price of Cal Dive’s common stock as of January 16, 2009. Helix expects to close the transaction in the near future and will use the proceeds of the sale for general corporate purposes. After the consummation of this transaction Helix will own 47,942,022 of the 93,946,409 shares of Cal Dive common stock outstanding such that Helix’s ownership interest is reduced from approximately 57% to approximately 51% of Cal Dive.
Galoc FPSO mooring system repairs under way
Offshore staff
PERTH, Australia — Repairs to the mooring and riser system of the Galoc field FPSO are under way, according to Otto Energy. All of the necessary equipment for repairs have been secured and mobilized to the field along with a saturation diving team and two support vessels, the AHV Sea Sovereign and the Rubicon Maverick.
cDiver.net is now on Twitter
We decided we’d better get with the times and start a Twitter feed so that you can easily see what’s going on in the Commercial Diving industry as well as what’s happening here at cDiver.net.
What is Twitter? — Twitter is the answer to “What are you doing?”. Anytime we’re doing something, we write a quick “Tweet” on our account. If you have a Twitter account, you get to choose what friends you follow. By following a friend, you will see a list of all your friends’ “Tweets”. Twitter keeps you up to date with what your Friends are doing.
What will we Twitter about? — Anything related to Commercial Diving. It might be a new Job posting in cJobs, it might be a free giveaway to the first person who responds, safety updates or even just a funny post in the forum. They’re always short, to the point, and as helpful as possible for you divers.
cDiver.net Contest Prizes
As we get ready to roll out the contests we’re planning on having fun with on cDiver, we want to know what kind of incentive’s will get your attention. So here’s a little poll to get the ideas flowing. Of course, feel free to add more suggestions in the cDiver.net Forums.
[poll id=”4″]
N.Y. Police Divers Find Left Engine Of US Airways Flight
The following is from the New York Times’ “City Room” newsblog, by staff writers Matthew L. Wald and Christine Hauser, and was posted on that newspaper’s Web site edition for Wednesday, January 21, 2009.
Two important developments occurred Wednesday in the investigation into the cause of the crash-landing of US Airways Flight 1549 in the Hudson River last week. Police divers found the left engine of the plane, an Airbus A320, in the river, while the National Transportation Safety Board announced that the right engine, which stayed attached to the plane, showed “evidence of soft body impact damage.”
Some blades were cracked and others missing, the board said. Investigators found “what appears to be organic material,’’ which they sent to the Department of Agriculture for DNA analysis and a single feather, which they sent to the Smithsonian Institution for identification.
Chet Morrison gets new dive support vessel
By MIKE BROSSETTE
Diving operations to help lay oil pipelines are a big part of the services supplied by Chet Morrison Contractors.
The Houma oilfield services provider announced the company has built a new diving support vessel, one of the largest saturation-dive DSVs operating in the Gulf of Mexico.
Divers win right to sue for compensation
Catlin Arctic Survey prepares for North Pole ice survey
Diving into freezing water to test their immersion suits and dragging tractor tyres through the mud in Dartmoor are just some of the punishing tasks a team of explorers have put their bodies through in preparation for an assault on the North Pole.
The Catlin Arctic Survey team, led by Pen Hadow, will depart for the Arctic in February for a groundbreaking three-month trek to measure the remaining thickness of the sea ice.
The data gathered by the team, which also includes photographer Martin Hartley and polar explorer Ann Daniels, will form pivotal evidence to be presented to the United Nations Climate Change Conference in November.
Record underwater GoM pipeline repair
Offshore staff
HOUSTON — Repairs to a 42-in (107-cm) diameter section of the High Island Offshore System, the largest pipeline in the Gulf of Mexico, following damage by Hurricane Ike involved removal and replacement of more than 200 ft (61 m) of line. Successful completion of the project used subsea connectors from Quality Connector Systems.
Superior Energy Services to expand in well intervention
Offshore staff
HOUSTON — Superior Energy Services is in a favorable position to expand into deepwater well intervention services through acquisition or newbuilds, according to a research note today from Pritchard Capital Partners.
The company seeks to establish a position in deepwater well intervention by building or acquiring heavier assets, using its engineering capabilities, and leveraging its existing customer relationships, the note said.