Cal Dive International Inc News

Offshore operations:Image credit Cal Dive

Cal Dive CFO Brent D. Smith Resigns

Cal Dive International, Inc. says that  Brent D. Smith, the Company’s Chief Financial Officer, has voluntarily resigned from the Company to pursue other opportunities. The Company explains that it has commenced a search for a new Chief Financial Officer and will consider both internal and external candidates. Until a new Chief Financial Officer is named, Mr. Quinn J. Hébert, the Company’s Chairman, President and Chief Executive Officer will assume the additional responsibilities of Chief Financial Officer of the Company. Mr. Smith has agreed to make himself available to

Image courtesy of Cal Dive

Cal Dive Sells Off its GofM Surface Diving Fleet

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. The Company also entered into a multi-year alliance

Underwater operations: Image courtesy of Cal Dive

Cal Dive Shaves Loss in Q1 2014

Houston's Cal Dive International, Inc. has  reported a first quarter 2014 loss of $13.1 million, or $0.14 per diluted share, on revenues of $119.1 million. This compares to a loss of $17.7 million, or $0.19 per diluted share, on revenues of $80.9 million for the first quarter 2013. For the first quarter 2014, the Company reported EBITDA of positive $2.0 million compared to negative $6.5 million for the first quarter 2013. Commenting on the results, Cal Dive’s Chairman, President and Chief Executive Officer, Quinn Hébert, stated, “The improvement in our first quarter results

Image courtesy of Cal Dive

Cal Dive Cuts Losses In Q4 2013

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. Commenting on the results, Cal Dive’s Chairman, President and Chief Executive Officer, Quinn Hébert, stated: “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

Harkand Appoints New CEO

and gas industry. “Nicolas has played a key role in creating and shaping the organization to date and positioning us for further growth as we go forward and we look forward to his continued involvement in developing the group in the future.” Reed most recently served on the Cal Dive International Inc. Board of Directors from May 2012 to August 2013. Prior to that he was CEO of Global Industries Ltd. from March 2010 until its acquisition by Technip S.A. and is a former CEO of Heerema Marine Contractors. He holds a Bachelors’ degree in Engineering from the University of Mississippi

Photo courtesy of Cal Dive

Cal Dive Edges Toward the Black in Q2 2013

Cal Dive International, Inc. reports second quarter 2013 results and announces additional Pemex contract award of US$40-million. Cal Dive International, Inc. (NYSE: DVR) reported a second quarter 2013 loss of $1.7 million, or $0.02 per diluted share, on revenues of $121.0 million, which compares to a loss of $5.7 million, or $0.06 per diluted share, on revenues of $120.3 million for the second quarter 2012. The latest Pemex contract is for the procurement, installation and commissioning of 3.5 kilometers of 20 inch subsea pipeline and associated tie-ins to an existing platform. The offshore

Cal Dive Q2 2013 Earnings Conference Call

Cal Dive International, Inc.  will conduct a conference call to discuss its second quarter 2013 results on August 8, 2013 at 9:00 a.m. Central Time. Cal Dive International, Inc., headquartered in Houston, Texas, is a marine contractor that provides manned diving, pipelay and pipe burial, platform installation and salvage, and light well intervention services to the offshore oil and natural gas industry on the Gulf of Mexico OCS, Northeastern U.S., Latin America, Southeast Asia, China, Australia, West Africa, the Middle East, and Europe, with a diversified fleet of surface and saturation dive

Cal Dive Wins GoM Subsea Pipeline Contract

Cal Dive International awarded an EPIC contract by Pemex Exploración y Producción; updates Q1 2013 expectations. The contract is for the engineering, procurement, installation and commissioning (EPIC) of 12 kilometers of eight-inch subsea pipeline and associated tie-ins on four existing platforms located in the Abkatun-Pol-Chuc Field in the Bay of Campeche. It is expected to generate total revenue of approximately $63 million and will utilize three of the Company’s vessels. The offshore construction is expected to commence in the third quarter 2013. The Company is also

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