Cal Dive Adds to Deepwater Pipelay Fleet
January 10 2006 - 5:00PM
PR Newswire (US)
HOUSTON, Jan. 10 /PRNewswire-FirstCall/ -- Cal Dive International,
Inc. (NASDAQ:CDIS) today announced plans to convert a four year old
mono-hull vessel, originally built for the cable lay market, into a
deepwater pipelay asset. This addition to the fleet, to be named
'Caesar', is 485 feet long and already has a state-of-the-art,
class 2, dynamic positioning system. The conversion program will
primarily involve the installation of a conventional 'S' lay
pipelay system together with a main crane and a significant upgrade
to the accommodation capability. A conversion team has already been
assembled with a base at Rotterdam, the Netherlands, and the vessel
is likely to enter service at the end of the first quarter of 2007.
The capital cost to purchase the vessel and complete the conversion
will be around $125 million. Martin Ferron, President of Cal Dive
stated, "The introduction of Caesar will complete the set of tools
we need to address the development of our expanding internal
portfolio of deepwater projects. As an 'S' lay vessel, Caesar does
not need a spoolbase and will therefore be very mobile in the
worldwide market. She will also provide us with the incremental
capability to lay export pipelines and handle steel catenary risers
(SCRs) in deepwater." Cal Dive International, Inc., headquartered
in Houston, Texas, is an energy service company which provides
alternate solutions to the oil and gas industry worldwide for
marginal field development, alternative development plans, field
life extension and abandonment, with service lines including subsea
intervention, reservoir management, facilities ownership and oil
and gas production. This press release contains forward-looking
statements that involve risks, uncertainties and assumptions that
could cause our results to differ materially from those expressed
or implied by such forward-looking statements. All statements,
other than statements of historical fact, are statements that could
be deemed "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, including,
without limitation, any projections of revenue, gross margin,
expenses, earnings or losses from operations, or other financial
items; any statements of the plans, strategies and objectives of
management for future operations; any statement concerning
developments, performance or industry rankings relating to
services; any statements regarding future economic conditions or
performance; any statements of expectation or belief; and any
statements of assumptions underlying any of the foregoing. The
risks, uncertainties and assumptions referred to above include the
performance of contracts by suppliers, customers and partners;
employee management issues; complexities of global political and
economic developments, and other risks described from time to time
in our reports filed with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year
ending December 31, 2004. We assume no obligation and do not intend
to update these forward-looking statements. DATASOURCE: Cal Dive
International, Inc. CONTACT: Wade Pursell, Chief Financial Officer
of Cal Dive International, Inc., +1-281-618-0400, or fax,
+1-281-618-0505 Web site: http://www.caldive.com/
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