Cal Dive Awarded Contract in Freeport, Bahamas

Thursday, Sep 02, 2010

Cal Dive International, Inc. (NYSE:DVR) announced today that it has been awarded a contract for removal of a large jetty and installation of a new platform and eleven pipelines in Freeport, Bahamas. The contract is expected to generate total revenue of approximately $56 million and will utilize the Company's pipelay barge Lone Star, derrick barge Pacific, and one of its 4-Point dive support vessels. The Company had included approximately $38 million of this contract amount in its reported backlog as of June 30, 2010 based on a signed letter of intent at that time.

Quinn Hébert, President and Chief Executive Officer of Cal Dive, stated, "We are excited to announce this new project in the Bahamas which will be performed in the fourth quarter of 2010 and the first quarter of 2011. This project is an example of the integrated services solution we are able to offer our clients with large complex projects, due to the wide range of capabilities of our assets and the advanced technical skills of our project management team."

Cal Dive International, Inc., headquartered in Houston, Texas, is a marine contractor that provides an integrated offshore construction solution to its customers, including manned diving, pipelay and pipe burial, platform installation and platform salvage services to the offshore oil and natural gas industry on the Gulf of Mexico OCS, Northeastern U.S., Latin America, Southeast Asia, China, Australia, the Middle East, India and the Mediterranean, with a fleet of 29 vessels, including 19 surface and saturation diving support vessels and 10 construction barges.

Source: Cal Dive International