Cal Dive awarded major project for integrated services
  by: OilOnline
  Thursday, May 01, 2008

Cal Dive International, Inc. has been awarded a major project to install, trench, backfill, tie-in, and pre-commission a natural gas pipeline off the US East Coast.  The project is expected to generate approximately $125 million in revenue and will employ four of the Company’s key assets, including the Lone Star, a pipelay barge; the Atlantic, a derrick barge; the Kestrel, a dynamically positioned saturation dive support vessel; and one of the Company’s four-point saturation diving vessels. The work is expected to commence in June of 2008 and will be performed in two seasons, with the remaining work scheduled in the summer of 2009.

Quinn Hébert, President and Chief Executive Officer of Cal Dive, stated “We are very excited about the way the market is shaping up. Our customers’ confidence and capital spending forecasts are translating into a high level of tendering activity. The East Coast project is a big win for us and it demonstrates the strategic rationale for the recent acquisition of Horizon through the integrated diving, derrick barge and pipelay services we are providing under this project. This contributed to the growth in our backlog to approximately $450 million.

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