Cal Dive International, Inc. Closes Asset Purchase Agreement With Torch Offshore
2005年9月1日 - 7:11AM
PRニュース・ワイアー (英語)
HOUSTON, Aug. 31 /PRNewswire-FirstCall/ -- Cal Dive International,
Inc. (NASDAQ:CDIS) announced today that it has closed an asset
purchase agreement with Torch Offshore, Inc. (OTC Pink Sheets:
TORCQ) following early termination of the second review of the
transaction by the Department of Justice. Under the terms of the
purchase agreement Cal Dive paid a consideration of $85 million for
two shelf pipelay barges; four shelf diving vessels; the deepwater
pipelay vessel Midnight Express; and a portable saturation diving
system, together with all equipment, inventory, intellectual
property and other assets related to the operations of the vessels.
Martin Ferron, President, stated, "We are very pleased to have
concluded this complicated transaction and are now focused on
getting the acquired assets back to work, especially given the
extra demand generated by Hurricane Katrina. We expect this to
happen on a phased basis before the end of the year due to the need
to drydock several of the vessels. The Midnight Express will be
placed in service this year in its present condition, but will
require significant upgrade work next year to reach its optimum
pipelay capability. We expect the overall drydocking and upgrade
budget to be around $30 million for all of the assets. "The deal
should be accretive to fourth quarter earnings this year and we
expect the acquired assets to generate between $25 million - $30
million of operating cash flow on a full year basis." 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 marine diving services, robotics, well
operations, facilities ownership and oil and gas production. This
press release and attached presentation contain 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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