A semi-submersible saturation diving support vessel belonging to Cal Dive International found itself adrift in the waters off the Louisiana coast on Sunday night following a fire in its engine room. In a statement to gCaptain, the U.S. Coast Guard confirmed that the MV Uncle John suffered a fire in its #2 engine room, causing the vessel drift approximately 20 miles off the … [Read more...]
Cal Dive Decides Not to Pay $2.2 Million in Debt Interest , Considering Chapter 11
Cal Dive International says that it did not pay a $2.2 million interest payment due yesterday as the company continues to work with their lenders to address serious debt and capital structure issues that face the company. Cal Dive says a 30-day grace period exists on the interest payment for their 5.00% convertible senior notes due in 2017, but should the company fail to … [Read more...]
Cal Dive Sells Shallow Water Diving Fleet
Cal Dive has come a long way since its founders pioneered mixed gas diving in California's offshore oilfields back in the early 1960s at incredible risk to their own personal safety. Risks that made possible the massive offshore drilling rush that subsequently followed and gave rise to companies such as Oceaneering and Helix Energy Solutions Group. The company announced … [Read more...]
Cal Dive Reports Q1 Loss as Dry Docking Sidelines Valuable Assets
Cal Dive International reported today a first quarter 2012 loss of $24.3 million, or $.26 per diluted share, primarily due to the regulatory drydocks of three of the company's most profitable assets, including longer than expected out of service time for the upgrade of the Uncle John. The $24.3 million loss compares to a net loss of $18.7 million, or $.20 per diluted share … [Read more...]
Cal Dive Pursuing Offshore Wind Industry with Cape Wind Project Award
Cal Dive International is officially entering the offshore wind market, announcing today that the joint venture formed with Flatiron Construction Corp. and Cashman Equipment Corp. has been selected as the "preferred" construction contractor for the Cape Wind Project, America's first offshore wind project to be located on Nantucket Sound. As the "Preferred Contractor" the … [Read more...]