Helix to Commence Secondary Public Offering of Cal Dive Common Stock

HOUSTON--(Business Wire)--
Cal Dive International, Inc. (NYSE:DVR) announced today that Helix Energy
Solutions Group, Inc. (NYSE:HLX) ("Helix"), its majority stockholder, intends to
commence an underwritten secondary public offering of 20.0 million shares of Cal
Dive common stock. Cal Dive also announced it has entered into an agreement with
Helix under which, simultaneously with and conditioned upon closing of the
offering, it will repurchase directly from Helix an additional $14 million in
shares at a per share purchase price that is equal to the price at which Helix
sells the shares under the offering. Cal Dive intends to retire all of the
shares repurchased.

The secondary offering also includes an option for the underwriters to purchase
an additional 3.0 million shares to cover over-allotments, if any. The offering,
including the over-allotment option and stock repurchase (at an assumed price of
$10.09 per share, which was the closing sale price of Cal Dive common stock on
Friday, May 29) represents approximately 26% of Cal Dive`s common stock
currently outstanding and if completed would reduce Helix`s ownership interest
in the Company from approximately 51% to 25%. Helix will receive all net
proceeds from the secondary offering and stock repurchase.

In connection with the offering, Credit Suisse Securities (USA) LLC and Merrill
Lynch & Co. are acting as joint book-running managers and Raymond James &
Associates and Johnson Rice & Company L.L.C. are acting as co-managers for the
offering.

Cal Dive has filed a registration statement, including a prospectus, with the
Securities and Exchange Commission for the offering to which this communication
relates. Before investing, investors should read the prospectus in that
registration statement, the accompanying prospectus supplement, and other
documents Cal Dive has filed with the SEC for more complete information about
Cal Dive and this offering.

Investors may obtain these documents for free by visiting EDGAR on the SEC Web
site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer
participating in the offering will arrange to send the prospectus and the
prospectus supplement upon request by contacting Credit Suisse Securities (USA)
LLC at Prospectus Dept., One Madison Avenue, New York, NY 10010, 1-800-221-1037
or Merrill Lynch & Co. at 4 World Financial Center, New York, NY 10080, attn:
Prospectus Department.

This news release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of any such
jurisdiction.

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, Australia, the Middle East, India and the Mediterranean, with a fleet of
31 vessels, including 21 surface and saturation diving support vessels and 10
construction barges.

This press release may include "forward-looking" statements that are generally
identifiable through our use of words such as "believe," "expect," "anticipate,"
"intend," "plan," "estimate," "project" and similar expressions and include any
statements that we make regarding our earnings expectations. The forward-looking
statements speak only as of the date of this release, and we undertake no
obligation to update or revise such statements to reflect new information or
events as they occur. Our actual future results may differ materially due to a
variety of factors, including current economic and financial market conditions,
changes in commodity prices for natural gas and oil and in the level of offshore
exploration, development and production activity in the oil and natural gas
industry, our inability to obtain contracts with favorable pricing terms if
there is a downturn in our business cycle, intense competition in our industry,
the operational risks inherent in our business, risks associated with our
relationship with Helix Energy Solutions Group, Inc., and other risks detailed
in the prospectus supplement relating to the offering and our Annual Report on
Form 10-K.

Cal Dive International, Inc.
Chief Financial Officer
G. Kregg Lunsford, 713-243-2713

Copyright Business Wire 2009