UPDATE 1-Cal Dive reports Q1 loss widens, warns on 2010

Wed Apr 28, 2010 5:24pm EDT

* Q1 shr loss $0.20 est loss of $0.06/shr

* Q1 rev down 72 pct, misses est

* Sees challenging conditions for rest of the yr

* Shares down 3 pct in after-market trade

April 28 (Reuters) - Offshore energy services company Cal Dive International Inc (DVR.N) reported a wider-than-expected quarterly loss hurt by a dip in vessel utilization and day rates, and warned that 2010 would remain challenging.

"While we are beginning to see some signs of recovery in the market, we still expect challenging market conditions for the remainder of 2010 compared to 2009," Chief Executive, Quinn Hebert said.

The company posted a first quarter loss of $19.1 million, or 20 cents a share, compared with earnings of $12.3 million, or 12 cents a share, last year.

Revenue slumped 72 percent to $57.4 million, as Cal Dive's customers cut back on spending for its offshore services.

Analysts on average were looking for a loss of 6 cents a share, on revenue of about $116.8 million, according to Thomson Reuters I/B/E/S.

Cal Dive shares were down 3 percent at $7.35 in after-market trade, after having closed at $7.58 Wednesday on the New York Stock Exchange.

The stock is so far down over 30 percent from an August 2009 year-high. (Reporting by Adveith Nair in Bangalore; Editing by Savio D'Souza)

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