UPDATE 1-Cal Dive posts wider-than-expected Q2 loss

Wed Jul 28, 2010 5:31pm EDT

* Q2 adj loss $0.8/shr vs est $0.05/shr

* Rev down 52 pct to $124.2 mln

* Says long-term impact from GoM oil spill is unknown

July 28 (Reuters) - Offshore shipment services provider Cal Dive International Inc (DVR.N) posted a wider-than-expected quarterly loss, hurt by a decline in demand due to the Gulf of Mexico oil spill.

"The decline in demand was primarily due to a reduction in hurricane repair work in the Gulf of Mexico and in new construction activity," the company said in a statement.

For the second quarter, the company posted net loss of $11 million, or 12 cents a share, compared with net income of $28.6 million, or 30 cents a share, a year ago.

Excluding items, Cal Dive posted a loss of 8 cents a share.

Revenue fell 52 percent to $124.2 million.

Analysts on average were expecting a loss of 5 cents a share, before items, on revenue of $100.1 million, according to Thomson Reuters I/B/E/S.

Shares of the Houston-based company closed at $6.27 Wednesday on the New York Stock Exchange. (Reporting by Swati Chitnis and Vinay Sarawagi in Bangalore; Editing by Maju Samuel)

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