* Says results hurt by decline in activity levels
* Shares fall about 10 pct
Feb 12 Cal Dive International Inc DVR.N
expects its fourth quarter 2009 results to be well below the
first quarter, as the offshore energy services company
experienced a more significant decline in activity levels than
Shares of the Houston-based company fell as much as 10
percent to $6.36, before paring some losses to trade at $6.69
in early morning trade Friday on the New York Stock Exchange.
The company had earned 12 cents a share in the first
quarter, on revenue of $207.05 million.
For the fourth quarter, analysts on average were expecting
the company to earn 12 cents a share, on revenue of 199.70
million, according to Thomson Reuters I/B/E/S.
The company said that both utilization and vessel pricing
levels across its fleet were hurt as customers had already
spent majority of their annual capital budgets heading into the
The company also blamed "worse-than-expected" weather in
the U.S. Gulf of Mexico and a mechanical downtime at one of its
key international diving assets for the results.
(Reporting by Krishna N. Das in Bangalore; Editing by Maju