Key Developments: Cal Dive International Inc (DVR)
2.01USD
20 May 2013
$-0.09 (-4.29%)
$2.10
$2.15
$2.18
$2.00
756,989
1,490,867
$3.08
$1.00
Latest Key Developments (Source: Significant Developments)
Cal Dive International Inc Secures Two Additional Pemex Contracts Totaling $188 Million
Cal Dive International Inc announced that it has been awarded two additional contracts from Pemex Exploración y Producción that are expected to generate combined total revenues of approximately $188 million. The first contract is for the procurement, installation and commissioning of 47 kilometers of 20 inch subsea pipeline and associated tie-ins to an existing platform. This contract is expected to generate revenues of approximately $129 million and will utilize two of the Company`s vessels as well as a third party vessel. The offshore construction is expected to commence in the third quarter 2013 with a portion of the work expected to be performed during the first quarter 2014. The second contract is for the procurement, installation and commissioning of nine kilometers of two medium diameter subsea pipelines and associated tie-ins to existing platforms. This contract is expected to generate revenues of approximately $59 million and will utilize a third party vessel and a Company dive support vessel. The offshore construction for this contract is expected to commence in the fourth quarter 2013 and is expected to be completed by the end of the second quarter 2014. On a combined basis, approximately 50% - 60% of the contracts are expected to be performed during 2013. Full Article
Cal Dive International Inc Comments On Q4 2012 EBITDA Guidance; Announces Restructuring Plan
Cal Dive International Inc announced that for the fourth quarter of 2012, it expects consolidated EBITDA to exceed the third quarter of 2012. The Company also announced that in response to the Gulf of Mexico market conditions experienced in 2012, during the third quarter of 2012, the Company implemented a domestic restructuring plan that included consolidating departments and facilities, head-count reductions and selling non-core assets. The Company is actively marketing for sale certain non-core assets that are expected to produce minimal EBITDA in 2012 and, for certain assets, that provided no EBITDA contribution for some time and have been impaired in prior years. As part of this plan, the Company expects to complete sales of certain under-utilized facilities by year-end for proceeds up to approximately $9 million. Proceeds will be used to reduce the balance of the existing term loan. Full Article
Cal Dive International Inc Announces International Awards
Cal Dive International Inc announced that it has recently commenced a two-year charter of the DP saturation diving vessel Kestrel to a major contractor in Mexico to perform repair and maintenance work for Pemex. The charter started in mid-October and has a fixed term of two years with an additional one-year option. In addition, Cal Dive has been awarded three saturation diving contracts in Australia. Two of the projects will utilize one of Cal Dive’s portable saturation diving systems while the third contract will be performed from a third party vessel utilizing a built in saturation diving system. These three contracts are expected to generate total revenue of approximately $20 million during 2013 and the first project is expected to commence in the first quarter 2013. Full Article
Cal Dive International, Inc. Announces Closing Of 5.00% Convertible Senior Notes Offering
Cal Dive International, Inc. announced that the closing of its previously announced private offering of its 5.00% convertible senior notes due 2017 (the notes). Cal Dive issued $86.25 million aggregate principal amount of the notes (which includes $11.25 million aggregate principal amount of notes issued pursuant to the initial purchasers’ exercise in full of their over-allotment option on July 16, 2012). The offering and sale of the notes was made through a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act). The net proceeds from the offering were approximately $83.0 million after deducting the initial purchasers’ discounts and commissions and estimated transaction expenses. Cal Dive will use the net proceeds from the notes offering to repay a portion of the term loan under its senior secured credit facility. Following the repayment, the term loan balance will be approximately $48.8 million. Additionally, the notes will be excluded from Cal Dive’s leverage ratio covenant under its senior secured credit agreement, as amended, going forward. Full Article
Cal Dive International, Inc. Issues Q2 2012 EBITDA Guidance Below Analysts' Estimates
Cal Dive International, Inc. announced that for second quarter of 2012, it expects EBITDA to be approximately $10.5 million. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EBITDA of $12.8 million for second quarter of 2012. Full Article
Cal Dive International, Inc. Forms Joint Venture To Pursue Offshore Wind Project
Cal Dive International, Inc. announced that it is forming a joint venture with Flatiron Construction Corp. and Cashman Equipment Corp. to pursue a offshore wind project. The joint venture, of which Cal Dive will own a minority interest, has been designated the Preferred Contractor by Cape Wind Associates, LLC for the Cape Wind Project located on Nantucket Sound, USA. Final award and execution of the project construction contract is expected to occur in 2012, with project construction expected to begin in 2013. Full Article
Cal Dive International Inc Secures Pemex Contract For 2012
Cal Dive International Inc announced that it has been awarded a contract by Pemex Exploración y Producción for the installation of a 20 inch subsea pipeline located in the Abkatun Pol Chuc Field in 73 meters of water. The contract is expected to generate total revenue of approximately $46 million and will utilize two of the Company’s key assets. The offshore construction is expected to commence in the second quarter 2012. Full Article
Cal Dive International Inc Secures Decommissioning Contract
Cal Dive International Inc announced that it has been awarded a Field Abandonment and Decommissioning Contract from an operator in the Gulf of Mexico which includes the abandonment of 17 wells, seven pipelines, and the removal of eight structures. The contract is expected to generate total revenue of approximately $25 million and will utilize two of the Company's key assets. Work on this project will commence in the first quarter of 2012 and is expected to be completed by the end of June 2012. Full Article
Cal Dive International Inc Comments On FY 2011 Charge Guidance
Cal Dive International Inc announced that it does not expect any additional impairment charges for the remainder of fiscal 2011. Full Article
Cal Dive International Inc Secures Pemex Exploracion y Produccion Contract For 2012
Cal Dive International Inc announced that it has been awarded a contract by Pemex Exploracion y Produccion for the installation of an eight inch subsea pipeline located in the Abkatun Field in 47 meters of water. The contract will generate total revenue of approximately $27 million and will utilize two of the Company’s key assets. The offshore construction is expected to commence in April 2012. Full Article
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