February 12, 2010 / 3:28 PM / in 8 years

UPDATE 1-Cal Dive expects Q4 to be well below Q1; shares fall

* Says results hurt by decline in activity levels

* Shares fall about 10 pct

Feb 12 (Reuters) - 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 it expected.

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 winter months.

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 Samuel)

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