Cal Dive International Update Following Hurricane Rita
29 September 2005 - 12:25AM
PR Newswire (US)
HOUSTON, Sept. 28 /PRNewswire-FirstCall/ -- Cal Dive International,
Inc. (NASDAQ:CDIS) announced today an update following the passage
of Hurricane Rita. Marine Contracting All marine personnel, assets
and operating bases came safely through the storm with most vessels
remaining on hire. All operational vessels are now back to work and
the first three of the recently acquired Torch assets are expected
to be deployed early in October. Oil and Gas Production All
offshore activities were suspended as of Thursday, September 22,
2005, with all operations personnel safely evacuated. Net daily
production of approximately 100 million cubic feet of natural gas
equivalent (MMcfe) (down from pre-Hurricane Katrina volumes of 110
MMcfe/day) was shut in. Energy Resource Technology (ERT), our oil
and gas production subsidiary, conducted flyovers of its properties
after the hurricane which indicated that one producing platform has
been significantly damaged and two non-producing platforms have
been lost. Several other producing platforms sustained damage that
appears to be repairable within the short term. The repair cost,
net of insurance proceeds, is expected to be less than $10 million.
ERT estimates that daily production will be brought back on line
according to the following time line, subject to the availability
of third party pipelines: By 9/30 50 MMcfe By 10/15 65 MMcfe By
10/31 85 MMcfe By 12/31 100 MMcfe Production Facilities A flyover
of the Marco Polo platform indicated no significant damage and an
announcement is expected soon from the operator, concerning the
resumption of production. Owen Kratz, Chairman and Chief Executive
Officer, stated, "Hurricanes Katrina and Rita have added
meaningfully to the already robust demand for Marine Contracting
services, offsetting impact on our Oil and Gas Production and
Production Facility businesses. "Based on this situation, we
reaffirm our previously released earnings guidance of $2.80 to
$3.20/share for 2005 and currently believe earnings will come in
near the high end of that range. We will further refine this
estimate in our third quarter earnings release scheduled for
November 1, 2005." Cal Dive International, Inc., headquartered in
Houston, Texas, is an energy service company which provides
alternate solutions to the oil and gas industry worldwide for
marginal field development, alternative development plans, field
life extension and abandonment, with service lines including marine
diving services, robotics, well operations, facilities ownership
and oil and gas production. This press release and attached
presentation contain forward-looking statements that involve risks,
uncertainties and assumptions that could cause our results to
differ materially from those expressed or implied by such
forward-looking statements. All statements, other than statements
of historical fact, are statements that could be deemed
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without
limitation, any projections of revenue, gross margin, expenses,
earnings or losses from operations, or other financial items; any
statements of the plans, strategies and objectives of management
for future operations; any statement concerning developments,
performance or industry rankings relating to services; any
statements regarding future economic conditions or performance; any
statements of expectation or belief; and any statements of
assumptions underlying any of the foregoing. The risks,
uncertainties and assumptions referred to above include the
performance of contracts by suppliers, customers and partners;
employee management issues; complexities of global political and
economic developments, and other risks described from time to time
in our reports filed with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year
ending December 31, 2004. We assume no obligation and do not intend
to update these forward-looking statements. DATASOURCE: Cal Dive
International, Inc. CONTACT: Wade Pursell, Chief Financial Officer
of Cal Dive International, Inc., +1-281-618-0400, or fax,
+1-281-618-0505 Web site: http://www.caldive.com/
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