Cal Dive Makes a Big Splash with Pemex Contract
Pemex Exploracion y Produccion (PEMEX) awarded Cal Dive International, Inc. two additional contracts totaling $188 million on top of a previously awarded contract in March.
In March, Cal Dive received a contracted to engineer, procure, install and commission 7 miles (12 kilometers) of 8-inch subsea pipeline and associated tie-ins on four existing platforms located in the Abkatun-Pol-Chuc field in the Bay of Campeche.
The newly-minted contract is for the procurement, installation and commissioning of a 29 mile-long pipeline of 20-inch diameter and associated tie-ins to an existing platform. Offshore work construction on this portion of the contract will commence in the third quarter using two of the company's vessels and a third-party unit.
The second contract is for the procurement, installation and commissioning of 6 miles (9 kilometers) of two medium diameter subsea pipelines and associated tie-ins to existing platforms. Offshore construction for this contract is expected to commence in the fourth quarter of 2013 and should be completed by the end of the second quarter 2014.
"With the $63 million Pemex contract we announced in March, total contract awards with Pemex this year currently stand at $250 million," stated Cal Dive's Chairman, President and Chief Executive Office Quinn Hebert, in a released statement. "These awards increase our total Company backlog to over $400 million, our highest level in five years. We believe these awards demonstrate Pemex's confidence in Cal Dive as a reliable contractor. These recent contract awards not only secure work for the second half of 2013, but also provide significant visibility for the first half of 2014 when our domestic business is historically slow due to the winter work season. Also, we continue to bid for additional work in Mexico that would mostly benefit our 2014 results."
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