Cal Dive Announces 2005 Earnings Guidance

Cal Dive International, Inc. (Nasdaq: CDIS) announced 2005 earnings guidance in a range of $2.00 to $2.70 per diluted share. The company expects, as in 2004, a majority of 2005 earnings will occur in the third and fourth quarters.

Owen Kratz, Chairman and Chief Executive Officer, stated, "This guidance is a natural result of the CDI budgeting process and risk management approach. It represents an attempt to provide transparency into the thought process of CDI management. Our budget is produced between September and December and thus guidance will be issued only once each year at the beginning of the year. Quarterly conference calls will focus upon a discussion of the accompanying key variables (see attached list) plus any new issues not foreseen. It is management's view that quarterly earnings variances are too often a result of timing differences and thus there will be no attempt to provide quarterly guidance."

Mr. Kratz continued, "It is noteworthy that the mid-point of the 2005 range is 57% higher than the same point in the 2004 guidance. This shows that management expects to deliver significant growth from our unique production contracting based business model."

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