Cal Dive International, Inc. has been awarded a contract with a leading independent oil and gas exploration and production company for salvage preparation and platform salvaging work for hurricane damaged structures in the Gulf of Mexico in water depths up to 230 feet. The day rate contract will generate at a minimum approximately $35 million in revenue and 180 total utilization days and will involve three of the Company's key assets including the Kestrel, a dynamically positioned saturation dive support vessel, the Atlantic, a derrick barge, and a portable saturation diving system. The contract is expected to commence in early March 2008.
The Company also announced that it plans to re-deploy two of its assets internationally. The Mystic Viking, a dynamically positioned saturation dive support vessel, is preparing to mobilize to Trinidad for a multiple phase pipeline tie-in project under a qualified turnkey contract with expected revenue of approximately $33 million and the potential for additional work to be earned on a day rate basis. The vessel will install mats, conduct pigging and hydrostatic testing and complete all pipeline tie-ins in water depths up to 520 feet.
The Company also installed one of its portable saturation diving systems on the Texas, a dynamically positioned multi-service vessel, to give it full saturation diving capabilities. The Texas has successfully completed the Northeast Gateway project off the coast of Boston and is currently in transit to the Mediterranean area with prospective work commencing in February 2008.
Quinn J. Hebert, President and Chief Executive Officer of Cal Dive, stated, "We are pleased to announce these contract awards so soon after the closing of our acquisition of Horizon Offshore as they illustrate our ability to offer our customers an integrated solution and our commitment to expanding our international operations. We look forward to continuing to execute on these strategies."
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