Helix has entered into a definitive stock repurchase agreement with Cal Dive International, a majority-owned subsidiary, pursuant to which it will sell to Cal Dive 13,564,669 shares of Cal Dive's common stock for total consideration equal to $86,000,000 or $6.34 per share.
The purchase price represents an approximate 2% discount to the 30 day average trading price of Cal Dive's common stock as of January 16, 2009. Helix expects to close the transaction in the near future and will use the proceeds of the sale for general corporate purposes. After the consummation of this transaction Helix will own 47,942,022 of the 93,946,409 shares of Cal Dive common stock outstanding such that Helix's ownership interest is reduced from approximately 57% to approximately 51% of Cal Dive.
Owen Kratz, the Helix's President and Chief Executive Officer, commented, "We believe that this is another step in our previously announced strategy of unlocking the asset value in the Company by divesting of assets outside of our core business focus while simultaneously providing the Company with additional liquidity which we believe is important in the current economic environment."
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