Cal Dive has been awarded a pipe-in-pipe contract for work in the South China Sea. This follows the Company's first contract in China which was awarded in April of this year for pipe lay work in Bohai Bay. The new day rate contract is expected to generate total revenue of approximately $12 million and will utilize the derrick/lay barge Sea Horizon.
The Company also announced it has agreed to a three month extension on a long term contract with one of its key customers for continued salvage work in the Gulf of Mexico through December 31, 2009.
Quinn Hébert, President and Chief Executive Officer of Cal Dive, stated, "We are excited to announce another project win in China following the successful execution of our first project. We consider this a key area for our international expansion. We are also pleased to continue to perform salvage and decommissioning services in the Gulf of Mexico for a strategic client of ours."
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