Cal Dive International has reported third quarter 2009 net income of $32.9 million, or $.35 per diluted share compared to $45.9 million and $.43 per diluted share for the same period of 2008, which was a record quarter for the Company. The third quarter of 2009 financial performance was driven primarily by the Company’s continued strong project execution offshore. The decrease in net income compared to third quarter of 2008 is primarily due to lower levels of new construction activity in the Gulf of Mexico and a decline in work for a large LNG project located offshore Boston, where a significant portion of the work had been performed during the third quarter of 2008. This decrease was partially offset by increased pipelay activity in Mexico and China and increased hurricane repair activity in the Gulf of Mexico.
Quinn Hébert, President and Chief Executive Officer of Cal Dive, stated, "Through the hard work of our men and women offshore we were able to achieve another quarter of excellent offshore execution that resulted in solid financial performance. We completed our large pipelay project in Mexico during the quarter and we were awarded our second contract in China following the successful completion of our first project there earlier this year. We look forward to continuing to grow our business in these markets. Our international revenues have increased by nearly 40% during the first nine months of 2009 as compared to the same period of 2008.
"We were also pleased to announce the successful completion of Helix’s secondary public offering of our common stock during the quarter. This offering followed an earlier Helix secondary offering completed in June of this year. Today, Helix owns less than 1% of our common stock. This should prove to be a positive development for Cal Dive’s stockholders as it increases the liquidity of our common stock.
"As expected, the fourth quarter is shaping up to be slower as our customers look to avoid the winter weather in the Gulf of Mexico and have already spent the majority of their capital budgets for the year. Our backlog as of September 30th was $213 million and approximately 53% of that will be performed during the fourth quarter of this year, with 38% to be performed in 2010."
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