Cal Dive Expects to Report Lower 4Q 2009 Earnings
Cal Dive has provided information regarding the financial results it expects to report for the fourth quarter of 2009. The Company experienced a more significant decline in its activity levels during the fourth quarter than it expected as its customers had already spent the majority of their annual capital budgets heading into the winter months, which impacted both utilization and vessel pricing levels across the fleet. Furthermore, the weather in the US Gulf of Mexico was worse than expected, which reduced the number of days the Company's assets could work offshore, and one of its key diving assets working internationally experienced unexpected mechanical downtime. This also resulted in a higher than expected effective tax rate for the fourth quarter as a lower percentage of income was earned from foreign tax jurisdictions. The Company expects to report financial results for the fourth quarter of 2009 that are well below that of the first quarter of 2009.
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