Cal Dive Chairman Enters Into Stock Transaction

Cal Dive International, Inc. (Nasdaq: CDIS) announced that Owen Kratz, its Chairman and Chief Executive Officer, has entered into a prepaid forward sale agreement for up to 500,000 shares of Cal Dive common stock. While the transaction is required to be reported as a forward sale under Rule 144, it essentially is a mechanism that allows Mr. Kratz to borrow against the future value of the stock.

Mr. Kratz has advised the Company that he is entering into this transaction in order to realize a significant portion of the current value of the stock while maintaining an interest in the long term upside of these shares. As a result, the beneficial ownership of Mr. Kratz remains unchanged.