Cal Dive International Locks in Rate on MARAD Debt

Cal Dive International has completed the refinancing of $134.9 million of outstanding floating-rate debt through the issuance of a 4.93% fixed-rate note maturing in February 2027. The Company also terminated a related interest rate swap contract, which had been entered into on September 13, 2005, receiving net proceeds of $1.5 million. This gain will be deferred and amortized over the life of the fixed-rate note resulting in an effective fixed interest rate of approximately 4.81%.

The floating-rate debt and the refinancing were issued under the Title XI program of the U.S. Department of Transportation's Maritime Administration to assist Cal Dive in financing the construction of the Company's ultra-deepwater multi service vessel, the Q4000, which was completed in early 2002.