Cal Dive Receives OK to Close Asset Purchase Agreement with Stolt Offshore

Cal Dive International has received clearance from the Department of Justice to close the asset purchase agreement with Stolt Offshore, that was announced on April 12th. Under the terms of the clearance, Cal Dive will divest two diving support vessels and a portable saturation diving system from the combined asset package acquired through this transaction and the one closed with Torch Offshore on August 31st.

Martin Ferron, President, stated, "We are very pleased to now be able to fully implement our plan to form a new Shelf contracting subsidiary. This entity will have 28 vessels and two portable saturation diving systems to deploy in a strong marketplace, bolstered by additional subsea work created by Hurricane's Ivan, Katrina and Rita."