Cal Dive Awarded Pipeline Project Worth $125 Million

Cal Dive International has been awarded a major project to install, trench, backfill, tie-in, and pre-commission a natural gas pipeline off the US East Coast. The project is expected to generate approximately $125 million in revenue and will employ four of the Company's key assets, including the Lone Star, a pipelay barge; the Atlantic, a derrick barge; the Kestrel, a dynamically positioned saturation dive support vessel; and one of the Company's four-point saturation diving vessels. The work is expected to commence in June of 2008 and will be performed in two seasons, with the remaining work scheduled in the summer of 2009.