Cal Dive to Add Drilling Capability to Q4000
12 Janvier 2006 - 10:30PM
PR Newswire (US)
HOUSTON, Jan. 12 /PRNewswire-FirstCall/ -- Cal Dive International,
Inc. (NASDAQ:CDIS) announced today that it plans to enhance the
capabilities of the Q4000 to include drilling. The upgrade, which
only involves the addition of a modular-based drilling system, will
take place when long lead items, such as the Blow Out Preventer
(BOP), become available early next year. The total capital to be
spent on the upgrade will be around $30 million. The selected
drilling system is based on hybrid slimbore technology which has
the best application to the exploration and appraisal of deepwater
reservoirs. However, the system will also allow the Q4000 to drill
completeable wells out to 6,000 fsw. Owen Kratz, Chairman and Chief
Executive Officer, stated, "This is an important strategic move for
Cal Dive because not only does it improve the quantity and mix of
high dayrate work available to the Q4000, it also allows us to use
the vessel as another tool to secure working interest positions,
and even operator status, on select deepwater projects. Prior to
the vessel being ready to enter the drilling market we will be
active in further building a portfolio of suitable prospects." Cal
Dive International, Inc., headquartered in Houston, Texas, is an
energy service company which provides alternate solutions to the
oil and gas industry worldwide for marginal field development,
alternative development plans, field life extension and
abandonment, with service lines including subsea intervention,
reservoir management, facilities ownership and oil and gas
production. This press release contains forward-looking statements
that involve risks, uncertainties and assumptions that could cause
our results to differ materially from those expressed or implied by
such forward-looking statements. All statements, other than
statements of historical fact, are statements that could be deemed
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without
limitation, any projections of revenue, gross margin, expenses,
earnings or losses from operations, or other financial items; any
statements of the plans, strategies and objectives of management
for future operations; any statement concerning developments,
performance or industry rankings relating to services; any
statements regarding future economic conditions or performance; any
statements of expectation or belief; and any statements of
assumptions underlying any of the foregoing. The risks,
uncertainties and assumptions referred to above include the
performance of contracts by suppliers, customers and partners;
employee management issues; complexities of global political and
economic developments, and other risks described from time to time
in our reports filed with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year
ending December 31, 2004. We assume no obligation and do not intend
to update these forward-looking statements. DATASOURCE: Cal Dive
International, Inc. CONTACT: Wade Pursell, Chief Financial Officer
of Cal Dive International, Inc., +1-281-618-0400, or fax,
+1-281-618-0505 Web site: http://www.caldive.com/
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