Cal Dive Announces Change of Corporate Name to Helix Energy Solutions
February 27 2006 - 8:28AM
PR Newswire (US)
HOUSTON, Feb. 27 /PRNewswire-FirstCall/ -- Cal Dive International,
Inc. (NASDAQ:CDIS) announced today that it is changing its
corporate name to Helix Energy Solutions Group, Inc. ("Helix Energy
Solutions"). The name change will be effective as of March 6, 2006
at which time the company will trade under the stock symbol HELX on
the NASDAQ exchange. The company's new website at
http://www.helixesg.com/ will also be rolled out on that date. Owen
Kratz, Chairman and Chief Executive Officer, stated, "It is with a
tinge of sadness, but a lot of excitement, that we inform you of
our plans to change our corporate name. The name 'Cal Dive' has
served us well since the 1960s; however, it is time to move on, as
we clearly are no longer solely a diving services provider. "We
have long seen three undeniable trends in the oilfield industry
environment: there will be more mature fields; more small oilfield
discoveries; and more deepwater development projects. Since the
early 1990s, we have been gradually positioning the company to
achieve superior growth and financial returns from exploiting these
trends. We have assembled a company with highly specialized people,
assets and methodologies that we believe provide all of the
necessary services to maximize the economics from marginal fields.
"We differentiate ourselves as a service contractor by taking
equity interests in some of those fields. We started in 1992 with
mature reservoirs in shallow water and more recently have secured
working interests in several deepwater development fields.
Following the closing of our acquisition of Remington Oil and Gas
and the completion of the drilling upgrade to the Q4000, we will be
able to identify, drill, develop, maintain and finally abandon our
own reservoirs with the status of operator. "The choice of an
appropriate new name has perplexed us for many months; however, we
believe that the acquisition of Helix RDS last year brought us a
perfect answer. A helix is of course a spiral, but, more
interestingly, a double helix is the natural shape that defines the
structure of DNA, a basic building block of all of us. The two
strands of the double helix are anti - parallel, which means that
they run in opposite directions. "The clear analogy for us is that
we regard it as entirely natural for our strategy to have the two
strands of energy service and production. These strands have also
proven to be counter cyclical, as service activity lags changes in
the commodity prices which drive production returns. "Therefore,
our new name will be HELIX ENERGY SOLUTIONS and we pledge to
continue to focus on both high quality service provision and value
adding oil and gas production, as a partner and operator. "While we
take the name of one subsidiary, we will on pass 'Cal Dive' to our
Shelf services business unit. We may then sell a minority stake in
it via an initial public offering later this year. This press
release does not constitute on offer of any securities for sale.
The proceeds from such a sale would be used to help finance a
planned investment program in service assets that are more core to
our strategy, e.g., production facilities or even a second
Q4000-type vessel. "We look forward to the support of all our
stakeholders as this 'twist' of fate unfolds. In return we will
strive daily to be as successful as 'Cal Dive' has always been."
Helix Energy Solutions, 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 marine diving services,
robotics, well operations, facilities ownership and oil and gas
production. FORWARD-LOOKING STATEMENTS This press release and
attached presentation contain 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; any statements regarding the
proposed merger of Remington Oil and Gas Corporation into a wholly
owned subsidiary of Cal Dive or the anticipated results (financial
or otherwise) thereof; 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, 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; and,
with respect to the proposed Remington merger, actual results could
differ materially from Cal Dive's expectations depending on factors
such as the combined company's cost of capital, the ability of the
combined company to identify and implement cost savings, synergies
and efficiencies in the time frame needed to achieve these
expectations, prior contractual commitments of the combined
companies and their ability to terminate these commitments or
amend, renegotiate or settle the same, the combined company's
actual capital needs, the absence of any material incident of
property damage or other hazard that could affect the need to
effect capital expenditures, any unforeseen merger or acquisition
opportunities that could affect capital needs, the costs incurred
in implementing synergies and the factors that generally affect
both Cal Dive's and Remington's respective businesses as further
outlined in "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in each of the companies'
respective Annual Reports on Form 10-K for the year ended December
31, 2004. Actual actions that the combined company may take may
differ from time to time as the combined company may deem necessary
or advisable in the best interest of the combined company and its
shareholders to attempt to achieve the successful integration of
the companies, the synergies needed to make the transaction a
financial success and to react to the economy and the combined
company's market for its exploration and production. We assume no
obligation and do not intend to update these forward-looking
statements. Additional Information Cal Dive and Remington will file
a proxy statement/prospectus and other relevant documents
concerning the proposed merger transaction with the Securities and
Exchange Commission ("SEC"). Investors are urged to read the proxy
statement/prospectus when it becomes available and any other
relevant documents filed with the SEC because they will contain
important information. You will be able to obtain the documents
free of charge at the website maintained by the SEC at
http://www.sec.gov/ . In addition, you may obtain documents filed
with the SEC by Cal Dive free of charge by requesting them in
writing from Cal Dive or by telephone at (281) 618-0400. You may
obtain documents filed with the SEC by Remington free of charge by
requesting them in writing from Remington or by telephone at (214)
210-2650. Cal Dive and Remington, and their respective directors
and executive officers, may be deemed to be participants in the
solicitation of proxies from the stockholders of Remington in
connection with the merger. Information about the directors and
executive officers of Cal Dive and their ownership of Cal Dive
stock is set forth in the proxy statement for Cal Dive's 2005
Annual Meeting of Shareholders. Information about the directors and
executive officers of Remington and their ownership of Remington
stock is set forth in the proxy statement for Remington's 2005
Annual Meeting of Stockholders. Investors may obtain additional
information regarding the interests of such participants by reading
the proxy statement/prospectus when it becomes available.
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.sec.gov/ /Web site: http://www.caldive.com/
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