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January 11, 2006

Cal Dive increases pipelaying capability

Cal Dive International, Inc. (Nasdaq: CDIS) is to convert a four year old mono-hull vessel, originally built for the cable laying market, into a deepwater pipelaying vessel.

To be named Caesar, the 485 foot long vessel already has a state-of-the-art, class 2, dynamic positioning system.

The conversion program will primarily involve the installation of a conventional "S" lay pipelaying system together with a main crane and a significant upgrade to the accommodation capability.

Cal Dive says a conversion team has already been assembled with a base at Rotterdam, the Netherlands, and the vessel is likely to enter service at the end of the first quarter of 2007. The capital cost to purchase the vessel and complete the conversion will be around $125 million.

Martin Ferron, President of Cal Dive stated, "The introduction of Caesar will complete the set of tools we need to address the development of our expanding internal portfolio of deepwater projects. As an 'S' lay vessel, Caesar does not need a spoolbase and will therefore be very mobile in the worldwide market. She will also provide us with the incremental capability to lay export pipelines and handle steel catenary risers (SCRs) in deepwater."

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