Cal Dive books $46 million Pemex pipeline contract

Cal Dive International, Inc. (NYSE:DVR) reports that it has been awarded a contract by Pemex Exploración y Producción for the installation of a 20 inch subsea pipeline located in the Abkatun Pol Chuc Field in 73 meters of water. The contract is expected to generate total revenue of approximately $46 million and will utilize two of the company’s key assets. The offshore construction is expected to commence in the second quarter 2012.

Quinn Hébert, President and Chief Executive Officer of Cal Dive, stated, “We are pleased to announce our second contract win in Mexico for 2012. Mexico is shaping up to be a very active market in 2012 as expected. So far we have been awarded contracts in Mexico with aggregate expected revenue in 2012 of approximately $70 million compared to revenues generated from Mexico projects in 2011 of approximately $30 million.”

March 5, 2012