Cal Dive International, Inc. has announced the sale of its U.S. Gulf of Mexico shallow water surface diving fleet to a privately held company for cash of $18.5 million and a 19.9% minority interest in the entity acquiring the assets.
“This transaction is part of the Company’s strategic plan to divest non-core assets, strengthen the balance sheet and pursue opportunities that enhance shareholder value,” Cal Dive said in a press release.
In connection with the assets sold, the Company implemented cost reductions in the first quarter 2014 and will realize additional overhead cost reductions going forward as a result of the sale. The assets sold represent less than 5% of the net book value of the Company’s property and equipment and the company says that the transaction is expected to have a minimal impact relative to consolidated financial results expected for 2014.
Quinn Hébert, Chairman, President and Chief Executive Officer of Cal Dive, stated, “This transaction is part of our ongoing efforts to concentrate our financial and other resources on key strategic initiatives. These include our U.S. Gulf of Mexico saturation diving, pipelay and decommissioning and salvage operations and our construction and diving services in key international markets such as Mexico, Australia, Southeast Asia and the North Sea.”