HOUSTON, Jun 9, 2003 /PRNewswire-FirstCall via COMTEX/ -- Well Ops Inc., a wholly-owned subsidiary of Cal Dive International, Inc. (Nasdaq: CDIS) has announced delivery of a dedicated 10,000 psi 7 3/8" through-bore intervention riser system for subsea well operations to be conducted from Cal Dive's flagship semi-submersible DP MSV, the Q4000.
The intervention riser system, built and tested by Worldwide Oilfield Machines (WOM), is the largest of its kind operating in the Gulf of Mexico. It currently enables access to both conventional vertical and horizontal subsea trees in up to 5,000' water depth, with the capability of the system being extended to 10,000'. Terms of the purchase provide for payment in 2004.
CDI invested in the system to combine rapid response with maximum operational flexibility focused on the specific intervention needs of high rate producing deepwater subsea assets. All required through-tubing subsea well operations can be safely serviced with this system, with multi- disciplinary operations being conducted in a single mobilization including: wireline intervention, production logging, coiled tubing operations, well stimulation, full plug and abandonment operations, along with construction, inspection repair and maintenance.
The addition of this intervention riser system allows the Q4000 to respond quickly for subsea well intervention as an alternative to a drilling rig, and deal with issues such as loss of production or other emergency intervention needs, using standard tooling and procedures.
Cal Dive International, Inc., headquartered in Houston, Texas, is an energy service company specializing in well operations and subsea construction. CDI operates a fleet of technically advanced marine construction vessels and robotics worldwide and conducts salvage operations in the Gulf of Mexico.
Certain statements in this press release are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither statements of historical fact nor guarantees of future performance or events. Forward-looking statements involve risks and assumptions that could cause actual results to vary materially from those predicted. Among other things, these include unexpected delays and operational issues associated with turnkey projects, the price of crude oil and natural gas, weather conditions in offshore markets, changes in site conditions and capital expenditures by customers. For a more complete discussion of these risk factors, see our Annual Report on Form 10-K for the year ended December 31, 2002, filed with the Securities and Exchange Commission. The Company strongly encourages readers to note that some or all of the assumptions upon which such forward-looking statements are based are beyond the company's ability to control or estimate precisely and may in some cases be subject to rapid and material change.
SOURCE Cal Dive International, Inc.
Jim Nelson, Vice Chairman of Cal Dive International, Inc., +1-281-618-0400, or fax, +1-281-618-0505