HOUSTON, Dec. 28 /PRNewswire-FirstCall/ -- Energy Resource Technology, Inc., (ERT) a wholly owned subsidiary of Cal Dive International, Inc. (Nasdaq: CDIS) has been advised by Norsk Hydro USA Oil and Gas, Inc., that they will not pursue their development plan for the deepwater discovery known as Telemark in Atwater Valley Block 63.
ERT did not support that development plan and is now screening its own plans based on the marginal field methodologies that were envisaged when the working interest was acquired. Any revised development plan will have to be approved by the Minerals Management Service (MMS).
Owen Kratz, Chairman and Chief Executive Officer, stated, "Cal Dive regards this situation as an exciting potential opportunity to showcase our unique approach to the development of deepwater marginal fields. ERT intends to take up the designation of operator and present the MMS with a new development plan that will hopefully meet with their approval. This announcement has no impact on the 2006 earnings guidance released earlier this month."
Cal Dive International, Inc., 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 subsea intervention, reservoir management, facilities ownership and oil and gas production.
This press release contains 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; 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, and 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. We assume no obligation and do not intend to update these forward-looking statements.
SOURCE 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