HOUSTON -- (Business Wire)
Cal Dive International, Inc. (NYSE:DVR) (the “Company”) announced today
that it is continuing to work with several financial institutions
towards a refinancing of the Company’s first lien revolving credit
facility in an amount up to its previous capacity of $125.0 million. The
Company had previously announced that it had obtained waivers effective
through September 30, 2014 from its existing revolving credit facility
lenders and its second lien facility lenders that required completion of
the refinancing of the revolving credit facility by that date. Although
the refinancing has not yet been finalized, considerable progress has
been made between the Company and the new lenders, and the Company now
believes that the refinancing could be completed as early as Friday
October 3, 2014. The Company is working with its existing lenders under
the first lien revolving credit facility and second lien facility on
obtaining extensions of their waivers.
About Cal Dive International, Inc.
Cal Dive International, Inc., headquartered in Houston, Texas, is a
marine contractor that provides manned diving, pipelay and pipe burial,
platform installation and salvage, and light well intervention services
to the offshore oil and natural gas industry on the Gulf of Mexico OCS,
Northeastern U.S., Latin America, Southeast Asia, China, Australia, West
Africa, the Middle East, and Europe, with a diversified fleet of dive
support vessels and construction barges.
Cautionary Statement
This press release may include “forward-looking” statements that are
generally identifiable through the use of words such as “believe,”
“expect,” “anticipate,” “intend,” “plan,” “estimate,” “project” and
similar expressions and include any statements that are made regarding
earnings expectations. The forward-looking statements speak only as of
the date of this release, and the Company undertakes no obligation to
update or revise such statements to reflect new information or events as
they occur. These statements are based on a number of assumptions, risks
and uncertainties, many of which are beyond the control of the Company.
Investors are cautioned that any such statements are not guarantees of
future performance and that actual future results may differ materially
due to a variety of factors. Factors that could cause the Company’s
results to differ materially include the Company’s significant
indebtedness and constraints on the Company’s liquidity, current
economic and financial market conditions, changes in commodity prices
for natural gas and oil, and in the level of offshore exploration,
development and production activity in the oil and natural gas industry,
the Company’s inability to obtain contracts with favorable pricing terms
if there is a downturn in its business cycle, intense competition and
pricing pressure in the Company’s industry, the risks of cost overruns
on fixed price contracts, the uncertainties inherent in competitive
bidding for work, the operational risks inherent in the Company’s
business, risks associated with the Company’s increasing presence
internationally, and other risks detailed in the Company’s most recently
filed Annual Report on Form 10-K.
Contacts:
Cal Dive International, Inc.
Ike Smith, 713-243-2713
Vice
President-Finance
Source: Cal Dive International, Inc.
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