Cal Dive and Fugro join forces for Toisa Paladin charter

Contracts, Tenders and Rates - August 2, 2012

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Cal Dive International has entered into a 50/50 strategic partnership with Fugro for the long-term charter of the DP2 Toisa Paladin, a 2007-built, DNV classed, diving support vessel.

The charter party agreement with Toisa Pte Ltd will be shared equally between Cal Dive and Fugro and has a three-year term plus two six-month extension periods.

Cal Dive and Fugro will bring together their respective expertise to jointly pursue the growing number of subsea projects to provide construction, diving, ROV and other services to the offshore energy industry.

Toisa Paladin is currently working on its first project in Malaysia. Cal Dive also announced that it has entered into a three-year frame agreement with a major international oil and gas operator under which it expects to keep the Toisa Paladin utilized through the end of the year.

Quinn Hébert, President and Chief Executive Officer of Cal Dive, stated, “We are pleased to announce our alliance with Fugro and the charter of the Toisa Paladin. We have a long and successful relationship with Fugro and are expecting big things from this new venture. They are a world class organization and the Toisa Paladin is a world class vessel. This expands our capabilities and service offering to our client base and fuels our growth plans in Australia and other international markets.”

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