Offshore Shipping Online

A publication for the offshore shipping industry published by Clarkson Research

  • Offshore Intelligence Monthly
  • Menu

    Cal Dive terminates interest in DSND

    News // November 22, 2002
    Cal Dive International (CDI) in the US has confirmed that it made an offer to the DSND Board to acquire the share capital of DSND.

    The offer was rejected and no discussions were held between the companies.

    The recently announced refinancing plan by the DSND Board alters the capitalization of the company and shareholder issues to the point that Cal Dive has no interest in DSND Inc.

    As a result, Cal Dive will not submit another offer.

    Owen Kratz, Cal Dive Chairman and Chief Executive Officer, stated, "The offer to DSND was made as an alternative to refinancing options for their Board to consider. Cal Dive's strategic plan could have had compelling value for both shareholder groups. Cal Dive has added significant assets in recent years that command our full focus and we have no interest in being distracted by a hostile situation."

    More articles from this category

    More news