Cal Dive reports record annual earnings News
// March 1, 2002
Cal Dive International has reported fourth quarter net income of $5.4 million or 16 cents per diluted share. A year ago net income of $8.8 million benefited from natural gas prices that were nearly 60 per cent higher. Fourth quarter revenues of $68.3 million increased by 33 per cent as subsea and salvage contracting revenues doubled, offsetting a 64 per cent decline in gas and oil sales.
Owen Kratz, Chairman and Chief Executive Officer of Cal Dive, stated, "Full utilization of our dynamically positioned vessels confirms the decision to essentially double the capacity of the CDI Deepwater fleet. A highlight ofthe fourth quarter was entry into the Trinidad market. Work there and inMexican waters represented 20 per cent of fourth quarter contracting revenues."
Twelve-month revenues of $227.1 million were $46 million or 25 per cent above the prior year with all of that improvement coming in contracting activity. TheDP fleet provided revenue of just under $80 million in contrast to $51 milliona year ago, with the incremental $29 million coming from work in Mexico andTrinidad. Earnings of $28.9 million represent an all-time record for CDI andwere 24 per cent better than 2000 results.
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