CSO sells stake in Cal Dive

Company News - October 5, 2000

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Coflexip Stena Offshore (CSO) has sold all of the 3,699,788 shares of common stock it held in Cal Dive International.

Coflexip sold the shares at a net price of $50.39/share in New York on 27 September. CSO says the sale will result in a capital gain of approximately 169 million Euros before tax and 130 million Euros after tax in its third quarter earnings, corresponding to a positive impact on its quarterly net earnings of approximately 7 EUR/share (3.5 EUR/ADS). The net cash proceeds from the sale amount to roughly 173 million Euros.

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