| Cal Dive International, Inc. | |||
| Ticker: | CDIS | 13430 Northwest Freeway, Suite 350 | |
| Exchange: | NASDAQ-National Market | Houston, TX 77040 | |
| Industry: | Natural Resources (SIC Code 1389) | (713) 690-1818 | |
| Type of Shares: | Common Shares | Filing Date: | 5/2/97 | |
| U.S. Shares: | 3,600,000 | Offer Date: | 7/1/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $12.00 - $14.00 | |
| Primary Shares: | 3,600,000 | Offer Price: | $15.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.05 | |
| Offering Amount: | $46,800,000 | Selling: | $0.63 | |
| Expenses: | $500,000 | Reallowance: | $0.10 | |
| Shares Out After: | 11,898,760 |
| Manager | Tier | Phone |
| Schroder Wertheim & Company, Incorporated | Lead Manager | (212) 492-6900 |
| Raymond James & Associates, Inc. | Co-manager | (813) 573-8108 |
| Simmons & Company | Co-manager | (713) 223-7840 |
| Issuer's Law Firm: | Robins, Kaplan, Miller & Ciresi |
| Bank's Law Firm: | Vinson & Elkins |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 6/30/96 | 6/30/95 | 6/30/96 | ||
| Revenue: | $37.52 | $28.79 | $13.69 | Assets: | $49.14 |
| Net Income: | $2.67 | $3.56 | -$0.42 | Curr Assets: | |
| EPS: | $0.35 | $0.47 | -$0.06 | Liabilities: | $23.18 |
| Prior EPS: | $0.71 | Curr Liabilities: | |||
| Cash Flow/Oper: | Equity: | $25.97 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a leading provider of subsea construction, inspection, maintenance, repair and salvage services to the offshore natural gas and oil industry in the U.S. Gulf of Mexico. Such services are performed primarily in support of offshore production-related natural gas and oil field infrastructure construction projects, including pipelines, production platforms and risers and subsea production systems. Through ERT, the company also acquires operates and produces natural gas and oil from mature offshore properties. The company's customers include major and independent natural gas and oil producers, pipeline transmission companies and offshore engineering and construction firms. The company owns a diversified fleet of nine vessels servicing offshore natural gas and oil markets, principally in the Gulf of Mexico. This market is experiencing strong exploration and development activity levels, including rapid growth in water depths greater than 1,000 feet. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to fund the cash portion of the JRM Acquisition and to repay indebtedness, including debt incurred in connection with i) the purchase of, and enhancements to the Uncle John and the Balmoral Sea and ii) the purchase of Vermilion Block 328. Remaining proceeds will be used to further repay outstanding indebtedness and for other general corporate purposes. |