Cal Dive to Acquire Horizon Offshore
11 Junio 2007 - 11:18PM
PR Newswire (US)
HOUSTON, June 11 /PRNewswire-FirstCall/ -- Helix Energy Solutions
(NYSE:HLX) announced today that its majority owned subsidiary, Cal
Dive International, Inc. (NYSE:DVR) has signed a merger agreement
to acquire Horizon Offshore, Inc. (NASDAQ:HOFF) with a combination
of Cal Dive stock and cash. A more detailed description of the
transaction is included in a simultaneous announcement from Cal
Dive. Details of the transaction particularly pertinent to Helix
shareholders are as follows: -- The aggregate consideration for Cal
Dive's acquisition is valued at approximately $650 million,
including approximately $22 million of Horizon's net debt as of
March 31, 2007. -- Cal Dive will finance the cash component of the
consideration for the transaction (approximately $302.5 million)
through borrowings, and that debt will be non-recourse to Helix. --
The equity component of the consideration will be funded with
approximately 20.4 million shares of Cal Dive common stock and the
issuance of this equity will reduce Helix's majority interest in
Cal Dive from 73% to approximately 59%. Martin Ferron, President
and Chief Executive Officer, stated "The acquisition of Horizon
makes excellent strategic sense for Cal Dive. Among other things,
it provides Cal Dive with platform abandonment capability in the
Gulf of Mexico and improves their presence in key international
markets. Both of these benefits are regarded as important growth
drivers for Cal Dive. "The deal is expected to be accretive to Cal
Dive earnings and cash flow, even before cost and revenue synergies
are tapped. This accretion, together with the increased float of
Cal Dive stock, should enhance the value of Helix's majority
ownership position in Cal Dive." Helix Energy Solutions,
headquartered in Houston, Texas, is an international offshore
energy company that provides development solutions and other key
life of field services to the open energy market as well as to our
own oil and gas business unit. That business unit is a prospect
generation, exploration, development and production company.
Employing our own key services and methodologies, we seek to lower
finding and development costs, relative to industry norms. This
press release contains forward-looking statements that involve
risks, uncertainties and assumptions that could cause our results
to differ materially from those expressed or implied by such
forward-looking statements. All statements, other than statements
of historical fact, are statements that could be deemed
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without
limitation, any projections of revenue, gross margin, expenses,
earnings or losses from operations, or other financial items;
future production volumes, results of exploration, exploitation,
development, acquisition and operations expenditures, and
prospective reserve levels of property or wells; any statements of
the plans, strategies and objectives of management for future
operations; any statement concerning developments, performance or
industry rankings, any statements regarding future economic
conditions or performance; any statements of expectation or belief;
and any statements of assumptions underlying any of the foregoing.
The risks, uncertainties and assumptions referred to above include
the performance of contracts by suppliers, customers and partners;
employee management issues; complexities of global political and
economic developments, geologic risks and other risks described
from time to time in our reports filed with the Securities and
Exchange Commission ("SEC"), including the Company's Annual Report
on Form 10-K for the year ending December 31, 2006. We assume no
obligation and do not intend to update these forward-looking
statements. DATASOURCE: Helix Energy Solutions Group, Inc. CONTACT:
Wade Pursell, Chief Financial Officer of Helix Energy Solutions
Group, Inc., +1-281-618-0400, fax, +1-281-618-0505, or Brent Smith
of Cal Dive International, Inc., +1-832-368-4571, Web site:
http://www.caldive.com/ http://www.helixesg.com/about.html
http://www.horizonoffshore.com/
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