Cal Dive to acquire Horizon Offshore

Helix Energy Solutions' majority owned subsidiary Cal Dive International Inc. has signed a merger agreement to acquire Horizon Offshore Inc.

Offshore staff

HOUSTON -- Helix Energy Solutions' majority owned subsidiary Cal Dive International Inc. has signed a merger agreement to acquire Horizon Offshore Inc.

"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," says Martin Ferron, president and CEO.

"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," Ferron says.

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 the oil and gas business unit. That business unit is a prospect generation, exploration, development and production company.

6/12/2007

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