Cal Dive rolls Pemex double

May 16, 2013

Cal Dive International, Inc. has secured two contracts from Pemex worth a combined total of $188 million, the company announced on 15 May 2013.

The scope of the first contract, which is worth an estimated $129 million, involves the procurement, installation, and commissioning of a 47km-long, 20-inch subsea pipeline and associated tie-ins to an existing platform. Construction is expected to begin 3Q 2013 with some work occurring 1Q 2014. The second contract, worth $59 million, covers the procurement, installation and commissioning of two 9km-long, medium diameter subsea pipelines and associated tie-ins to existing platforms. Construction begins 4Q 2013 with completion expected by 2Q 2014. For both contracts Cal Dive will utilize a mix of its own as well as third-party vessels.

"We believe these awards demonstrate Pemex’s confidence in Cal Dive as a reliable contractor," said Quinn Hébert, Chairman, President and Chief Executive Officer of Cal Dive. " These recent contract awards not only secure work for the second half of 2013, but also provide significant visibility for the first half of 2014 when our domestic business is historically slow due to the winter work season. Also, we continue to bid for additional work in Mexico that would mostly benefit our 2014 results.”

In March, Cal Dive announced that Pemex awarded the company an EPIC contract worth $63 million for a 12km-long, 8-inch subsea pipeline and associated tie-ins on four platforms in Pemex's Abkatun-Pol-Chuc Field in the Bay of Campeche. Hébert says total contracts this year from Pemex amount to a little over $250 million.

"These awards increase our total company backlog to over $400 million, our highest level in five years," he said.



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