Cal Dive Provides Update on Telemark
28 Dicembre 2005 - 6:19PM
PR Newswire (US)
HOUSTON, Dec. 28 /PRNewswire-FirstCall/ -- Energy Resource
Technology, Inc., (ERT) a wholly owned subsidiary of Cal Dive
International, Inc. (NASDAQ:CDIS) has been advised by Norsk Hydro
USA Oil and Gas, Inc., that they will not pursue their development
plan for the deepwater discovery known as Telemark in Atwater
Valley Block 63. ERT did not support that development plan and is
now screening its own plans based on the marginal field
methodologies that were envisaged when the working interest was
acquired. Any revised development plan will have to be approved by
the Minerals Management Service (MMS). Owen Kratz, Chairman and
Chief Executive Officer, stated, "Cal Dive regards this situation
as an exciting potential opportunity to showcase our unique
approach to the development of deepwater marginal fields. ERT
intends to take up the designation of operator and present the MMS
with a new development plan that will hopefully meet with their
approval. This announcement has no impact on the 2006 earnings
guidance released earlier this month." Cal Dive International,
Inc., headquartered in Houston, Texas, is an energy service company
which provides alternate solutions to the oil and gas industry
worldwide for marginal field development, alternative development
plans, field life extension and abandonment, with service lines
including subsea intervention, reservoir management, facilities
ownership and oil and gas production. 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; any statements of the plans, strategies and
objectives of management for future operations; any statement
concerning developments, performance or industry rankings relating
to services; 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, and other risks described from time to time
in our reports filed with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year
ending December 31, 2004. We assume no obligation and do not intend
to update these forward-looking statements. DATASOURCE: Cal Dive
International, Inc. CONTACT: Wade Pursell, Chief Financial Officer
of Cal Dive International, Inc., +1-281-618-0400, or fax,
+1-281-618-0505 Web site: http://www.caldive.com/
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