Coflexip to Explore Sale of Cal Dive Stock

Houston (ots-PRNewswire) - Cal Dive International, Inc. (Nasdaq:
CDIS) announced that it has filed a prospectus supplement in connection with its shelf registration statement, which was declared effective by the Securities and Exchange Commission on August 28, 2000. The prospectus supplement is being filed at the request of Coflexip for the purpose of conducting a secondary offering so that Coflexip may sell all 3,699,788 shares of CDIS common stock it owns, subject to market conditions. The Company does not intend to sell shares in the offering but the Company and its Chairman, Owen Kratz, would make shares available to cover the underwriters' over-allotment option. Any Company proceeds from the over-allotment option would be used for general corporate purposes, which may include the purchase of vessels or offshore properties, other acquisitions, or to fund our share of Gunnison development project expenses. Mr. Kratz plans to use any proceeds from the over-allotment option to fund Gunnison exploratory costs.

Morgan Stanley Dean Witter, Salomon Smith Barney, Raymond James & Associates, Inc. and Simmons & Company International will serve as underwriters for the offering.

Cal Dive International, Inc. is an energy service company specializing in subsea construction. CDI operates a fleet of technically advanced marine construction vessels and conducts salvage operations in the Gulf of Mexico. Energy Resource Technology, Inc., a wholly owned subsidiary, acquires and operates mature and non-core offshore oil and gas properties.

ots Original Text Service: Cal Dive International, Inc.
Internet: http://recherche.newsaktuell.de

Contact: Jim Nelson, Executive Vice President of Cal Dive International, Inc., +1 281-618-0400, or fax, +1 281-618-0501

Company News On-Call: http://www.prnewswire.com/comp/124374.html or fax, +1 800-758-5804, ext. 124374

Web site: http://www.caldive.com

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