Cal Dive enters $17 million asset sale agreement with Shelf Subsea

By Kali Hays

New York, June 19 – Cal Dive International, Inc. subsidiary Cal Dive Offshore Contractors, Inc. has entered into a $17 million acquisition agreement with Shelf Subsea Services Pte. Ltd. for the sale of all of the stock of non-debtor Cal Dive International (Australia) Pty Ltd. and some related assets, according to an 8-K filed Friday with the Securities and Exchange Commission.

Under the agreement, Cal Dive Offshore will be prohibited from “engaging in competing business activities in certain countries in the Eastern Hemisphere for two years following the closing of the sale.”

The sale is subject to higher and/or better offers, and if Cal Dive Offshore proceeds with another transaction related to the assets, Shelf Subsea will be entitled to a break-up fee equal to 3% of the purchase price and reimbursement of up to $500,000 in expenses, according to the 8-K.

Approval of the sale is still subject to approval from the U.S. Bankruptcy Court for the District of Delaware with a hearing to consider the sale set for June 24.

Cal Dive, a Houston-based marine contractor providing services to the offshore oil and natural gas industry, filed for bankruptcy on March 3 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 15-10458.

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