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Cal Dive gets $37.33 million in bids from auction of remaining assets
By Kali Hays
New York, July 23 – Cal Dive International, Inc. received bids totaling $37.33 million during a Wednesday auction selling its remaining assets, according to a Thursday notice filed with the U.S. Bankruptcy Court for the District of Delaware.
Winning bidders for the assets are as follow:
• Arendal, S de RL de CV with a bid of $4.53 million for the equity interests of HOC Offshore, S de RL de CV and Tiburón Ingeniería y Construcción, S de RL de CV and $3.5 million for Cal Dive’s Texas vessel;
• Everest Hill Energy Group Ltd. with an offer of $10 million for five vessels, a diving system and some related equipment and assets;
• Marine Environmental Remediation Group, LLC with a bid of $850,000 for the barge Lone Star and the vessel American Constitution;
• Modern American Recycling Services, Inc. with an offer of $1.25 million for two vessels and two barges; and
• Shelf Subsea Services Pte. with a bid of $17 million to acquire Cal Dive International (Australia) Pty Ltd. and some related assets.
According to the notice, Shelf Subsea is also the designated back-up bidder for the Texas vessel with an offer of $1.4 million.
As previously reported, Cal Dive entered into an acquisition agreement with Shelf Subsea in mid-June.
Modern American Recycling was also a stalking horse bidder for its assets, with an initial offer of $4.1 million.
The company also conducted a private sale of a barge to Weeks Marine, Inc. for $4.5 million in May.
A hearing to approve the sales is set for July 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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