Helix Energy Solutions (HLX) 8-K Cal Dive Reports Record Third Quarter Earnings

Exhibit 99.1

	PRESS RELEASE
	www.caldive.com

Cal Dive International, Inc. Ÿ 400 N. Sam Houston Parkway E., Suite 400 Ÿ Houston, TX 77060-3500 Ÿ 281-618-0400 Ÿ fax: 281-618-0505

For Immediate Release	05-030
	Contact: Wade Pursell
Date: November 1, 2005	Title: Chief Financial Officer

Cal Dive Reports Record Third Quarter Earnings

HOUSTON, TX — Cal Dive International, Inc. (Nasdaq: CDIS) reported third quarter net income of $42.7 million, or $1.05 per diluted share. This represents a 78% improvement over last year’s third quarter results.

The Company sustained damage to certain of its oil and gas production facilities in HurricanesKatrinaandRita. The Company estimates total repair and inspection costs resulting from the hurricanes will range from $5 million to $8 million, net of insurance reimbursement. These costs, and any related insurance reimbursements, will be recorded as incurred over the next year.

Summary of Results

(in thousands, except per share amounts and percentages)

	Third Qtr				Second Qtr		Nine Months
	2005		2004		2005		2005		2004
Revenues	$	209,338	$	131,987	$	166,531	$	535,444	$	380,403
Gross Profit		82,928		45,726		52,419		187,220		118,883
		40%		35%		32%		35%		31%
Net Income		42,671		22,794		26,027		94,108		54,647
		20%		17%		16%		18%		14%
Diluted Earnings Per Share		1.05		0.59		0.65		2.34		1.41

Owen Kratz, Chairman and Chief Executive Officer of Cal Dive, stated, “The two hurricanes that occurred during the quarter severely tested the resilience of our people and I am very pleased to report that they passed with flying colors.

“Due to the strength of our business model, we produced another record quarter for both earnings and cash flow despite deferring around 12 cents per share of income related to delayed production revenues. It was particularly satisfying to see the Marine Contracting division have such a strong quarter even though the incremental benefit from hurricane related work did not start until late in the period.

“The outlook for Q4 is for the Marine Contracting division to perform well again, especially with the introduction of several of the recently acquired assets, offsetting income deferrals resulting from hurricane related shut-ins for both the Oil and Gas division and the Production Facilities division. Based on this outlook we expect 2005 earnings to fall in the range of $3.15 — $3.35 per share.”

Financial Highlights

• Revenues: The $77.4 million increase in year-over-year third quarter revenues was driven primarily by significant improvements in Marine Contracting revenues due to much better market conditions, particularly in both deepwater and shelf subsea construction.

• Margins: 40% was five points better than the year-ago quarter due to a significant increase in Marine Contracting margins driven by improved market conditions.

• SG&A: $15.9 million increased $5.0 million from the same period a year ago due primarily to additional incentive compensation accruals as a result of improved profitability. This level of SG&A was 8% of third quarter revenues, consistent with the year ago level.

• Equity in Earnings: $3.7 million reflects primarily our share of Deepwater Gateway, L.L.C.’s earnings for the quarter. This reflects only a $600,000 increase from the second quarter as the anticipated ramp up with K2 coming online at theMarco Polofacility was offset by downtime caused by the hurricanes.

• Balance Sheet: During the third quarter, the Company acquired seven vessels from Torch Offshore, including theMidnight Expressfor $85.4 million. Total debt as of September 30, 2005 was $443 million. This represents 42% debt to book capitalization and with $316 million of EBITDA for the twelve months ended September 30, 2005, this represents 1.4 times trailing twelve month EBITDA. In addition, the Company had $150 million of unrestricted cash as of September 30, 2005. Most of these funds will be utilized for the previously announced acquisition of certain assets of Stolt Offshore, which the DOJ cleared last month.

Further details are provided in the presentation for Cal Dive’s quarterly conference call (see the Investor Relations page ofwww.caldive.com). The call, scheduled for 9:00 a.m. Central Standard Time on Wednesday, November 2, 2005, will be webcast live. A replay will be available from the Audio Archives page.

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 marine diving services, robotics, well operations, facilities ownership and oil and gas production.

This press release and attached presentation contain 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 onForm 10-K for the year ending December 31, 2004. We assume no obligation and do not intend to update these forward-looking statements.

CAL DIVE INTERNATIONAL, INC.

Comparative Condensed Consolidated Statements of Operations

	Three Months Ended Sept. 30,				Nine Months Ended Sept. 30,
(000’s omitted, except per share data)	2005		2004		2005		2004
	(unaudited)
Net Revenues	$	209,338	$	131,987	$	535,444	$	380,403
Cost of Sales		126,410		86,261		348,224		261,520
Gross Profit		82,928		45,726		187,220		118,883
Gain on Sale of Assets, net		329		—		1,254		—
Selling and Administrative		15,892		10,926		41,588		34,746
Income from Operations		67,365		34,800		146,886		84,137
Equity in Earnings of Investments		3,721		3,062		8,158		4,372
Interest Expense, net & Other		2,766		838		4,868		3,635
Income Before Income Taxes		68,320		37,024		150,176		84,874
Income Tax Provision		25,099		13,237		54,418		28,486
Net Income		43,221		23,787		95,758		56,388
Preferred Stock Dividends and Accretion		550		993		1,650		1,741
Net Income Applicable to Common Shareholders	$	42,671	$	22,794	$	94,108	$	54,647
Other Financial Data:
Income from Operations	$	67,365	$	34,800	$	146,886	$	84,137
Equity in Earnings of Investments		3,721		3,062		8,158		4,372
Share of Equity Investments:
Depreciation		1,200		1,004		3,207		1,985
Interest Expense, net		143		707		1,562		1,974
Depreciation and Amortization:
Marine Contracting		10,033		9,049		29,637		26,862
Oil and Gas Production		18,713		17,316		55,078		52,083
EBITDA (1)	$	101,175	$	65,938	$	244,528	$	171,413
Weighted Avg. Shares Outstanding:
Basic		38,763		38,294		38,686		38,141
Diluted		41,080		39,418		40,981		39,413
Earnings Per Share:
Basic	$	1.10	$	0.60	$	2.43	$	1.43
Diluted	$	1.05	$	0.59	$	2.34	$	1.41

(1) The Company calculates EBITDA as earnings before net interest expense, taxes, depreciation and amortization (which includes non-cash asset impairments) and the Company’s share of depreciation and net interest expense from its Equity Investments. EBITDA and EBITDA margin (defined as EBITDA divided by net revenue) are supplemental non-GAAP financial measurements used by CDI and investors in the marine construction industry in the evaluation of its business due to the measurements being similar to income from operations.

Comparative Condensed Consolidated Balance Sheets

ASSETS

(000’s omitted)	Sept. 30, 2005		Dec. 31, 2004
	(unaudited)
Current Assets:
Cash and equivalents	$	150,497	$	91,142
Accounts receivable		148,961		114,709
Other current assets		69,232		48,110
Total Current Assets		368,690		253,961
Net Property & Equipment:
Marine Contracting		490,082		411,596
Oil and Gas Production		378,124		172,821
Equity Investments		168,198		67,192
Goodwill		82,476		84,193
Other assets, net		72,329		48,995
Total Assets	$	1,559,899	$	1,038,758

LIABILITIES & SHAREHOLDERS’ EQUITY

(000’s omitted)	Sept. 30, 2005		Dec. 31, 2004
	(unaudited)
Current Liabilities:
Accounts payable	$	81,612	$	56,047
Accrued liabilities		109,818		75,502
Current mat of L-T debt (2)		6,566		9,613
Total Current Liabilities		197,996		141,162
Long-term debt (2)		435,949		138,947
Deferred income taxes		177,453		133,777
Decommissioning liabilities		118,344		79,490
Other long term liabilities		11,623		5,090
Convertible preferred stock (2)		55,000		55,000
Shareholders’ equity (2)		563,534		485,292
Total Liabilities & Equity	$	1,559,899	$	1,038,758

(2) Debt to book capitalization — 42%. Calculated as total debt ($442,515) divided by sum of total debt, convertible preferred stock and shareholders’ equity ($1,061,049).