EXHIBIT 99.1

                                [CDI LETTERHEAD]
                                                                  PRESS RELEASE


FOR IMMEDIATE RELEASE                                                    03-001
                                                       CONTACT: JIM NELSON
DATE: JANUARY 8, 2003                                  TITLE:   VICE CHAIRMAN


                         CAL DIVE ISSUES PREFERRED STOCK
                       CONVERTIBLE AT $30 PER COMMON SHARE

HOUSTON, TX - Cal Dive International, Inc. (Nasdaq: CDIS) today announced that
it has completed the private placement of $25 million of a newly designated
class of preferred stock which is convertible into 833,334 shares of Cal Dive
common at $30 per share. The preferred stock was issued to a private investment
firm.

The preferred stock holder has the right to purchase as much as $30 million in
additional preferred stock for a period of two years beginning in July, 2003.
The conversion price of the additional preferred stock will equal 125% of the
then prevailing price of Cal Dive common stock, subject to a minimum price of
$30 per common share.

The preferred stock will have a minimum annual dividend rate of 4%, subject to
adjustment, payable in cash or common shares at Cal Dive's option. After the
second anniversary, the holder may redeem the value of their original
investments in the preferred shares. A unique feature of the agreement is that
the company has the option of settling the preferred stock redemption in cash
for the value of the common stock that would have been issued. Cal Dive has
agreed to file a registration statement with the Securities and Exchange
Commission to register the common stock issuable under the agreement.

Owen Kratz, Chief Executive Officer of Cal Dive, stated, "Our 2003 capital
budget of $170 million marks the close of a $750 million expansion program: $450
million of new deepwater contracting assets have been added in the last two
years and over $300 million of oil and gas investments are being completed this
year. While we are comfortable with existing debt facilities in place to fund
these requirements, this preferred stock issuance gives us the financial
flexibility to execute our business plan with confidence as we integrate our
expansion program."

Cal Dive International, Inc., headquartered in Houston, Texas, is an energy
service company specializing in well operations and subsea construction. CDI
operates a fleet of technically advanced marine construction vessels and
robotics worldwide 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.

Certain statements in this press release are "forward looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are neither statements of historical fact nor
guarantees of future performance or events. Forward-looking statements involve
risks and assumptions that could cause actual results to vary materially from
those predicted. Among other things, these include unexpected delays and
operational issues associated with turnkey projects, the price of crude oil and
natural gas, weather conditions in offshore markets, changes in site conditions
and capital expenditures by customers. For a more complete discussion of these
risk factors, see our Annual Report on Form 10-K for the year ended December 31,
2001, filed with the Securities and Exchange Commission. The Company strongly
encourages readers to note that some or all of the assumptions upon which such
forward-looking statements are based are beyond the company's ability to control
or estimate precisely and may in some cases be subject to rapid and material
change.