Cal Dive Announces Change of Corporate Name to Helix Energy Solutions

Feb 27, 2006, 00:00 ET from Cal Dive International, Inc.

    HOUSTON, Feb. 27 /PRNewswire-FirstCall/ -- Cal Dive International, Inc.
 (Nasdaq:   CDIS) announced today that it is changing its corporate name to Helix
 Energy Solutions Group, Inc. ("Helix Energy Solutions").  The name change will
 be effective as of March 6, 2006 at which time the company will trade under
 the stock symbol HELX on the NASDAQ exchange.  The company's new website at will also be rolled out on that date.
     Owen Kratz, Chairman and Chief Executive Officer, stated, "It is with a
 tinge of sadness, but a lot of excitement, that we inform you of our plans to
 change our corporate name.  The name 'Cal Dive' has served us well since the
 1960s; however, it is time to move on, as we clearly are no longer solely a
 diving services provider.
     "We have long seen three undeniable trends in the oilfield industry
 environment:  there will be more mature fields; more small oilfield
 discoveries; and more deepwater development projects.  Since the early 1990s,
 we have been gradually positioning the company to achieve superior growth and
 financial returns from exploiting these trends.  We have assembled a company
 with highly specialized people, assets and methodologies that we believe
 provide all of the necessary services to maximize the economics from marginal
     "We differentiate ourselves as a service contractor by taking equity
 interests in some of those fields.  We started in 1992 with mature reservoirs
 in shallow water and more recently have secured working interests in several
 deepwater development fields.  Following the closing of our acquisition of
 Remington Oil and Gas and the completion of the drilling upgrade to the Q4000,
 we will be able to identify, drill, develop, maintain and finally abandon our
 own reservoirs with the status of operator.
     "The choice of an appropriate new name has perplexed us for many months;
 however, we believe that the acquisition of Helix RDS last year brought us a
 perfect answer.  A helix is of course a spiral, but, more interestingly, a
 double helix is the natural shape that defines the structure of DNA, a basic
 building block of all of us.  The two strands of the double helix are anti -
 parallel, which means that they run in opposite directions.
     "The clear analogy for us is that we regard it as entirely natural for our
 strategy to have the two strands of energy service and production.  These
 strands have also proven to be counter cyclical, as service activity lags
 changes in the commodity prices which drive production returns.
     "Therefore, our new name will be HELIX ENERGY SOLUTIONS and we pledge to
 continue to focus on both high quality service provision and value adding oil
 and gas production, as a partner and operator.
     "While we take the name of one subsidiary, we will on pass 'Cal Dive' to
 our Shelf services business unit.  We may then sell a minority stake in it via
 an initial public offering later this year.  This press release does not
 constitute on offer of any securities for sale.  The proceeds from such a sale
 would be used to help finance a planned investment program in service assets
 that are more core to our strategy, e.g., production facilities or even a
 second Q4000-type vessel.
     "We look forward to the support of all our stakeholders as this 'twist' of
 fate unfolds.  In return we will strive daily to be as successful as 'Cal
 Dive' has always been."
     Helix Energy Solutions, 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
     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;
 any statements regarding the proposed merger of Remington Oil and Gas
 Corporation into a wholly owned subsidiary of Cal Dive or the anticipated
 results (financial or otherwise) thereof; 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, other risks described from time to time in our reports
 filed with the Securities and Exchange Commission, including the Company's
 Annual Report on Form 10-K for the year ending December 31, 2004; and, with
 respect to the proposed Remington merger, actual results could differ
 materially from Cal Dive's expectations depending on factors such as the
 combined company's cost of capital, the ability of the combined company to
 identify and implement cost savings, synergies and efficiencies in the time
 frame needed to achieve these expectations, prior contractual commitments of
 the combined companies and their ability to terminate these commitments or
 amend, renegotiate or settle the same, the combined company's actual capital
 needs, the absence of any material incident of property damage or other hazard
 that could affect the need to effect capital expenditures, any unforeseen
 merger or acquisition opportunities that could affect capital needs, the costs
 incurred in implementing synergies and the factors that generally affect both
 Cal Dive's and Remington's respective businesses as further outlined in
 "Management's Discussion and Analysis of Financial Condition and Results of
 Operations" in each of the companies' respective Annual Reports on Form 10-K
 for the year ended December 31, 2004.  Actual actions that the combined
 company may take may differ from time to time as the combined company may deem
 necessary or advisable in the best interest of the combined company and its
 shareholders to attempt to achieve the successful integration of the
 companies, the synergies needed to make the transaction a financial success
 and to react to the economy and the combined company's market for its
 exploration and production.  We assume no obligation and do not intend to
 update these forward-looking statements.
     Additional Information
     Cal Dive and Remington will file a proxy statement/prospectus and other
 relevant documents concerning the proposed merger transaction with the
 Securities and Exchange Commission ("SEC").  Investors are urged to read the
 proxy statement/prospectus when it becomes available and any other relevant
 documents filed with the SEC because they will contain important information.
 You will be able to obtain the documents free of charge at the website
 maintained by the SEC at .  In addition, you may obtain
 documents filed with the SEC by Cal Dive free of charge by requesting them in
 writing from Cal Dive or by telephone at (281) 618-0400.  You may obtain
 documents filed with the SEC by Remington free of charge by requesting them in
 writing from Remington or by telephone at (214) 210-2650.  Cal Dive and
 Remington, and their respective directors and executive officers, may be
 deemed to be participants in the solicitation of proxies from the stockholders
 of Remington in connection with the merger.  Information about the directors
 and executive officers of Cal Dive and their ownership of Cal Dive stock is
 set forth in the proxy statement for Cal Dive's 2005 Annual Meeting of
 Shareholders.  Information about the directors and executive officers of
 Remington and their ownership of Remington stock is set forth in the proxy
 statement for Remington's 2005 Annual Meeting of Stockholders.  Investors may
 obtain additional information regarding the interests of such participants by
 reading the proxy statement/prospectus when it becomes available.

SOURCE Cal Dive International, Inc.