Slowdown in Oil Production Another Hit To Cal Dive, as Potential Chapter 11 Looms: Cal Dive International Analyst Report Issued by BrokerBank Securities, Inc.
NEW YORK, Feb. 3, 2015 /PRNewswire/ -- Cal Dive International, Inc., (OTCBB: CDVI) is based out of Houston, Texas, operating in the oil and gas field services is a marine contractor. Primarily focused on providing offshore oil and natural gas services including manned diving, pipelay and pipe burial, platform installation and salvage, and light well intervention services. The Company operates internationally providing its services in the Gulf of Mexico to China.
The Company has garnered examination from investors, as the unknown future of oil has caused global oil benchmarks to fall nearly 60$ in the past seven months. Cal Dive has been struggling to maintain its relevance as management attempts to prioritize their financial structure. In recent times Cal Dive has faced being delisted on the NYSE on September 8th, 2014, to declining to pay $2.2 million in interest due January 15th, 2015. This has led Cal Dive to examine a potential Chapter 11 bankruptcy filing, hinging on the Company's ability to scale back operations and raise capital.
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