NEW YORK, Jan. 20, 2015 /PRNewswire/ -- Cal Dive International, Inc. (OTCMRKTS: CDVI) is a marine contractor that provides manned diving, pipelay and pipe burial, platform installation and platform salvage services to a diverse customer base in the offshore oil and natural gas industry. CDI offers its customers services on an integrated basis for complex offshore projects. Its global footprint encompasses operations on the Gulf of Mexico, Outer Continental Shelf (OCS), the North-eastern United States, Latin America, Southeast Asia, China, Australia, the Middle East and the Mediterranean. As of December 31, 2011, the Company owned a fleet of 29 vessels, including 19 surface and saturation diving support vessels, six pipelay/pipebury barges, one dedicated pipebury barge, one combination derrick/pipelay barge and two derrick barges. In June 2014, Cal Dive International Inc. sold its United States Gulf of Mexico shallow water surface diving fleet to privately held company.
The company's stock lost more than 90% of its value during 2014, and was priced at $0.07 on 31st Dec, 2014. The stock price drifted downward steadily for years due to a downturn in drilling activity following the Maconda disaster in the Gulf which left the company with underused capacity. Cal Dive International's stock was delisted from NYSE at the end of October 2014, then made a hit on OTCBB with high trading volume. The stock price had been highly volatile for the rest of 2014.
Since the beginning of 2015, Cal Dive International has been making a spectacular move up on accelerating volume. Also, short-term moving average crossed long-term moving average from the below on January 12th, which seems to indicate ascent in stock price in the near term. However sustainable share rally has be supported by fundamental improvements in the company and oil industry, which cannot be seen in the near future.
One of the firm's main catalyst for growth is the deregulation in the Mexico Gulf. Cal Dive International is in a prime position to take advantage of deregulation in the Mexican oil and gas market as they are already working for Pemex, the state-owned oil Company, which is set to be privatized as part of deregulation.
Cal Dive International estimates to have its Q4 2014 Earnings Release on the 2nd March, 2015.
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