Cal Dive First Quarter Earnings Second Best Ever

HOUSTON (PROTEXT) - Cal Dive International, Inc. (Nasdaq:CDIS) today announced first quarter net income of $2.1 million, alevel 60% below the all time record of $5.2 million establishedin the comparable prior year quarter. Diluted net income pershare of 14 cents compares to 35 cents in the 1998 first quarter(which included 5 cents related to an accounting change effectiveJanuary 1, 1998). Revenues of $26 million declined 22% as aresult of soft market conditions and three vessels out of servicefor regulatory inspections and construction work. The firstquarter of 1998 also included $4 million of revenues generated bya chartered vessel. Chairman and Chief Executive Officer, Owen E. Kratz noted"$2.1 million of net income represents the second best level ofprofitability ever achieved by CDI in the first quarter,traditionally the slowest of the year. Most gratifying was theway in which our salvage strategy contributed to quarterlyresults. The relationship of Energy Resource Technology (ERT)personnel with the owners of mature properties played a role inthe major Sonat salvage contract awarded to Cal Dive. CDI vesselsperforming abandonment services for fields acquired earlier byERT provided a paycheck to our offshore hands at a time when mostof our competitors were at the dock. We expect thedecommissioning market on the Outer Continental Shelf to be asignificant growth opportunity in 1999, helping to bridge the gapuntil the Deepwater market provides the opportunity to fullyemploy the capabilities which CDI has developed." Cal Dive International, Inc. operates a fleet of technicallyadvanced marine construction support vessels and conducts salvageoperations in the Gulf of Mexico. Energy Resource Technology,Inc., a wholly owned subsidiary, acquires and operates matureoffshore properties as part of decommissioning services. CAL DIVE INTERNATIONAL, INC.

Comparative Consolidated Statements of Operations

Three Months Ended March31

(000's omitted, except per share data)

1999

1998

Net Revenues

$26,006 $33,157

Cost of Sales

20,749 22,594

Gross Profit

5,257 10,563

Selling and Administrative

2,573

2,840

Equity in Earnings of Aquatica, Inc.

100

133

Interest (Income), net & Other

(448)

(209)

Income Before Income Taxes

3,232

8,065

Income Tax Provision

1,145

2,822

Net Income

$ 2,087 $ 5,243

Other Financial Data:

EBITDA (A)

$ 5,544 $ 9,839

Weighted Avg. Shares Outstanding:

Basic

14,617 14,535

Diluted

14,995 14,999

Earnings Per Common Share:

Basic

$ 0.14 $ 0.36

Diluted

$ 0.14 $ 0.35

(A) The Company calculates EBITDA as earnings before netinterest expense, taxes, depreciation and amortization. EBITDAis a supplemental financial measurement used by the Company andinvestors in the marine construction industry in the evaluationof its business.

Comparative Consolidated Balance Sheets

ASSETS

(000's omitted)

Mar. 31, 1999 Dec. 31, 1998

Current Assets:

Cash and cash equivalents

$ 39,584

$ 32,843

Accounts receivable

26,437

31,053

Other current assets

12,932

9,190

Total Current Assets

78,953

73,086

Net Property & Equipment

88,869

79,159

Restricted Cash Deposits

2,475

2,408

Investment in Aquatica, Inc.

7,756

7,656

Other Assets

3,430

1,926

Total Assets

$181,483

$164,235

Comparative Consolidated Balance Sheets

LIABILITIES & SHAREHOLDERS' EQUITY

(000's omitted)

Mar. 31,

Dec. 31,

1999

1998

Current Liabilities:

Accounts payable

$ 18,285

$ 15,949

Accrued liabilities

6,805

10,020

Income tax payable

1,971

1,201

Total Current Liabilities

27,061

27,170

Long-Term Debt

0

0

Deferred Income Taxes

13,539

13,539

Decommissioning Liabilities

24,637

9,883

Shareholders' Equity

116,246

113,643

Total Liabilities & Equity

$181,483

$164,235 This report and press release include certain statements thatmay be deemed "forward looking statements" under applicable law.Forward looking statements are not statements of historical factand such statements are not guarantees of future performance orevents and involve risks and assumptions that could cause actualresults to vary materially from those predicted, including amongother things, unexpected delays and operational issues associatedwith turnkey projects, the price of crude oil and natural gas,weather conditions in offshore markets, change in siteconditions, and capital expenditures by customers. The Companystrongly encourages readers to note that some or all of theassumptions upon which such forward looking statements are basedare beyond the Company's ability to control or estimate preciselyand may in some cases be subject to rapid and material change.ots Original Text Service: Cal Dive International, Inc. Internet:http://www.newsaktuell.de Contact: Jim Nelson, Chief FinancialOfficer of Cal Dive International, Inc., 281-618-0400

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