Cal Dive Reports All Time Earnings Record

Houston (PROTEXT) - Cal Dive International, Inc. (Nasdaq:CDIS) announced record net income of $9.0 million during thethird quarter, or $0.58 per diluted share, in the midst of one ofthe worst recessions to impact the offshore constructionindustry. Revenues of $58.5 million nearly equaled thosegenerated in the entire first half of the year. Diluted averagecommon shares outstanding increased by the 700,000 shares issuedin conjunction with the August 1, 1999 acquisition of the 55% ofAquatica, Inc. that CDI did not previously own. Owen Kratz, Chairman and Chief Executive Officer, stated "Itis truly gratifying to see the strategy put in place to survive adepressed year like 1999 play out on the field exactly asdiagrammed. Over a decade ago we identified salvage operations asa hedge against cyclical downturns in the business; thoseactivities represented 39% of third quarter revenues. We alsofunctioned as prime contractor on two significant Deepwaterprojects including the first ever decommissioning of a Deepwaterfield. Most exciting was the unparalleled success of our work atthe Diana field in 4,800 feet of water, the first time theindustry has moved back out beyond 3,000 feet after addressingthe technological issues encountered during 1997 and 1998. Theprocedures used at Diana confirm the revolutionary design of ourQ4000, the first construction vessel specifically designed towork in ultra-deepwater (from 5,000 to 10,000 feet)." The Q4000is now under construction in Brownsville, TX. Nine-month revenues of $118.6 million increased 11% if youremove the $8 million associated with the charter of Coflexipvessels from last year's sales numbers. Earnings of $13.7 milliondecreased $5.0 million or 27% versus the same period of 1998 dueto customer spending decreases of 20% to 25%. Diluted earningsper share of 90 cents compares to $1.25 in the first nine monthsof 1998, a 28% reduction due to the increase in average sharesoutstanding. Cal Dive International, Inc. operates a fleet of technicallyadvanced marine construction 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 CDI decommissioning services. CAL DIVE INTERNATIONAL, INC. Comparative Consolidated Statements of Operations

Three Months

NineMonths

Ended Sept. 30

EndedSept. 30 (000's omitted, except per share data)

1999

1998

19991998 Net Revenues

$58,470

$42,913

$118,580$114,596 Cost of Sales

40,515

27,797

89,64476,782 Gross Profit

17,995

15,116

28,93637,814 Selling and Administrative

4,083

4,414

9,11110,951 Equity in Earnings of Aquatica, Inc.

150

700

6001,333 Interest (Income) Expense, net & Other

(78)

(253)

(948)(687) Income Before Income Taxes

14,100

11,655

21,37328,883 Income Tax Provision

4,936

4,078

7,48110,109 Minority Interest

147

0

1470 Net Income

$9,017

$7,577

$13,745$18,774 Other Financial Data EBITDA(A)

$22,599

$13,607

$35,654$34,542 Weighted Avg. Shares Outstanding Basic

15,215

14,553

14,84114,544 Diluted

15,641

14,985

15,21114,977 Earnings Per Common Share Basic

$0.59

$0.52

$0.93$1.29 Diluted

$0.58

$0.51

$0.90$1.25 (A) The Company calculates EBITDA as earnings before netinterest expense, taxes, depreciation and amortization. EBITDA isa 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)

Sept. 30, 1999

Dec. 31,1998 Current Assets: Cash and cash equivalents

$16,877$32,843 Accounts receivable

45,78131,053 Other current assets

12,6599,190 Total Current Assets

75,31773,086 Net Property & Equipment

133,46879,159 Restricted Cash Deposits

2,5392,408 Investment in Aquatica, Inc.

07,656 Goodwill

13,9410 Other Assets

4,8021,926 Total Assets

$230,067$164,235 LIABILITIES & SHAREHOLDERS' EQUITY

Sept. 30, 1999 Dec. 31,1998 Current Liabilities: Accounts payable

$26,019$15,949 Accrued liabilities

9,63210,020 Income tax payable

3,0501,201 Total Current Liabilities

38,70127,170 Long-Term Debt

00 Deferred Income Taxes

16,16213,539 Decommissioning Liabilities

28,4209,883 Minority Interest

1470 Shareholders' Equity

146,637113,643 Total Liabilities & Equity

$230,067$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 CompanyNews On-Call: http://www.prnewswire.com/comp/124374.html or fax,800-758-5804, ext. 124374

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