Cal Dive Reports Earnings of 18 Cents in Second Quarter

HOUSTON (PROTEXT) - Cal Dive International, Inc. (Nasdaq:CDIS) announced second quarter net income of $2.6 million, or 18cents per diluted share, in contrast to $6.0 million (40 centsper diluted share) earned in the same quarter last year. Revenuesof $34.1 million were nearly identical with second quarterrevenues in 1998 after eliminating revenue from the charter ofCoflexip vessels. Chief Executive Officer, Owen Kratz said "I am proud of themanner in which our management team quickly adapted to changingmarket conditions in the quarter, generating a reasonable levelof earnings at a time when most of our peers are reportinglosses. Expanding CDI's role as prime contractor in full fielddevelopment and pipelay projects produced relatively strongrevenues. Net income of 8% of revenues is particularly gratifyingin a quarter when our workhorse, the Uncle John, was out ofservice for six weeks as we prepared the vessel for the importantthird quarter projects at Exxon Diana and EEX Cooper. Inaddition, the company seized a unique opportunity when weacquired a majority equity position in the Cal Dive Aker Dove atan attractive price." First half earnings of $4.7 million compare to the $11.2million reported in the same period of 1998. Diluted earnings pershare were 32 cents, down from 75 cents last year. Revenues of$60.1 million were within 6% of the total for the first sixmonths of 1998 after eliminating $8 million of Coflexip charterrevenues. Cal Dive International, Inc. operates a fleet of technicallyadvanced marine construction vessels and conducts salvageoperations in the Gulf of Mexico. CAL DIVE INTERNATIONAL, INC. Comparative Consolidated Statements of Operations

Three Months Ended Six MonthsEnded (000's omitted,

June 30,

June30, except per share data)

1999

1998

1999

1998 Net Revenues

$34,104 $38,526 $60,110 $71,683 Cost of Sales

28,380 26,392 49,129 48,985 Gross Profit

5,724 12,134 10,981 22,698

Selling and

Administrative

2,455

3,698 5,028

6,537

Equity in Earnings of

Aquatica, Inc.

350

500

450

633

Interest (Income),

net and Other

(422)

(224) (870)

(434) Income Before Income Taxes 4,041

9,160 7,273 17,228

Income Tax Provision

1,400

3,206 2,545

6,031 Net Income

$2,641 $5,954 $4,728 $11,197 Other Financial Data:

EBITDA (A)

$7,511 11,092 13,055 $20,931 Weighted Avg. Shares Outstanding:

Basic

14,685 14,545 14,651 14,540

Diluted

15,075 14,997 14,994 14,992 Earnings Per Common Share

Basic

$0.18

$0.41 $0.32

$0.77

Diluted

$0.18

$0.40 $0.32

$0.75 (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)

June 30, 1999 Dec. 31, 1998 Current Assets:

Cash and cash equivalents

$15,939

$32,843

Accounts receivable

36,015

31,053

Other current assets

12,559

9,190 Total Current Assets

64,513

73,086 Net Property & Equipment

116,643

79,159 Restricted Cash Deposits

2,501

2,408 Investment in Aquatica, Inc.

8,106

7,656 Other Assets

4,327

1,926 Total Assets

$196,090

$164,235 LIABILITIES & SHAREHOLDERS' EQUITY

June 30, 1999 Dec. 31, 1998 Current Liabilities:

Accounts payable

$25,514

$15,949

Accrued liabilities

5,947

10,020

Income tax payable

750

1,201 Total Current Liabilities

32,211

27,170 Long-Term Debt

0

0 Deferred Income Taxes

15,409

13,539 Decommissioning Liabilities

28,387

9,883 Shareholders' Equity

120,083

113,643 Total Liabilities & Equity

$196,090

$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, Executive VicePresident 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

Subscribers please note that material bearing the slug"PROTEXT" is not part of CTK's news service and is not to bepublished under the "CTK" slug. Protext is a commercial serviceproviding distribution of press releases from clients, who areidentified in the text of Protext reports and who bear fullresponsibility for their contents.

PROTEXT