Cal Dive Closes First Phase of Asset Purchase Transaction With Stolt Offshore

HOUSTON, Nov. 2  /PRNewswire-FirstCall/ -- Cal Dive International, Inc. (NASDAQ:CDIS) announced today that it has closed a transaction to purchase the diving assets of Stolt Offshore that presently operate in the Gulf of Mexico.  The assets include:  seven diving support vessels, a portable saturation diving system, various general diving equipment and Louisiana operating bases at the Port of Iberia and Fourchon.

The separate purchases of the DB801 and Kestrel will be closed when those assets complete their present work campaigns in Trinidadian waters.  The total transaction value for all of the assets will be approximately $123 million.

Cal Dive International, Inc., headquartered in Houston, Texas, is an energy service company which provides alternate solutions to the oil and gas industry worldwide for marginal field development, alternative development plans, field life extension and abandonment, with service lines including marine diving services, robotics, well operations, facilities ownership and oil and gas production.

This press release and attached presentation contain forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements.  All statements, other than statements of historical fact, are statements that could be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any projections of revenue, gross margin, expenses, earnings or losses from operations, or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statement concerning developments, performance or industry rankings relating to services; any statements regarding future economic conditions or performance; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing.  The risks, uncertainties and assumptions referred to above include the performance of contracts by suppliers, customers and partners; employee management issues; complexities of global political and economic developments, and other risks described from time to time in our reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ending December 31, 2004.  We assume no obligation and do not intend to update these forward-looking statements. 

DATASOURCE: Cal Dive International, Inc.



CONTACT:  Wade Pursell, Chief Financial Officer of Cal Dive

International, Inc., [phone], or fax, [phone]



Web site:  http://www.caldive.com/ 

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