Cal Dive Provides Additional Update On Revolving Credit Facility Refinancing

Cal Dive International, Inc. DVR (the “Company”) announced today that it is continuing to work on a refinancing of the Company's first lien revolving credit facility in an amount up to its previous capacity of $125.0 million. As previously disclosed, the Company has also been working with its existing second lien lenders on an amendment to the second lien facility that would be effected at the same time that the first lien refinancing is closed, and that would increase the current cap on first lien debt to allow for the $125.0 million capacity under the new first lien credit facility, and would grant relief from certain financial covenants contained in that facility. The Company reported that, although considerable progress has been made on reaching agreement on these documents, it has not yet come to final terms on either the new first lien credit facility or the amendment to the second lien facility. While the Company remains hopeful that these matters will be resolved, there can be no assurance that agreements on these facilities will be reached. For the time being, the Company's existing lenders under the first lien revolving credit facility have continued to work cooperatively with the Company to allow the extra time needed to complete this complicated refinancing. However, if an agreement cannot be reached in a timely fashion, the Company will have to consider other, potentially less satisfactory measures to provide liquidity for its operations.