John Alford
Long only, value, growth at reasonable price, long-term horizon

Cal Dive International: Turnaround Or Resource Conversion Likely

(Editors' Note: This article covers a stock trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.)

Cal Dive International (NYSE:DVR) is an offshore marine contracting company in the oil and natural gas service sector that has struggled over the past few years. While many companies in the oil and natural gas service industry focus on remotely-operating vehicles, Cal Dive continues to employ divers and maintains surface-supplied dive systems, re-compression chambers and dive support vessels (DSVs). They maintain other service craft and services, including dynamic positioning vessels.

Due to a majority of Cal Dive's business pre-2013 being focused in the Gulf of...

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