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Cal Dive sells off Gulf of Mexico surface diving fleet

  • Cal Dive International (DVR +2.3) says it sold its Gulf of Mexico shallow water surface diving fleet to an unnamed privately-held company for $18.5M and a ~20% interest in the entity acquiring the assets.
  • DVR says it implemented cost reductions in Q1 and will realize additional overhead cost reductions going forward as a result of the sale.
  • DVR says the deal is part of its strategic plan to divest non-core assets.
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