Cal Dive sells off Gulf of Mexico surface diving fleet

|About: Cal Dive International, Inc. (DVR)|By:, SA News Editor

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.