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Cal Dive International, Inc. Q1 2010 Earnings Call Transcript

Our actual future results may differ materially due to a variety of factors. For information concerning the factors that could cause our actual results to differ, we refer you to the Risk Factors described in our Form 10-K on file with the Securities and Exchange Commission. This call also includes certain non-GAAP financial measures. For a reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures, we refer you to our earnings press release and the presentation slides for this call.

Quinn Hébert

Okay. If you turn to slide three, our outline this morning, I'll say some remarks on the quarter and review the backlog. Then Bruce Koch, our Chief Financial Officer, will review the 2010 first quarter financial results in a little bit more detail. And then we will open up the phone line to Q&A.

Turning to slide four, a summary of the first quarter results. I'm very disappointed in our first quarter 2009 – 2010 results rather. The results don't reflect the hard work and dedication of our men and women, both onshore and offshore. Frankly, the first quarter in any given year is typically slower than the other three quarters due to seasonal and winter weather factors. And the first quarter of 2010 has been one of the slowest quarters we've experienced in many years.

The spot market in the Gulf of Mexico changes quickly as that's the nature of the market. Nonetheless, although we are faced with a market that's sometimes difficult to decipher, frankly we should do better. We attribute the lack of activity, especially in the Gulf of Mexico in the first quarter to a number of factors including the lag effect of decreased offshore drilling in '09, a reduction in hurricane repair work as compared to the highest levels we experienced in the first quarter of '09, and our customers' general uncertainty about the economy and regarding North American market gas prices.

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