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Cal Dive International, Inc. Q2 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. We'll go to slide three, agenda today will our normal agenda while make some remarks, talk about our backlog. And Bruce will then deliver more detail on our financial reserves discussion and then we'll open up the phone lines for Q&A.

On slide four, although we're disappointed about reporting a loss to this quarter. We do see improvement in the market from the first quarter as the weather in the Gulf of Mexico improved, our customers starts spending money there and a lot of -- most of our major assets to return to work offshore in the middle of May.

We attribute the lack of activities especially in the Gulf to a reduction in hurricane repair work as compared to higher levels in last years second quarter. The large effect have decreased offshore drilling in '09 and the general and sale need in the economic outlook and commodity prices. And the recent Macondo well blowout only increased certainly this time.

Before I go any further I just want to make a comment about the Macondo well blow, we talked a lot about it and in our industry it was a tragedy especially for 11 families that lost loved ones. So, when we talked about the blow we really talk about it with a heavy heart for those folks.

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