This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Cal Dive International, Inc. Q2 2010 Earnings Call Transcript

Additionally, in the second quarter in '09 there were three large construction projects that were working offshore. One in LNG project off of Boston, one China and Mexico that did not reoccur in 2010, so that impacted our 2010 results of course. As a result of all these factors, vessel utilization day rates was significantly reduced in 2010 second quarter especially when you comparing to 2009 levels, and those reduction in activity and rates hit us in our most profitable active class in the saturation diving and construction boarder.

Internationally, the fleet arrived which is our large combination deck LIBOR continue to be in scheduled dive activity in the second quarter. That boarder work almost continuously for three years non-stop. It required an extensive drive out and refitting. We're continuing to purse work for the Sea Horizon in the second half of this year.

The two VP SAT boats that we have positioned in the Eastern hemisphere went to work late in the second quarter and are working offshore right in the South China fleet and the Black Sea. As a total utilization of the assets for the second quarter this year were 50 days and that compared to the second quarter of last year they worked for over 200 days.

Obviously, the talk of our industry in the country is really impact from the oil still in the Gulf of Mexico, I wish I would say the exact long term impact for our company. There's just no way to know at this time and frankly even my information is not better than anybody else's. There are many factors that play here and the situation is obviously very dynamic.

But I can tell you is that we are performing some work related to the Macondo spill containment operations that surely is particularly offset some of the negative impact. Most of our assets are currently working offshore and expecting this upcoming third quarter to be our most profitable quarter of the year.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,614.81 +215.14 1.31%
S&P 500 1,941.28 +37.27 1.96%
NASDAQ 4,419.4780 +103.4040 2.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs