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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

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