Cal Dive Acquires Working Interest in Deepwater Discovery

abarrelfullabarrelfull wrote on 13 Aug 2015 10:54

March 15, 2005

Energy Resource Technology, Inc., (ERT), a wholly owned subsidiary of Cal Dive International, Inc. (Nasdaq: CDIS), has taken a 30% working interest in Telemark, a Deepwater discovery operated by Norsk Hydro USA Oil & Gas, Inc. which now owns a 70% working interest in the development. The Telemark development is located in 4,300 feet of water at Atwater Block 63 and was discovered in the year 2000 under the initial prospect name "Champlain."

Norsk Hydro had already formed a project team, which will be located in Hydro's office in Houston, Texas, and Cal Dive and ERT personnel will be actively working on the team. The project is currently in the preliminary engineering design phase of development.

Cal Dive Chairman and CEO, Owen Kratz, indicated, "Cal Dive is pleased to be working with Norsk Hydro who, like us, has a reputation for bringing speed and innovation to their development activities. Participation in this development is in-line with Cal Dive's strategy to be a Production-Contractor through our unique mix of production and contracting expertise."

Cal Dive and ERT have been active in the deepwater Gulf of Mexico during the past three years with their participation as a 20% working interest owner in the Gunnison Spar development, as well as innovative infrastructure ownership participation as a 50% owner of the Marco Polo TLP, and a 20% owner of the Independence Hub.

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