Helix offers Cal Dive shares for $10 per share

Helix Energy Solutions begins offering of 20.6 million shares of Cal Dive at $10 per share

• On 12:59 pm EDT, Friday September 18, 2009

HOUSTON (AP) -- Helix Energy Solutions Group Inc., the largest shareholder of Cal Dive International Inc., on Friday priced its common share offering at $10 per share, as it moves forward with an offering that could eliminate Helix's ownership interest in Cal Dive.

Helix owns roughly 23.7 million shares of Cal Dive, or about a 25.5 percent stake.

In a statement Friday, Cal Dive said that the secondary offering of about 20.6 million shares includes an option for the underwriters to purchase an additional 3.1 million shares to cover any over-allotments. The offering, including the overallotment option, represents about 25 percent of Cal Dive's common shares.

Cal Dive is a contractor for services to offshore energy companies, including diving, platform installation and salvage and pipe burial.

Helix completed a secondary offering of 22.6 million shares in June.

Credit Suisse Securities (USA) LLC and BofA Merrill Lynch are joint book-running managers and Capital One Southcoast Inc. and Natixis Bleichroeder Inc. are acting as co-managers for the offering, which is expected to close on Wednesday.

Shares of Cal Dive dropped 65 cents, or nearly 6.1 percent, to $9.99 in afternoon trading, while Helix shares fell 24 cents to $15.52.