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Cal Dive International wins $46 million contract

HOUSTON (AP) -- Offshore drilling services company Cal Dive International Inc. said it won a $46 million contract to help install an underwater pipeline for Mexican oil producer Pemex Exploracion y Produccion.

Cal Dive International specializes in providing underwater services for companies that drill for oil offshore. It employs sea divers who can install and repair equipment on the ocean-going rigs.

The company said will install a 20-inch pipeline for Pemex under about 240 feet of water. The company is expected to begin construction in the second quarter of this year.

Shares of Cal Dive rose 24 cents, or 7.5 percent, to $3.43.