Raymond James Presentation 9th March 2010

8/8/2019 Raymond James Presentation 9th March 2010

1/24

st

InstitutionalInvestors

Conference

,


2/24

Company Overview & Strategy

Industr Outlook

on- econc a ons


3/24

CalDiveataGlance

CompanyOverview

Head uarteredinHouston Texas isamarinecontractorthat rovidesanintegratedoffshoreconstructionsolutiontoitscustomers,including

manneddiving,

pipelay and

pipe

burial,

platform

installation

and

platformsalvageservicestotheoffshoreoilandnaturalgasindustry.

OperatesintheGulfofMexicoOCS,NortheasternU.S.,LatinAmerica,SoutheastAsia,China,Australia,theMiddleEast,IndiaandtheMediterranean,withafleetof31vessels,including21surfaceandsaturationdivingsupportvesselsand10constructionbarges.

Approximately2,000employees.

KeyFinancialHighlights at12/31/09

c er SharesOutstanding 94MM

2009EPS $.81 pershare

Tota

Assets

1,156MM

Netdebt $183MM

Netdebttobookcap 21%

3

2009EBITDA $216MM

m .

StockholdersEquity $695MM


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HistoryofSuccessfulGrowth

AcquiredfirstDPDSV,

improvingabilityto

operateinwinter

monthsandindeeper

Acquiredtwosaturation

DSVs,ninesurfaceDSVs,a

portablesaturationdiving

systemandshallowwater

Beganprovidingsubsea

construction,

maintenanceand

ins ectionworkona

water

AcquiredAquatica

IncinLAexpanding

calloutdiving

pipelay bargesfromTorch

OffshoreandAcergy

Commenced

operationsinthe

AcquiredHorizonOffshore

(eightconstructionbargesand

oneDPSatMSV),diversifying

1975

1980 1989

2005

2006

1986

qualifiedturnkeybasis

1994

1984

1997

supportcapabilities

2001

GulfofMexico

1996

2007

internationaloperations

2009

Launchedshallow

watersalvage

businesswith

dedicatedsalvage

barge

AcquiredInternational

OilfieldDiversin

MorganCity,LAinfirst

GOMacquisition

Acquired2DPDSVsand

acquiredProfessional

DiversofNewOrleans

addinga4pointsurface

DSVandthreeutility

boats

Helixcompletes

twosecondary

offeringsofitsDVR

holdings,reducing

itsownershipto


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KeyHighlights

Leader in the Gulf of Mexico OCS diving services.

High quality, diversified fleet w ith ability to provide clients w ith

integrated solutions.

Expanding global presence in international markets w ith high-

grow po en a .

Strong relationships w ith world class customers engaged in global.

Operational and financial flexibility .

,workforce.

-

5

offshore oilfield/ construction services.


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IntegratedServices

CalDivesdiversifiedfleetallowsittoofferintegratedservicesintheearlyandlatephases

oftheproductionlifecycle,whilemaintainingitsstrategicpositioninthemiddlephase.

Infrastructure Installation

EarlyPhase

Pipelineinstallation

and

trenching

Shoreapproaches

Platforminstallation

Production&

Well

Remediation

Inspection

Repair

Maintenance

e

Phase

Decommissioning&Salvage

PipelineP&AandremovalLate

6

Platformremoval

WellP&A

Phase


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DivingAssets 21Vessels

esse

ls DPDSVEclipse

DPDSV

Kestrel

DPDSVMystic esse

ls DSVAmericanStar

DSVAmerican esse

ls Mr.Jack Mr.

Jim

PoloPony

iv

ing

Viking

DPMSVUncle

John iv

ing DSVAmerican

Victory

DSVDancer tility

Ster ngPony

WhitePony

CalDiver

IV

ration

exas

DSVCalDiverI

DSVCalDiverII rface DSVMr.Fred

DSVMidnightStar

Satu

Constitution S

7

Inadditiontothevesselslisted,CalDiveoperates9portable

saturationdiving

systems


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ConstructionAssets 10Barges

rges

Pacific ury LoneStar

ipe

lay

Sea

rri

ckBa t ant c

/

Pipe ecos

Rider rick/P Horizon

D

Pipe

la

Brazos

ti

on

De

Canyon

om

bina

8


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GlobalPresence

Mediterranean

Middle East

ChinaNortheastern U.S.

Mexico

Gulf of Mexico

India

SE Asia

Headquarters

OperationalBases

SatelliteOffices

Australia

InternationalRevenue$300 100%

$251$274

150

225

50%

75%

$34

$70

$151

$2016% 15% 14%

24%29%

33%

0

75

0%

25%

2004 2005 2006 2007 2008 2009

%ofTotalRevenueInternationalRevenue9


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RecentKeyProjectHighlights

LNGProjectoffUSNortheastCoast Completedin2009 Approx.$175millioninrevenue UtilizedLoneStar,Atlantic,AmericanConstitution,andKestrel

Bohai BayChinaProject FirstCalDivecontractinChina

PEMEXYaxche

Xanab Project

Approx.$60millioninrevenue UtilizedLoneStarandPacific

Recordsetting

pipelay rate

UtilizedDLBSeaHorizon

SouthChinaSeaProject UtilizedDLBSeaHorizon

10

Pipeinpipeproject


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CustomerRelationships

Over 35 years of industry experience established strong operational track

record and commercial relationships w ith global customer base including

National Oil Companies, Majors and Independents. Offshore projects for Majors

and NOCs, such as ExxonM obil and PEMEX, generally feature longer lead times

and higher visibil ity.

11


12/24

1


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OutlookforOffshoreActivity

Offshoredrillingspendingshouldcontinuetoincreaseoverthenextdecadeasmany

onshorebasinsmatureandproducersseeknewsourcesofhydrocarbonreserves

U.S.offshoreoilandgasproduction,asapercentageoftotaldomesticproduction,is

projectedtoincreasefrom31%to38%andfrom13%to19%,respectively,by2035 1

DemandforCalDivesoffshoreinfrastructureservicestypicallylagsbehinddrilling

activitybyapproximately618months

Inadditiontothenecessaryinfrastructureinstallationpriortoproduction,offshoreplatforms

aresubjecttoextensiveperiodicinspectionsandrequirefrequentmaintenance

(2)

80

100

120

140

RestofWorld

Asia Pacific($billion)

20

40

60

WestAfrica

Brazil

USGOMDrillingSpen

d

0

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

13

(1)

EIA,

AnnualEnergy

Outlook

2010.(2)GlobalMarketsDirect November2009.


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OutlookforShallowWaterActivity

Globalshallowwaterfieldswillcontinuetorepresentalarge,relativelylow

riskareaofdevelo mentforu stream roducers

WorldwideShallowWatervs.DeepWaterSpending

70

60

50

Shallowwater

Deepwater

40

30$billion

20

10

70

Source:WorldOffshoreDrillingSpendForecast20092013EnergyFiles&DouglasWestwood.

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

14


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IndustryOutlook

DrillingactivityintheGulfofMexicohasbeendepressedinrecentyearsbuthas

stabilizedandbeguntoshowsignsofarecovery.

CurrentGOMrigcountisat42,whichrepresentsa45%increasefromthelowsseen

lastAugust

Highernaturalgaspricesandrecentdiscoveries,includingthatbyMcMoran

U.S.Gulf

of

Mexico

Rig

Count

100

150

0

50

15

Source:Baker Hughesdata, Spears&Associates DrillingandProductionOutlook,December2009

Actual Projected


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Maintenance/DecommissioningMarket

GOMOCSplatformadditionsandremovalsprovideasteadysupplyofboth

installationanddecommissioningwork

,

Currentplatforms

in

operation

have

an

average

tenure

of

24

years

>100platformsareremovedeachyear

Approximately99%ofplatformsinOCSareinwaterdepths


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nanc a

n orma on

1


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RevenueandEBITDAGrowth

($millions)

$800

$900

$500

$600

$857

$829

$300

$400

$510

$624

$0

$100 $27$71

$213

$227

$256

$216

$126$224

2004 2005 2006 2007 2008 2009

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Revenue EBITDA(See reconciliation on Non-GAAP financial measures at the end of the presentation)


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UtilizationStats

Utiliz.

#

Vessels Utiliz.

#

Vessels Utiliz.

#

Vessels Utiliz.

#

Vessels Utiliz.

#

Vessels

Effective Utilization(1)-

2005 2006 2007 (2) 2008 2009

Saturation Diving Vessels 91% 6 93% 7 91% 7 87% 8 79% 8

Surface Diving Vessels 72% 14 90% 16 60% 16 64% 13 57% 13Construction Barges 92% 2 87% 2 91% 2 50% 10 41% 10

Total Fleet 79% 22 91% 25 71% 25 64% 31 57% 31

Calendar Day Utilization -

Saturation Diving Vessels 87% 6 85% 7 78% 7 72% 8 68% 8

Surface Diving Vessels 71% 14 85% 16 58% 16 61% 13 53% 13Construction Bar es 92% 2 77% 2 82% 2 48% 10 38% 10

Total Fleet 77% 22 84% 25 66% 25 60% 31 52% 31

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(1) Effectivevesselutilizationiscalculatedbydividingthetotalnumberofdaysthevesselsgeneratedrevenuesbythetotal numberof

daysthevesselswereavailableforoperationineachperiodexcludingdaysinwhichthevesselswereindrydocking ortakenoutof

serviceforupgrades.

(2) ExcludestheninevesselsacquiredfromHorizononDecember11,2007.


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Backlog

($millions)

$400

$450

$250

$300

$350

$354

$100

$150

$200$302

$284

$213$183

$

$50

4Q08 1Q09 2Q09 3Q09 4Q09

$48 $48

20

LNGrelated AllOther


21/24

DebtLevels

NetDebtLevels(1) NetDebt toNetBookCap.%(2)($millions)

$300

350 HorizonAcquisition50%

$200

$250

$314

40%

53%

$100

$150

$178

$254

$183 20%

35%

27%

$5010%

$

2006 2007 2008 2009

21

0%

2006 2007 2008 2009

(1) Calculated as Total Debt less Cash and Cash Equivalents.(2) Calculated as Net Debt divided by Stockholders Equity plus Net Debt.


22/24

CashFlowandLiquidity

TotalLiquidityPositionCashFlow fromOperations($millions)

$350

$400

$335

$354 $348$250

$250

$300

$293

$150

$235

$150$72

$100

$86 $110

$140

$

$50

$23$61 $61 $52

$49

$

$50

2006 2007 2008 2009

Cash RevolverAvailability

22

2006 2007 2008 2009


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NonGAAPReconci iations

2


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EBITDAReconciliations

(all amounts in thousands )

EBITDA (unaudited) $27,395 $70,561 $212,893 $227,215 $255,954 $216,453

Less: Depreciation & Amortization 15,510 15,308 24,515 40,698 71,195 76,313

- - -. , , , ,

Less: Net Interest Expense (Income) - (45) (163) 9,259 21,312 13,801

Less: Non-Cash Equity Loss (Earnings) - (2,817) 487 10,841 - -

Less: Provision for Income Taxes 4,211 20,385 65,710 57,430 47,927 41,910

Less: Non-Cash Im airment Char e - - - - - 530

Net Income $7,674 $37,730 $119,414 $105,600 $109,499 $76,627

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Raymond James Presentation 9th March 2010

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