Cal Dive's majority shareholder to cut stake

Cal Dive International Inc., a services provider to offshore oil and gas companies, said Monday its majority shareholder will cut its stake by more than half as part of a stock offering and purchase agreement.

Helix Energy Solutions Group Inc.'s stake in Cal Dive will be cut to 25 percent from 51 percent under the agreement, announced by both Houston-based companies in separate news releases.

Helix Energy, an oil services provider, said it will reduce its stake by publicly offering 20 million shares of Cal Dive's common stock, and Cal Dive has agreed to buy back from Helix Energy an additional $14 million worth of shares. Cal Dive will directly buy back those shares at a price equal to the price set in Helix Energy's offering.

Cal Dive said the offering, including the overallotment option and stock repurchase, are at an assumed price of $10.09 per share, which was the closing price of Cal Dive's common stock on Friday.

Cal Dive intends to retire all of the shares repurchased.

Helix Energy said it intends to use all proceeds from the offering and the stock repurchase for general corporate purposes.

Credit Suisse Securities LLC and Merrill Lynch are acting as joint book-running managers for the offering, while Raymond James & Associates and Johnson Rice & Co. are acting as co-managers.

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

Shares of Cal Dive fell 23 cents, or 2.3 percent, to $9.86 in morning trading. Shares of Helix Energy rose 60 cents, or 5.3 percent, to $11.86.