Cal Dive warns on profit measure after Gulf storm
HOUSTON (AP) — A storm in the Gulf of Mexico has rained on Cal Dive International Inc.'s second-quarter profit.
Cal Dive, which serves companies drilling for oil and gas offshore, said Thursday that it expects a measure of profit that strips out interest, taxes and other items to total $10.5 million, give or take $1 million. That's below Wall Street's prediction of $12.9 million, according to FactSet.
The Houston company idled equipment because of Tropical Storm Debby, which in late June hovered in the Gulf of Mexico for days before blowing across northern Florida.
Cal Dive has operations in the Northeastern U.S., Latin America, Asia, Australia, the Mediterranean and the Middle East as well as the Gulf.
The company also said that in its most recent quarter it got about $16.3 million from selling a vessel and a facility in Singapore. It used the money to pay down debt.