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Stock Market & Financial Investment News

News Breaks
July 31, 2012
07:06 EDTDVRCal Dive enters into partnership with Fugro
Cal Dive International announced that it has entered into a 50/50 strategic partnership with Fugro for the long-term charter of the DP2 Toisa Paladin, a 2007 purpose built, DNV classed, diving support vessel. The charter party agreement with Toisa Pte Ltd will be shared equally between Cal Dive and Fugro and has a three-year term plus two six-month extension periods. Cal Dive and Fugro will bring together their respective expertise to jointly pursue the growing number of subsea projects to provide construction, diving, ROV and other services to the offshore energy industry. The Toisa Paladin is currently working on its first project in Malaysia. Cal Dive also announced that it has entered into a three-year frame agreement with a major international oil and gas operator under which it expects to keep the Toisa Paladin utilized through the end of the year.
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August 22, 2014
07:06 EDTDVRCal Dive executes letters for revolving credit agreement refinancing
Cal Dive announced that it has executed commitment letters with three financial institutions providing for a $125M senior secured credit facility that may consist of both a term facility and revolving facility to refinance the company’s existing revolving credit facility and provide additional liquidity to the company. The commitment letters are subject to customary closing conditions. As previously disclosed, the company was required to provide executed commitment letters acceptable to its existing revolving lenders for the refinancing of its revolving credit facility by August 27, or waivers with respect to the company’s loan agreements would have expired on September 2. The revolving lenders have confirmed that the commitment letters obtained by the company are acceptable and the waiver period will not expire until September 30. The company expects to complete the refinancing of the revolving credit facility in advance of the expiration of the waivers. Upon completion of the refinancing and related amendments to the financial covenants under its loan agreements, the company expects that all of its indebtedness will be reclassified to long-term debt on its balance sheet.

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