Offshore marine service provider Cal Dive International has completed the acquisition of Horizon Offshore following approval by the latter's shareholders.
As a result of the acquisition, each share of Horizon common stock has been converted into the right to receive $9.25 in cash and 0.625 shares of Cal Dive common stock.
The combined company will operate a fleet of 35 vessels, including 24 diving support vessels, seven pipelay-pipebury barges, one dedicated pipebury barge, one combination derrick-pipelay barge and two derrick barges.
The addition of Horizon’s fleet will allow Cal Dive to offer an integrated solution to customers by enabling it to offer trunkline and salvage and decommissioning services together with its traditional diving services. Additionally, Cal Dive believes that the acquisition will allow it to further penetrate targeted international markets.
Quinn Hebert, CEO and director of Cal Dive, said: We are very excited to close this transaction as we are enthusiastic about the prospects for the combined company. We look forward to welcoming Horizon’s employees to the Cal Dive family and working together to realize the significant opportunities that lie ahead.