Stolt assets bought for $125 million

announced today that is has agreed to acquire the diving and shallow water pipelay assets of

that presently operate in the waters of the Gulf of Mexico (GOM) and Trinidad for $125 million.

The transaction includes seven diving support vessels; two diving and pipelay vessels (the Seaway Kestrel and the DLB 801); a portable saturation diving system; various general diving equipment and Louisiana operating bases at the Port of Iberia and Fourchon.

Cal Dive, an energy service company, intends to add the acquired assets and operating personnel to its existing GOM Shelf division in order to form a wholly-owned subsidiary company.

In all, the subsidiary will operate eighteen vessels, employ around four hundred personnel and should generate revenues in excess of $200 million per year.

The transaction, which requires regulatory approval, is expected to close within 45 days.