Advertisement

Cal Dive International Settlement Agreement Approved

Advertisement

The U.S. Bankruptcy Court issued an order approving Cal Dive International’s motion to enter into and perform under a settlement agreement by and between Deepcor Marine and Debtor Cal Dive Offshore Contractors.

As previously reported, “Deepcor agreed to provide certain surface-diving-related services to Cal Dive (the ‘Surface Diving Services’), for which Cal Dive paid Deepcor a prepayment fee in the amount of $3.5 million, which Prepayment Fee was to be repaid in full on June 2, 2016 (the ‘Termination Date’) if certain preconditions were satisfied – namely that either (i) as of the Termination Date, Deepcor was no longer providing Surface Diving Services to Cal Dive, or (ii) the Alliance Agreement had been terminated.”

In addition, “These negotiations have resulted in the Settlement Agreement, summarized as follows: Within five days of this Court’s entry of a final order approving the Settlement Agreement, Deepcor will make a one-time payment to Cal Dive in the amount of $675,000 (the ‘Settlement Payment’).”

Read more Cal Dive bankruptcy news.