Helix Energy to reduce Cal Dive stake - South Florida Business Journal:

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The Houston-based offshore energy company plans to offer 20 milliojn shares in Cal Dive througb a public offeringat $8.50p per share, with an optiom for underwriters to purchase an additional 3 million shares to covetr over-allotments. Helix (NYSE: HLX) also has agreed to sell Cal Dive anadditionap $14 million worth of shares at a pric e equal to the offering. Houston-based Cal Dive DVR) has 94 million shares outstanding. When the offering closes and Cal Dive repurchasesits allocation, Helix’s ownershil in Cal Dive will be reduce d to 25 percent from 51 percent, according to a regulatory filing with the .
If the over-allotmenty option is not exercised, Helix’s ownership will be 28 Helix expects to use the proceeds for generalcorporate purposes. Helixd shares closed at $11.25 on Fridat and were trading at $11.92 mid-morning while Cal Dive shares closed Fridayat $10.09 and were trading at $9.84 mid-morning on Monday.