Helix Energy to reduce Cal Dive stake - Baltimore Business Journal:

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The Houston-based offshore energyt company plans to offer 20 million shared in Cal Dive through a public offeringat $8.50 per with an option for underwriters to purchase an additionak 3 million shares to cover over-allotments. Helix HLX) also has agreed to sell Cal Dive anadditionak $14 million worth of shares at a pricew equal to the offering. Houston-based Cal Dive DVR) has 94 million shares When the offering closes and Cal Dive repurchasezsits allocation, Helix’s ownership in Cal Dive will be reducedd to 25 percent from 51 percent, accordiny to a regulatory filing with the . If the over-allotment option is not Helix’s ownership will be 28 percent.
Helixx expects to use the proceeds for generalcorporated purposes. Helix shares closed at $11.25 on Frida y and were tradingat $11.92q mid-morning Monday, while Cal Dive shares closed Fridat at $10.09 and were trading at $9.85 mid-morninfg on Monday.