Helix Energy to reduce Cal Dive stake - Atlanta Business Chronicle:

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The Houston-based offshore energy company planzs to offer 20 million shares in Cal Dive througuh a public offeringat $8.50 per share, with an option for underwriterse to purchase an additional 3 million sharea to cover over-allotments. Helix HLX) also has agreesd to sell Cal Dive anadditionap $14 million worth of shares at a price equal to the Houston-based Cal Dive DVR) has 94 million shares outstanding. When the offerintg closes and Cal Dive repurchasesits allocation, Helix’s ownershipl in Cal Dive will be reduced to 25 percent from 51 according to a regulatory filing with the . If the over-allotmenty option is not exercised, Helix’s ownershi p will be 28 percent.
Helix expects to use the proceedz for generalcorporate purposes. Helix shares closedc at $11.25 on Friday and were trading at $11.92 mid-morning Monday, while Cal Dive shares closed Frida yat $10.09 and were trading at $9.85 mid-morning on Monday.