The US Bankruptcy Court gave an order approving the sale of certain assets of Cal Dive International, Inc. and Cal Dive Offshore Contractors, Inc. on July 24, 2015. The debtor has been authorized to sell its certain assets to Shelf Subsea Services Pte. Ltd., the successful bidder for a purchase price of $17 million in cash pursuant to purchase and sale agreement dated June 15, 2015.

The debtor's assets include equity interests and the assets of Cal Dive International (Australia) Pty Ltd and certain ancillary assets owned by Cal Dive Singapore and Cal Dive Offshore Contractors Inc. As per the agreement, Shelf Subsea Services shall make a deposit of $1 million no later than one business day after the execution of the agreement. In case of termination, the purchase shall receive a break-up fee equal to 3% of the purchase price plus an amount equal to the out- of- pocket expenses, no to exceed $0.50 million. The transaction is expected after 3 days on completion of all the conditions under the agreement.

Derrick Offshore Ltd. acted as debtor's broker in the transaction. Steven. M. Abramowitz and W. Matthew Strock of Vinson & Elkins LLP represented the buyer and Curtis.

R. Hearn of Jones Walker Law Firm and Suzzanne Uhland of O'Melveny & Myers LLP represented the debtors.