The US Bankruptcy Court gave an order approving the sale of certain assets of Cal Dive International Inc. on August 20, 2015. The debtor has been authorized to sell its certain assets to Holmen Engineering Ltd., the winning bidder for a purchase price of $8.80 million in cash pursuant to a vessel purchase and sale agreement dated August 11, 2015. The debtor's assets include Sea Horizon.

The purchase price includes a deposit of $0.80 million as escrow account with the remaining purchase price to be paid not less than 2 days prior to the closing of the transaction. The transaction is expected to close on September 15, 2015. Derrick Offshore Ltd. acted as broker in the transaction.