The US Bankruptcy Court gave an order approving the sale of certain assets of Cal Dive Offshore Contractors, Inc. on July 24, 2015. The debtor has been authorized to sell its certain assets to Arendal, S. de R.L. de C.V., the successful bidder for a purchase price of $3.5 million in cash pursuant to purchase and sale agreement dated July 23, 2015. The debtor's assets include Vanuatu-flagged vessel Texas.

As per the agreement, Arendal shall make a deposit of $0.35 million no later than July 17, 2015. At the auction held, Arendal, S. de R.L. de C.V. emerged as the winning bidder by offering a purchase price of $3.5 million whereas Shelf Subsea Services PTE., back-up bidder, had offered a purchase price of $1.4 million. Derrick Offshore Ltd. acted as debtor's broker in the transaction.