The US Bankruptcy Court gave an order approving the sale of certain assets of Cal Dive Offshore Contractors, Inc. and Affiliated Marine 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 $4.53 million in cash pursuant to purchase and sale agreement dated July 23, 2015. The debtor's assets include of equity interests of HOC Offshore, S. de R.L. de C.V. and Tiburón Ingeniería y Construcción, S. de R.L. de C.V. and certain other assets.

As per the agreement, the Arendal has made a deposit of $0.45 million. The transaction is expected after 3 days on completion of all the conditions under the agreement. Suzzanne Uhland of O'Melveny & Myers LLP represented the debtors and Pedro A. Jimenez of Jones Day represented the buyer.