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 Modern American Recycling Services, Inc, the successful bidder for a purchase price of $1.25 million in cash pursuant to purchase and sale agreement dated July 22, 2015. The debtor's assets include Vanuatu-flagged vessel Kestrel, United States-flagged barge Brave, United States-flagged barge Pecos and United States-flagged barge Pecos.

As per the agreement, Modern American Recycling shall make a payment of $0.46 million in lieu of the deposit representing the difference between the previously paid deposit and 10% of the purchase price. The transaction is expected to close on August 17, 2015. Derrick Offshore Ltd. acted as debtor's broker in the transaction.