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<P align="center" style="font-size: 10pt">As filed with the Securities and Exchange Commission on June&nbsp;29, 2005


<P align="right" style="font-size: 10pt"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B><U>Washington, D.C. 20549</U></B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<P align="center" style="font-size: 10pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>


<P align="center" style="font-size: 10pt"><HR NOSHADE SIZE="1" WIDTH="15%">

<P align="center" style="font-size: 24pt"><B>CAL DIVE INTERNATIONAL, INC.</B>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Minnesota</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>95-3409686</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of<BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>400 N. Sam Houston Parkway E., Suite&nbsp;400</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Houston, Texas</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>77060</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>Cal Dive International, Inc. 2005 Long Term Incentive Plan</B><BR>
(Full title of the plan)


<P align="center" style="font-size: 10pt"><HR NOSHADE SIZE="1" WIDTH="15%">


<P align="center" style="font-size: 10pt"><B>James Lewis Connor, III<BR>
400 N. Sam Houston Parkway E., Suite&nbsp;400<BR>
Houston, Texas 77060</B><BR>
(Name and address of agent for service)


<P align="center" style="font-size: 10pt"><B>(281)&nbsp;618-0400</B><BR>
(Telephone number, including area code, of agent for service)


<P align="center" style="font-size: 10pt"><HR NOSHADE SIZE="1" WIDTH="15%">


<P align="center" style="font-size: 10pt">With Copy to:


<P align="center" style="font-size: 10pt"><B>Fulbright &#038; Jaworski L.L.P.<BR>
Fulbright Tower<BR>
1301 McKinney, Suite&nbsp;5100<BR>
Houston, Texas 77010<BR>
(713)&nbsp;651-5151</B>


<P align="center" style="font-size: 10pt"><B>Attention: Arthur H. Rogers</B>


<P align="center" style="font-size: 10pt"><HR NOSHADE SIZE="1" WIDTH="15%">


<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>


<TR style="font-size: 1pt" valign="bottom">
    <TD colspan="15" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Title of securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>aggregate offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>to be registered</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>be registered</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>price per unit(2)</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>price(2)</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>registration fee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Common Stock<BR>
    no par value
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" nowrap>3,000,000 shares(1)
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">52.52</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">157,560,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">18,545</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1pt" valign="bottom">
    <TD colspan="15" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are also registered hereby such indeterminate number of shares of Common Stock as may
become issuable by reason of the anti-dilution provisions of the 2005 Long Term Incentive
Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h)
under the Securities Act of 1933 and based upon the average of the high and low sales price of
a share of Common Stock on the Nasdaq National Market on June&nbsp;27, 2005.</TD>
</TR>

</TABLE>
<P>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="center" style="font-size: 10pt"><B>PART II</B>


<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents are hereby incorporated by reference in this Registration Statement:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2004;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2005;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Registrant&#146;s Current Reports on Form 8-K filed with the Securities and Exchange
Commission on March&nbsp;24, 2005, April&nbsp;4, 2005, April&nbsp;12, 2005, April&nbsp;13, 2005, May&nbsp;5, 2005 (as
amended by Form 8-K/A filed May&nbsp;6, 2005), May&nbsp;9, 2005, May&nbsp;12, 2005, June&nbsp;13, 2005 and June&nbsp;16, 2005;
and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The description of the Company&#146;s capital stock contained in the Company&#146;s Registration
Statement on Form S-1 (Registration No.&nbsp;333-50751).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934 subsequent to the filing hereof and prior to the filing of a
post-effective amendment which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference
in this Registration Statement and to be a part hereof from the date of filing such documents.

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;24, 2005, our special counsel, Andrew C. Becher, owned 2,200 shares of our common
stock.

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The articles of incorporation contain a provision that eliminates, to the extent currently
allowed under the Minnesota Business Corporation Act (the &#147;MBCA&#148;), the personal monetary liability
of a director to Cal Dive and our shareholders for breach of fiduciary duty of care as a director,
except in certain circumstances. If a director of Cal Dive were to breach such fiduciary duty of
care in performing duties as a director, neither Cal Dive nor our shareholders could recover
monetary damages from the director, and the only course of action available to our shareholders
would be equitable remedies, such as an action to enjoin or rescind a transaction involving a
breach of the fiduciary duty of care. To the extent certain claims against directors are limited to
equitable remedies, this provision of the articles of incorporation may reduce the likelihood of
derivative litigation against directors for breach of their fiduciary duty of care. Additionally,
equitable remedies may not be effective in many situations. If a shareholder&#146;s only remedy is to
enjoin the completion of the board of directors&#146; action, this remedy would be ineffective if the
shareholder does not become aware of a transaction or event until after its has been completed. In
such a situation, such shareholder would not have effective remedy against the directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our by-laws require us to indemnify directors and officers to the fullest extent permitted
under Minnesota law. The MBCA provides that a corporation organized under the Minnesota law shall
indemnify any director, officer, employee or agent of the corporation made or threatened to be made
a party to a proceeding, by reason of the former or present official capacity (as defined in the
MBCA) of the person, against judgments, penalties, fines, settlements, and reasonable expense
incurred by the person in connection with the proceedings if certain statutory standards are met.
&#147;Proceeding&#148; means a threatened, pending or completed civil, criminal, administrative, arbitration
or investigative proceeding, including one by or in the right of the corporation. Section&nbsp;302A.521
of the MBCA contains detailed terms regarding such rights of indemnification and reference is made
thereto for a complete statement of such indemnification rights.


<P align="center" style="font-size: 10pt">II-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the foregoing indemnification provisions include statements that such provisions are
not to be deemed exclusive of any other right to indemnity to which a director or officer may be
entitled under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise.

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><U>Exhibit</U><BR>
<U>Number</U></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><U>Exhibit</U></B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Agreement by and among Bank of America, N.A., et
al., as Lenders, and Cal Dive International, Inc., as
Borrower, dated August&nbsp;16, 2004, incorporated by reference
to Exhibit&nbsp;4.1 to the registrant&#146;s Annual Report on 10-Q
for the fiscal quarter ended September&nbsp;30, 2004, filed by
the registrant with the Securities and Exchange Commission
on November&nbsp;5, 2004 (the &#147;2004 Form&nbsp;10-Q&#148;).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Participation Agreement among ERT, Cal Dive International,
Inc., Cal Dive/Gunnison Business Trust No.&nbsp;2001-1 and Bank
One, N.A., et. al., dated as of November&nbsp;8, 2001,
incorporated by reference to Exhibit&nbsp;4.2 to Form&nbsp;10-K for
the fiscal year ended December&nbsp;31, 2001, filed by the
registrant with the Securities and Exchange Commission on
March&nbsp;28, 2002 (the &#147;2001 Form&nbsp;10-K&#148;).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Common Stock certificate, incorporated by reference
to Exhibit&nbsp;4.1 to the Form&nbsp;S-1.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Agreement among Cal Dive I-Title XI, Inc., GOVCO
Incorporated, Citibank N.A. and Citibank International LLC
dated as of August&nbsp;16, 2000, incorporated by reference to
Exhibit&nbsp;4.4 to the 2001 Form&nbsp;10-K.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;1 to Credit Agreement among Cal Dive I-Title
XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of January&nbsp;25, 2002,
incorporated by reference to Exhibit&nbsp;4.9 to Form&nbsp;10-K/A for
the fiscal year ended December&nbsp;31, 2002, filed by the
registrant with the Securities and Exchange Commission on
April&nbsp;8, 2003 (the &#147;2002 Form&nbsp;10-K/A&#148;).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;2 to Credit Agreement among Cal Dive I-Title
XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of November&nbsp;15, 2002,
incorporated by reference to Exhibit&nbsp;4.4 to the Form&nbsp;S-3
Registration Statement filed by the registrant with the
Securities and Exchange Commission on February&nbsp;26, 2003
(Reg. No.&nbsp;333- 103451).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amended and Restated Agreement dated January&nbsp;17,
2003, but effective as of December&nbsp;31, 2002, by and between
Cal Dive International, Inc. and Fletcher International,
Ltd., incorporated by reference to Exhibit&nbsp;10.1 to the 2003
Form&nbsp;8-K.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Credit Agreement among Cal
Dive/Gunnison Business Trust No.&nbsp;2001-1, Energy Resource
Technology, Inc., Cal Dive International, Inc., Wilmington
Trust Company, a Delaware banking corporation, the Lenders
party thereto, and Bank One, NA, as Agent, dated July&nbsp;26,
2002, incorporated by reference to Exhibit&nbsp;4.12 to the 2002
Form&nbsp;10-K/A.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amendment to Amended and Restated Credit Agreement
among Cal Dive/Gunnison Business Trust No.&nbsp;2001-1, Energy
Resource Technology, Inc., Cal Dive International, Inc.,
Wilmington Trust Company, a Delaware banking corporation,
the Lenders party thereto, and Bank One, NA, as Agent,
dated January&nbsp;7, 2003, incorporated by reference to Exhibit
4.13 to the 2002 Form&nbsp;10-K/A.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Amendment to Amended and Restated Credit Agreement
among Cal Dive/Gunnison Business Trust No.&nbsp;2001-1, Energy
Resource Technology, Inc., Cal Dive International, Inc.,
Wilmington Trust Company, a Delaware banking corporation,
the Lenders party thereto, and</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">II-2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank One, NA, as Agent,
dated February&nbsp;14, 2003, incorporated by reference to
Exhibit&nbsp;4.14 to the 2002 Form&nbsp;10-K/A.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lease with Purchase Option Agreement between Banc of
America Leasing &#038; Capital, LLC and Canyon Offshore Ltd.
dated July&nbsp;31, 2003 incorporated by reference to Exhibit
10.1 to the Form&nbsp;10-Q for the fiscal quarter ended
September&nbsp;30, 2003, filed by the registrant with the
Securities and Exchange Commission on November&nbsp;13, 2003.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;3 Credit Agreement among Cal Dive I-Title XI,
Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of July&nbsp;31, 2003, incorporated
by reference to Exhibit&nbsp;4.12 to the Form&nbsp;10-K for the
fiscal year ended December&nbsp;31, 2004, filed by the
registrant with the Securities and Exchange Commission on
March&nbsp;16, 2005.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;4 to Credit Agreement among Cal Dive I-Title
XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of December&nbsp;15, 2004,
incorporated by reference to Exhibit&nbsp;4.13 to the Form&nbsp;10-K
for the fiscal year ended December&nbsp;31, 2004, filed by the
registrant with the Securities and Exchange Commission on
March&nbsp;16, 2005.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture relating to the 3.25% Convertible Senior Notes
due 2025 dated as of March&nbsp;30, 2005, between Cal Dive
International, Inc. and JPMorgan Chase Bank, National
Association, as Trustee, incorporated by reference to
Exhibit&nbsp;4.1 to the Current Report on Form&nbsp;8-K filed by
registrant with the Securities and Exchange Commission on
April&nbsp;4, 2005 (the &#147;2005 Form&nbsp;8-K&#148;).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration Rights Agreement dated as of March&nbsp;30, 2005,
between Cal Dive International, Inc. and Banc of America
Securities LLC, as representative of the initial
purchasers, incorporated by reference to the 2005 Form&nbsp;8-K.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Purchase Agreement dated March&nbsp;23, 2005, between Cal Dive
International, Inc. and Banc of America Securities LLC, as
representative of the initial purchasers, incorporated by
reference to the 2005 Form&nbsp;8-K.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2005 Long Term Incentive Plan, incorporated by reference
from Exhibit&nbsp;10.1 to the Current Report on Form&nbsp;8-K filed
by registrant on May&nbsp;12, 2005.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Andrew C. Becher (filed herewith).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">15.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acknowledgment letter of Ernst &#038; Young LLP (filed herewith).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP (filed herewith).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Huddleston &#038; Co., Inc. (filed herewith).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Andrew C. Becher (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney from certain members of the Board of
Directors of the Company (included on the signature pages
hereto).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of this
Registration Statement (or the most recent post-effective amendment hereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar volume of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be reflected in
the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price represent no more than a 20% change


<P align="center" style="font-size: 10pt">II-3
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148;
table in the effective registration statement; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such information in
this Registration Statement;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provided, however</I>, that paragraphs (1)(i) and (1)(ii) do not apply if the information required
to be included in a post-effective amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Securities and Exchange Commission by the Registrant pursuant to
Section&nbsp;13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in this Registration Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered herein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to section
13(a) or section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in
the Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such
issue.


<P align="center" style="font-size: 10pt">II-4
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Houston, State of Texas, on June&nbsp;29, 2005.

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD align="left" valign="top" colspan="2" nowrap>CAL DIVE INTERNATIONAL, INC.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD align="left" valign="top">By:</TD>
    <TD align="center" valign="top"><U>/s/ A. WADE PURSELL</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>A. Wade Pursell</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap><I>Senior Vice President,</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap><I>Chief Financial Officer</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each individual whose signature appears below constitutes
and appoints Owen Kratz or James Lewis Connor, III, or any of them, his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his
name, place and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement, and to file the same and all exhibits
thereto, and all documents in connection therewith, with the Securities and Exchange Commission,
granting said attorney-in-fact and agent, and any of them, full power and authority to do and
perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or any of them, or his or their substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the 29<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of June,
2005.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U><B>Signature</b></u>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><U>Title</U></B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>/s/ OWEN KRATZ</U><BR>
Owen Kratz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chairman, Chief Executive Officer and Director<BR>
(principal executive officer)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>/s/ MARTIN R. FERRON</U><BR>
Martin R. Ferron
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">President, Chief Operating Officer and Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>/s/ A. WADE PURSELL</U><BR>
A. Wade Pursell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Senior Vice President and Chief Financial Officer<BR>(principal financial officer)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>/s/ LLOYD A. HAJDIK</U><BR>
Lloyd A. Hajdik
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vice President &#151; Corporate Controller and Chief<BR>Accounting Officer (principal accounting officer)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>/s/ GORDON F. AHALT</U><BR>
Gordon F. Ahalt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><U>/s/ BERNARD J. DUROC-DANNER</U><BR>
Bernard J. Duroc-Danner
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>/s/ JOHN V. LOVOI</U><BR>
John V. Lovoi
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>/s/ T. WILLIAM PORTER</U><BR>
T. William Porter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>/s/ WILLIAM L. TRANSIER</U><BR>
William L. Transier
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>/s/ ANTHONY TRIPODO</U><BR>
Anthony Tripodo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">II-5
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><U>Exhibit</U><BR>
<U>Number</U></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B><U>Exhibit</U></B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Agreement by and among Bank of America, N.A., et
al., as Lenders, and Cal Dive International, Inc., as
Borrower, dated August&nbsp;16, 2004, incorporated by reference
to Exhibit&nbsp;4.1 to the registrant&#146;s Annual Report on 10-Q
for the fiscal quarter ended September&nbsp;30, 2004, filed by
the registrant with the Securities and Exchange Commission
on November&nbsp;5, 2004 (the &#147;2004 Form&nbsp;10-Q&#148;).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Participation Agreement among ERT, Cal Dive International,
Inc., Cal Dive/Gunnison Business Trust No.&nbsp;2001-1 and Bank
One, N.A., et. al., dated as of November&nbsp;8, 2001,
incorporated by reference to Exhibit&nbsp;4.2 to Form&nbsp;10-K for
the fiscal year ended December&nbsp;31, 2001, filed by the
registrant with the Securities and Exchange Commission on
March&nbsp;28, 2002 (the &#147;2001 Form&nbsp;10-K&#148;).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Common Stock certificate, incorporated by reference
to Exhibit&nbsp;4.1 to the Form&nbsp;S-1.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Agreement among Cal Dive I-Title XI, Inc., GOVCO
Incorporated, Citibank N.A. and Citibank International LLC
dated as of August&nbsp;16, 2000, incorporated by reference to
Exhibit&nbsp;4.4 to the 2001 Form&nbsp;10-K.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;1 to Credit Agreement among Cal Dive I-Title
XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of January&nbsp;25, 2002,
incorporated by reference to Exhibit&nbsp;4.9 to Form&nbsp;10-K/A for
the fiscal year ended December&nbsp;31, 2002, filed by the
registrant with the Securities and Exchange Commission on
April&nbsp;8, 2003 (the &#147;2002 Form&nbsp;10-K/A&#148;).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;2 to Credit Agreement among Cal Dive I-Title
XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of November&nbsp;15, 2002,
incorporated by reference to Exhibit&nbsp;4.4 to the Form&nbsp;S-3
Registration Statement filed by the registrant with the
Securities and Exchange Commission on February&nbsp;26, 2003
(Reg. No.&nbsp;333- 103451).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amended and Restated Agreement dated January&nbsp;17,
2003, but effective as of December&nbsp;31, 2002, by and between
Cal Dive International, Inc. and Fletcher International,
Ltd., incorporated by reference to Exhibit&nbsp;10.1 to the 2003
Form&nbsp;8-K.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Credit Agreement among Cal
Dive/Gunnison Business Trust No.&nbsp;2001-1, Energy Resource
Technology, Inc., Cal Dive International, Inc., Wilmington
Trust Company, a Delaware banking corporation, the Lenders
party thereto, and Bank One, NA, as Agent, dated July&nbsp;26,
2002, incorporated by reference to Exhibit&nbsp;4.12 to the 2002
Form&nbsp;10-K/A.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amendment to Amended and Restated Credit Agreement
among Cal Dive/Gunnison Business Trust No.&nbsp;2001-1, Energy
Resource Technology, Inc., Cal Dive International, Inc.,
Wilmington Trust Company, a Delaware banking corporation,
the Lenders party thereto, and Bank One, NA, as Agent,
dated January&nbsp;7, 2003, incorporated by reference to Exhibit
4.13 to the 2002 Form&nbsp;10-K/A.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Amendment to Amended and Restated Credit Agreement
among Cal Dive/Gunnison Business Trust No.&nbsp;2001-1, Energy
Resource Technology, Inc., Cal Dive International, Inc.,
Wilmington Trust Company, a Delaware banking corporation,
the Lenders party thereto, and Bank One, NA, as Agent,
dated February&nbsp;14, 2003, incorporated by reference to
Exhibit&nbsp;4.14 to the 2002 Form&nbsp;10-K/A.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lease with Purchase Option Agreement between Banc of
America Leasing &#038; Capital, LLC and Canyon Offshore Ltd.
dated July&nbsp;31, 2003 incorporated by reference to Exhibit
10.1 to the Form&nbsp;10-Q for the fiscal quarter ended
September&nbsp;30, 2003, filed by the registrant with the
Securities and Exchange Commission on November&nbsp;13, 2003.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.12&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;3 Credit Agreement among Cal Dive I-Title XI,
Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of July&nbsp;31, 2003, incorporated
by reference to Exhibit&nbsp;4.12 to the Form&nbsp;10-K for the
fiscal year ended December&nbsp;31, 2004, filed by the
registrant with the Securities and Exchange Commission on
March&nbsp;16, 2005.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;4 to Credit Agreement among Cal Dive I-Title
XI, Inc., GOVCO</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated, Citibank N.A. and Citibank
International LLC dated as of December&nbsp;15, 2004,
incorporated by reference to Exhibit&nbsp;4.13 to the Form&nbsp;10-K
for the fiscal year ended December&nbsp;31, 2004, filed by the
registrant with the Securities and Exchange Commission on
March&nbsp;16, 2005.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture relating to the 3.25% Convertible Senior Notes
due 2025 dated as of March&nbsp;30, 2005, between Cal Dive
International, Inc. and JPMorgan Chase Bank, National
Association, as Trustee, incorporated by reference to
Exhibit&nbsp;4.1 to the Current Report on Form&nbsp;8-K filed by
registrant with the Securities and Exchange Commission on
April&nbsp;4, 2005 (the &#147;2005 Form&nbsp;8-K&#148;).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration Rights Agreement dated as of March&nbsp;30, 2005,
between Cal Dive International, Inc. and Banc of America
Securities LLC, as representative of the initial
purchasers, incorporated by reference to the 2005 Form&nbsp;8-K.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Purchase Agreement dated March&nbsp;23, 2005, between Cal Dive
International, Inc. and Banc of America Securities LLC, as
representative of the initial purchasers, incorporated by
reference to the 2005 Form&nbsp;8-K.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2005 Long Term Incentive Plan, incorporated by reference
from Exhibit&nbsp;10.1 to the Current Report on Form&nbsp;8-K filed
by registrant on May&nbsp;12, 2005.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Andrew C. Becher (filed herewith).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">15.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acknowledgment letter of Ernst &#038; Young LLP (filed herewith).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP (filed herewith).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Huddleston &#038; Co., Inc. (filed herewith).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Andrew C. Becher (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney from certain members of the Board of
Directors of the Company (included on the signature pages
hereto).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
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sv8
As filed with the Securities and Exchange Commission on June 29, 2005
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
CAL DIVE INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Minnesota
95-3409686
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
400 N. Sam Houston Parkway E., Suite 400
Houston, Texas
77060
(Address of Principal Executive Offices)
(Zip Code)
Cal Dive International, Inc. 2005 Long Term Incentive Plan
(Full title of the plan)
James Lewis Connor, III
400 N. Sam Houston Parkway E., Suite 400
Houston, Texas 77060
(Name and address of agent for service)
(281) 618-0400
(Telephone number, including area code, of agent for service)
With Copy to:
Fulbright & Jaworski L.L.P.
Fulbright Tower
1301 McKinney, Suite 5100
Houston, Texas 77010
(713) 651-5151
Attention: Arthur H. Rogers
CALCULATION OF REGISTRATION FEE
Proposed
Proposed maximum
Title of securities
Amount to
maximum offering
aggregate offering
Amount of
to be registered
be registered
price per unit(2)
price(2)
registration fee
Common Stock
no par value
3,000,000 shares(1)
$
52.52
$
157,560,000
$
18,545
(1)
There are also registered hereby such indeterminate number of shares of Common Stock as may
become issuable by reason of the anti-dilution provisions of the 2005 Long Term Incentive
Plan.
(2)
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h)
under the Securities Act of 1933 and based upon the average of the high and low sales price of
a share of Common Stock on the Nasdaq National Market on June 27, 2005.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The following documents are hereby incorporated by reference in this Registration Statement:
1. The Registrant's Annual Report on Form 10-K for the year ended December 31, 2004;
2. The Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2005;
3. The Registrant's Current Reports on Form 8-K filed with the Securities and Exchange
Commission on March 24, 2005, April 4, 2005, April 12, 2005, April 13, 2005, May 5, 2005 (as
amended by Form 8-K/A filed May 6, 2005), May 9, 2005, May 12, 2005, June 13, 2005 and June 16, 2005;
and
4. The description of the Company's capital stock contained in the Company's Registration
Statement on Form S-1 (Registration No. 333-50751).
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934 subsequent to the filing hereof and prior to the filing of a
post-effective amendment which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference
in this Registration Statement and to be a part hereof from the date of filing such documents.
Item 4. Description of Securities
Not Applicable.
Item 5. Interests of Named Experts and Counsel
As of June 24, 2005, our special counsel, Andrew C. Becher, owned 2,200 shares of our common
stock.
Item 6. Indemnification of Directors and Officers
The articles of incorporation contain a provision that eliminates, to the extent currently
allowed under the Minnesota Business Corporation Act (the "MBCA"), the personal monetary liability
of a director to Cal Dive and our shareholders for breach of fiduciary duty of care as a director,
except in certain circumstances. If a director of Cal Dive were to breach such fiduciary duty of
care in performing duties as a director, neither Cal Dive nor our shareholders could recover
monetary damages from the director, and the only course of action available to our shareholders
would be equitable remedies, such as an action to enjoin or rescind a transaction involving a
breach of the fiduciary duty of care. To the extent certain claims against directors are limited to
equitable remedies, this provision of the articles of incorporation may reduce the likelihood of
derivative litigation against directors for breach of their fiduciary duty of care. Additionally,
equitable remedies may not be effective in many situations. If a shareholder's only remedy is to
enjoin the completion of the board of directors' action, this remedy would be ineffective if the
shareholder does not become aware of a transaction or event until after its has been completed. In
such a situation, such shareholder would not have effective remedy against the directors.
Our by-laws require us to indemnify directors and officers to the fullest extent permitted
under Minnesota law. The MBCA provides that a corporation organized under the Minnesota law shall
indemnify any director, officer, employee or agent of the corporation made or threatened to be made
a party to a proceeding, by reason of the former or present official capacity (as defined in the
MBCA) of the person, against judgments, penalties, fines, settlements, and reasonable expense
incurred by the person in connection with the proceedings if certain statutory standards are met.
"Proceeding" means a threatened, pending or completed civil, criminal, administrative, arbitration
or investigative proceeding, including one by or in the right of the corporation. Section 302A.521
of the MBCA contains detailed terms regarding such rights of indemnification and reference is made
thereto for a complete statement of such indemnification rights.
II-1
All of the foregoing indemnification provisions include statements that such provisions are
not to be deemed exclusive of any other right to indemnity to which a director or officer may be
entitled under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise.
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
Exhibit
Number
Exhibit
4.1
—
Credit Agreement by and among Bank of America, N.A., et
al., as Lenders, and Cal Dive International, Inc., as
Borrower, dated August 16, 2004, incorporated by reference
to Exhibit 4.1 to the registrant's Annual Report on 10-Q
for the fiscal quarter ended September 30, 2004, filed by
the registrant with the Securities and Exchange Commission
on November 5, 2004 (the "2004 Form 10-Q").
4.2
—
Participation Agreement among ERT, Cal Dive International,
Inc., Cal Dive/Gunnison Business Trust No. 2001-1 and Bank
One, N.A., et. al., dated as of November 8, 2001,
incorporated by reference to Exhibit 4.2 to Form 10-K for
the fiscal year ended December 31, 2001, filed by the
registrant with the Securities and Exchange Commission on
March 28, 2002 (the "2001 Form 10-K").
4.3
—
Form of Common Stock certificate, incorporated by reference
to Exhibit 4.1 to the Form S-1.
4.4
—
Credit Agreement among Cal Dive I-Title XI, Inc., GOVCO
Incorporated, Citibank N.A. and Citibank International LLC
dated as of August 16, 2000, incorporated by reference to
Exhibit 4.4 to the 2001 Form 10-K.
4.5
—
Amendment No. 1 to Credit Agreement among Cal Dive I-Title
XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of January 25, 2002,
incorporated by reference to Exhibit 4.9 to Form 10-K/A for
the fiscal year ended December 31, 2002, filed by the
registrant with the Securities and Exchange Commission on
April 8, 2003 (the "2002 Form 10-K/A").
4.6
—
Amendment No. 2 to Credit Agreement among Cal Dive I-Title
XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of November 15, 2002,
incorporated by reference to Exhibit 4.4 to the Form S-3
Registration Statement filed by the registrant with the
Securities and Exchange Commission on February 26, 2003
(Reg. No. 333- 103451).
4.7
—
First Amended and Restated Agreement dated January 17,
2003, but effective as of December 31, 2002, by and between
Cal Dive International, Inc. and Fletcher International,
Ltd., incorporated by reference to Exhibit 10.1 to the 2003
Form 8-K.
4.8
—
Amended and Restated Credit Agreement among Cal
Dive/Gunnison Business Trust No. 2001-1, Energy Resource
Technology, Inc., Cal Dive International, Inc., Wilmington
Trust Company, a Delaware banking corporation, the Lenders
party thereto, and Bank One, NA, as Agent, dated July 26,
2002, incorporated by reference to Exhibit 4.12 to the 2002
Form 10-K/A.
4.9
—
First Amendment to Amended and Restated Credit Agreement
among Cal Dive/Gunnison Business Trust No. 2001-1, Energy
Resource Technology, Inc., Cal Dive International, Inc.,
Wilmington Trust Company, a Delaware banking corporation,
the Lenders party thereto, and Bank One, NA, as Agent,
dated January 7, 2003, incorporated by reference to Exhibit
4.13 to the 2002 Form 10-K/A.
4.10
—
Second Amendment to Amended and Restated Credit Agreement
among Cal Dive/Gunnison Business Trust No. 2001-1, Energy
Resource Technology, Inc., Cal Dive International, Inc.,
Wilmington Trust Company, a Delaware banking corporation,
the Lenders party thereto, and
II-2
Bank One, NA, as Agent,
dated February 14, 2003, incorporated by reference to
Exhibit 4.14 to the 2002 Form 10-K/A.
4.11
—
Lease with Purchase Option Agreement between Banc of
America Leasing & Capital, LLC and Canyon Offshore Ltd.
dated July 31, 2003 incorporated by reference to Exhibit
10.1 to the Form 10-Q for the fiscal quarter ended
September 30, 2003, filed by the registrant with the
Securities and Exchange Commission on November 13, 2003.
4.12
—
Amendment No. 3 Credit Agreement among Cal Dive I-Title XI,
Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of July 31, 2003, incorporated
by reference to Exhibit 4.12 to the Form 10-K for the
fiscal year ended December 31, 2004, filed by the
registrant with the Securities and Exchange Commission on
March 16, 2005.
4.13
—
Amendment No. 4 to Credit Agreement among Cal Dive I-Title
XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of December 15, 2004,
incorporated by reference to Exhibit 4.13 to the Form 10-K
for the fiscal year ended December 31, 2004, filed by the
registrant with the Securities and Exchange Commission on
March 16, 2005.
4.14
—
Indenture relating to the 3.25% Convertible Senior Notes
due 2025 dated as of March 30, 2005, between Cal Dive
International, Inc. and JPMorgan Chase Bank, National
Association, as Trustee, incorporated by reference to
Exhibit 4.1 to the Current Report on Form 8-K filed by
registrant with the Securities and Exchange Commission on
April 4, 2005 (the "2005 Form 8-K").
4.15
—
Registration Rights Agreement dated as of March 30, 2005,
between Cal Dive International, Inc. and Banc of America
Securities LLC, as representative of the initial
purchasers, incorporated by reference to the 2005 Form 8-K.
4.16
—
Purchase Agreement dated March 23, 2005, between Cal Dive
International, Inc. and Banc of America Securities LLC, as
representative of the initial purchasers, incorporated by
reference to the 2005 Form 8-K.
4.17
—
2005 Long Term Incentive Plan, incorporated by reference
from Exhibit 10.1 to the Current Report on Form 8-K filed
by registrant on May 12, 2005.
5.1
—
Opinion of Andrew C. Becher (filed herewith).
15.1
—
Acknowledgment letter of Ernst & Young LLP (filed herewith).
23.1
—
Consent of Ernst & Young LLP (filed herewith).
23.2
—
Consent of Huddleston & Co., Inc. (filed herewith).
23.3
—
Consent of Andrew C. Becher (included in Exhibit 5.1).
24.1
—
Powers of Attorney from certain members of the Board of
Directors of the Company (included on the signature pages
hereto).
Item 9. Undertakings
The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date of this
Registration Statement (or the most recent post-effective amendment hereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar volume of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be reflected in
the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price represent no more than a 20% change
II-3
in the maximum aggregate offering price set forth in the "Calculation of Registration Fee"
table in the effective registration statement; and
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such information in
this Registration Statement;
Provided, however
, that paragraphs (1)(i) and (1)(ii) do not apply if the information required
to be included in a post-effective amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Securities and Exchange Commission by the Registrant pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered herein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section
13(a) or section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in
the Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such
issue.
II-4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Houston, State of Texas, on June 29, 2005.
CAL DIVE INTERNATIONAL, INC.
By:
/s/ A. WADE PURSELL
A. Wade Pursell
Senior Vice President,
Chief Financial Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each individual whose signature appears below constitutes
and appoints Owen Kratz or James Lewis Connor, III, or any of them, his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his
name, place and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement, and to file the same and all exhibits
thereto, and all documents in connection therewith, with the Securities and Exchange Commission,
granting said attorney-in-fact and agent, and any of them, full power and authority to do and
perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or any of them, or his or their substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the 29
th
day of June,
2005.
Signature
Title
/s/ OWEN KRATZ
Owen Kratz
Chairman, Chief Executive Officer and Director
(principal executive officer)
/s/ MARTIN R. FERRON
Martin R. Ferron
President, Chief Operating Officer and Director
/s/ A. WADE PURSELL
A. Wade Pursell
Senior Vice President and Chief Financial Officer
(principal financial officer)
/s/ LLOYD A. HAJDIK
Lloyd A. Hajdik
Vice President — Corporate Controller and Chief
Accounting Officer (principal accounting officer)
/s/ GORDON F. AHALT
Gordon F. Ahalt
Director
/s/ BERNARD J. DUROC-DANNER
Bernard J. Duroc-Danner
Director
/s/ JOHN V. LOVOI
John V. Lovoi
Director
/s/ T. WILLIAM PORTER
T. William Porter
Director
/s/ WILLIAM L. TRANSIER
William L. Transier
Director
/s/ ANTHONY TRIPODO
Anthony Tripodo
Director
II-5
INDEX TO EXHIBITS
Exhibit
Number
Exhibit
4.1
—
Credit Agreement by and among Bank of America, N.A., et
al., as Lenders, and Cal Dive International, Inc., as
Borrower, dated August 16, 2004, incorporated by reference
to Exhibit 4.1 to the registrant's Annual Report on 10-Q
for the fiscal quarter ended September 30, 2004, filed by
the registrant with the Securities and Exchange Commission
on November 5, 2004 (the "2004 Form 10-Q").
4.2
—
Participation Agreement among ERT, Cal Dive International,
Inc., Cal Dive/Gunnison Business Trust No. 2001-1 and Bank
One, N.A., et. al., dated as of November 8, 2001,
incorporated by reference to Exhibit 4.2 to Form 10-K for
the fiscal year ended December 31, 2001, filed by the
registrant with the Securities and Exchange Commission on
March 28, 2002 (the "2001 Form 10-K").
4.3
—
Form of Common Stock certificate, incorporated by reference
to Exhibit 4.1 to the Form S-1.
4.4
—
Credit Agreement among Cal Dive I-Title XI, Inc., GOVCO
Incorporated, Citibank N.A. and Citibank International LLC
dated as of August 16, 2000, incorporated by reference to
Exhibit 4.4 to the 2001 Form 10-K.
4.5
—
Amendment No. 1 to Credit Agreement among Cal Dive I-Title
XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of January 25, 2002,
incorporated by reference to Exhibit 4.9 to Form 10-K/A for
the fiscal year ended December 31, 2002, filed by the
registrant with the Securities and Exchange Commission on
April 8, 2003 (the "2002 Form 10-K/A").
4.6
—
Amendment No. 2 to Credit Agreement among Cal Dive I-Title
XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of November 15, 2002,
incorporated by reference to Exhibit 4.4 to the Form S-3
Registration Statement filed by the registrant with the
Securities and Exchange Commission on February 26, 2003
(Reg. No. 333- 103451).
4.7
—
First Amended and Restated Agreement dated January 17,
2003, but effective as of December 31, 2002, by and between
Cal Dive International, Inc. and Fletcher International,
Ltd., incorporated by reference to Exhibit 10.1 to the 2003
Form 8-K.
4.8
—
Amended and Restated Credit Agreement among Cal
Dive/Gunnison Business Trust No. 2001-1, Energy Resource
Technology, Inc., Cal Dive International, Inc., Wilmington
Trust Company, a Delaware banking corporation, the Lenders
party thereto, and Bank One, NA, as Agent, dated July 26,
2002, incorporated by reference to Exhibit 4.12 to the 2002
Form 10-K/A.
4.9
—
First Amendment to Amended and Restated Credit Agreement
among Cal Dive/Gunnison Business Trust No. 2001-1, Energy
Resource Technology, Inc., Cal Dive International, Inc.,
Wilmington Trust Company, a Delaware banking corporation,
the Lenders party thereto, and Bank One, NA, as Agent,
dated January 7, 2003, incorporated by reference to Exhibit
4.13 to the 2002 Form 10-K/A.
4.10
—
Second Amendment to Amended and Restated Credit Agreement
among Cal Dive/Gunnison Business Trust No. 2001-1, Energy
Resource Technology, Inc., Cal Dive International, Inc.,
Wilmington Trust Company, a Delaware banking corporation,
the Lenders party thereto, and Bank One, NA, as Agent,
dated February 14, 2003, incorporated by reference to
Exhibit 4.14 to the 2002 Form 10-K/A.
4.11
—
Lease with Purchase Option Agreement between Banc of
America Leasing & Capital, LLC and Canyon Offshore Ltd.
dated July 31, 2003 incorporated by reference to Exhibit
10.1 to the Form 10-Q for the fiscal quarter ended
September 30, 2003, filed by the registrant with the
Securities and Exchange Commission on November 13, 2003.
4.12
—
Amendment No. 3 Credit Agreement among Cal Dive I-Title XI,
Inc., GOVCO Incorporated, Citibank N.A. and Citibank
International LLC dated as of July 31, 2003, incorporated
by reference to Exhibit 4.12 to the Form 10-K for the
fiscal year ended December 31, 2004, filed by the
registrant with the Securities and Exchange Commission on
March 16, 2005.
4.13
—
Amendment No. 4 to Credit Agreement among Cal Dive I-Title
XI, Inc., GOVCO
Incorporated, Citibank N.A. and Citibank
International LLC dated as of December 15, 2004,
incorporated by reference to Exhibit 4.13 to the Form 10-K
for the fiscal year ended December 31, 2004, filed by the
registrant with the Securities and Exchange Commission on
March 16, 2005.
4.14
—
Indenture relating to the 3.25% Convertible Senior Notes
due 2025 dated as of March 30, 2005, between Cal Dive
International, Inc. and JPMorgan Chase Bank, National
Association, as Trustee, incorporated by reference to
Exhibit 4.1 to the Current Report on Form 8-K filed by
registrant with the Securities and Exchange Commission on
April 4, 2005 (the "2005 Form 8-K").
4.15
—
Registration Rights Agreement dated as of March 30, 2005,
between Cal Dive International, Inc. and Banc of America
Securities LLC, as representative of the initial
purchasers, incorporated by reference to the 2005 Form 8-K.
4.16
—
Purchase Agreement dated March 23, 2005, between Cal Dive
International, Inc. and Banc of America Securities LLC, as
representative of the initial purchasers, incorporated by
reference to the 2005 Form 8-K.
4.17
—
2005 Long Term Incentive Plan, incorporated by reference
from Exhibit 10.1 to the Current Report on Form 8-K filed
by registrant on May 12, 2005.
5.1
—
Opinion of Andrew C. Becher (filed herewith).
15.1
—
Acknowledgment letter of Ernst & Young LLP (filed herewith).
23.1
—
Consent of Ernst & Young LLP (filed herewith).
23.2
—
Consent of Huddleston & Co., Inc. (filed herewith).
23.3
—
Consent of Andrew C. Becher (included in Exhibit 5.1).
24.1
—
Powers of Attorney from certain members of the Board of
Directors of the Company (included on the signature pages
hereto).