EXHIBIT 99.1

	PRESSRELEASE
	www.caldive.com
Cal Dive International, Inc. • 400 N. Sam Houston Parkway East, Suite 400 • Houston, TX 77060-3500 • 281-618-0400 • Fax: 281-618-0505

For Immediate Release

Date: November 2, 2004

Contact: Wade Pursell
Title: Chief Financial Officer
04-019

Cal Dive Reports Record Third Quarter Earnings of 59 Cents

HOUSTON, TX — Cal Dive International, Inc. (Nasdaq: CDIS) reported third quarter net income of $22.8 million, or $0.59 per diluted share, a 146% improvement over the year ago net income of $8.9 million, or $0.24 per diluted share. Third quarter revenues of $132.0 million increased 27% over the year ago quarter due primarily to improved levels of oil and gas production and higher commodity prices.

Summary of Results

(in thousands, except per share amounts and percentages)

	Third Quarter						Second Quarter			Nine Months
	2004			2003			2004			2004			2003
Revenues	$	131,897		$	103,855		$	127,701		$	380,403		$	294,594
Gross Profit		45,726			24,005			41,415			118,883			67,398
		35	%		23	%		32	%		31	%		23	%
Net Income		22,794			8,937			18,208			54,647			23,886
		17	%		9	%		14	%		14	%		8	%
Diluted Earnings per share		0.59			0.24			0.47			1.41			0.63

Owen Kratz, Chairman and Chief Executive Officer of Cal Dive, stated, “This was our second successive quarter of record earnings and it is especially noteworthy that we achieved an overall EBITDA margin of 49%. Although the contributions from our Oil and Gas Production segment were flat compared with the second quarter due to the impact of Hurricane Ivan, the performance of the Marine Contracting segment improved sequentially due to seasonality and a gradually improving marketplace. The contribution from our new Production Facilities segment ramped up as expected following the mid-July commencement of production at Marco Polo.

“Following the two record quarters, and with the Marine Contracting segment benefiting from the fourth quarter clean up work, created by Hurricane Ivan, we now estimate 2004 earnings to be between $1.90 and $2.00 per share.”

Financial Highlights

*	Revenues: The $28.0 million increase in year-over-year third quarter revenues reflects significantly higher oil and gas production and increases in commodity prices.
*	Margins: Gross profit margin of 35% was twelve points better than the year ago quarter due primarily to the increased commodity prices and an improved market for the Marine Contracting fleet, especially the Q4000.
*	SG&A: $10.9 million increased $2.3 million from the same period a year ago due to the new Marine Contracting compensation system and the ERT incentive compensation program. With this increase, SG&A was 8% of third quarter revenues, flat with the year ago level.
*	Equity in Earnings: $3.1 million reflects our share of Deepwater Gateway, L.L.C.’s earnings for the quarter. Tariff revenue began this quarter following the beginning of production at the Marco Polo TLP in mid-July.
*	Debt: EBITDA of $64.2 million for the third quarter enabled us to reduce total debt to $149.7 million (from $183 million at June 30, 2004) and build $49.9 million of unrestricted cash. This represents a debt to book capitalization ratio of 23% and a net debt (total debt less unrestricted cash) to book capitalization ratio of 17%. During the third quarter we closed a new $150 million revolving credit facility with a syndicate of banks which was undrawn upon as of September 30, 2004.

Further details are provided in the slide presentation for Cal Dive’s quarterly conference call (see the Investor Relations page of www.caldive.com). The call, scheduled for 9:00 a.m. Central Standard Time on Wednesday, November 3 will be webcast live. A replay will be available from the Audio Archives page.

Cal Dive International, Inc., headquartered in Houston, Texas, is an energy service company which provides alternate solutions to the oil and gas industry worldwide for marginal field development, alternative development plans, field life extension and abandonment, with service lines including marine diving services, robotics, well operations, facilities ownership and oil and gas production.

This press release and attached presentation contain forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any projections of revenue, gross margin, expenses, earnings or losses from operations, or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statement concerning developments, performance or industry rankings relating to services; any statements regarding future economic conditions or performance; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include the performance of contracts by suppliers, customers and partners; employee management issues; as described from time to time in our reports filed with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ending December 31, 2003. We assume no obligation and do not intend to update these forward-looking statements.

CAL DIVE INTERNATIONAL, INC.
Comparative Condensed Consolidated Statements of Operations

	Three Months Ended Sept. 30,				Nine Months Ended Sept. 30,
(000's omitted, except per share data)	2004		2003		2004		2003
	(unaudited)
Net Revenues	$	131,987	$	103,855	$	380,403	$	294,594
Cost of Sales		86,261		79,850		261,520		227,196
Gross Profit		45,726		24,005		118,883		67,398
Selling and Administrative		10,926		8,620		34,746		26,201
Income from Operations		34,800		15,385		84,137		41,197
Equity in Earnings (Losses) of Deepwater Gateway, L.L.C.		3,062		—		4,372		(107	)
Interest Expense, net & Other		838		855		3,635		2,927
Income Before Income Taxes		37,024		14,530		84,874		38,163
Income Tax Provision		13,237		5,231		28,486		13,739
Income Before Change in Accounting Principle		23,787		9,299		56,388		24,424
Cumulative Effect of Change in Accounting Principle, net		—		—		—		530
Net Income		23,787		9,299		56,388		24,954
Preferred Stock Dividends and Accretion		993		362		1,741		1,068
Net Income Applicable to Common Shareholders	$	22,794	$	8,937	$	54,647	$	23,886
Other Financial Data:
Income from Operations	$	34,800	$	15,385	$	84,137	$	41,197
Equity in Earnings (Losses) of Deepwater Gateway, L.L.C.		3,062		—		4,372		(107	)
Depreciation and Amortization:
Marine Contracting		9,049		8,223		26,862		24,371
Oil and Gas Production		17,316		9,245		52,083		25,450
EBITDA (1)	$	64,227	$	32,853	$	167,454	$	90,911
Weighted Avg. Shares Outstanding:
Basic		38,294		37,665		38,141		37,618
Diluted		39,418		37,776		39,413		37,715
Earnings Per Share:
Basic	$	0.60	$	0.24	$	1.43	$	0.63
Diluted	$	0.59	$	0.24	$	1.41	$	0.63

(1) The Company calculates EBITDA as earnings before net interest expense, taxes, depreciation and amortization. EBITDA and EBITDA margin (defined as EBITDA divided by net revenue) are supplemental non-GAAP financial measurements used by CDI and investors in the marine construction industry in the evaluation of its business due to the measurements being similar to income from operations.

Comparative Condensed Consolidated Balance Sheets

ASSETS					LIABILITIES & SHAREHOLDERS' EQUITY
(000's omitted)	Sept. 30, 2004		Dec. 31, 2003			Sept. 30, 2004		Dec. 31, 2003)
	(unaudited)					(unaudited)
Current Assets:					Current Liabilities:
Cash and equivalents	$	49,859	$	8,811	Accounts payable	$	39,235	$	50,897
Accounts receivable		98,945		96,607	Accrued liabilities		65,884		36,850
Other current assets		44,761		25,232	Current mat of L-T debt		8,765		16,199
Total Current Assets		193,565		130,650	Total Current Liabilities		113,884		103,946
Net Property & Equipment:					Long-term debt		140,919		206,632
Marine Contracting		413,826		420,834	Deferred income taxes		115,120		89,274
Oil and Gas Production		171,562		197,969	Decommissioning liabilities		73,538		75,269
Production Facilities — Deepwater Gateway		54,481		34,517	Other long term liabilities		1,353		2,042
Goodwill		82,682		81,877	Convertible preferred stock		54,549		24,538
Other assets, net		28,057		16,995	Shareholders' equity		444,810		381,141
Total Assets	$	944,173	$	882,842	Total Liabilities & Equity	$	944,173	$	882,842