Exhibit 99.1

PRESSRELEASE

                                                            www.caldive.com

Cal Dive International, Inc.  ·  400 N. Sam Houston Parkway E., Suite 400  ·  Houston, TX 77060-3500  ·  281-618-0400  ·  fax: 281-618-0505

For Immediate Release 05-002

	Contact:	Wade Pursell
Date: March 1, 2005	Title:	Chief Financial Officer

Cal Dive Reports Another Quarterly Earnings Record

HOUSTON, TX – Cal Dive International, Inc. (Nasdaq: CDIS) reported fourth quarter net income of $25.3 million or $0.65 per diluted share, after pre-tax charges of $3.9 million, or $0.06 per diluted share, associated with marine asset value impairments. Net income, before charges, increased by 22% sequentially and by 213% compared with the prior year quarter.

Summary of Results

(in thousands, except per share amounts and percentages)

	Fourth Quarter						Third Quarter			Year Ending
	2004			2003			2004			2004			2003
Revenues	$	162,990		$	101,675		$	131,987		$	543,392		$	396,269
Gross Profit		53,030			24,685			45,726			171,912			92,083
		33	%		24	%		35	%		32	%		23	%
Net Income		25,269			8,884			22,794			79,916			32,771
		16	%		9	%		17	%		15	%		8	%
Diluted Earnings Per Share		0.65			0.23			0.59			2.06			0.87

Owen Kratz, Chairman and Chief Executive Officer of Cal Dive, stated, “This was our third consecutive quarter of record earnings, which capped a memorable year of performance and profitability. Our people worked tirelessly and diligently to achieve optimum results. Return on capital (tax effected earnings before net interest expense divided by average debt and equity) of 14% and EBITDA margins of 44% are just two measures of our success throughout the year.

“At the start of 2005 we are witnessing clearly improving market conditions for our Marine Contracting services and strong contribution from our Oil and Gas Production division. Additionally, we expect a ramp up in contribution from our Production Facilities business in the second half of 2005.”

Financial Highlights

•   Revenues: The $61.3 million increase in year-over-year fourth quarter revenues reflects not only higher oil and gas production and increases in commodity prices but also a significant improvement in Marine Contracting revenues driven by Hurricane Ivan work and improved market conditions.

•   Margins: 33% was nine points better than the year-ago quarter due primarily to the increased commodity prices. Marine Contracting margins were higher as a result of improved utilization and rates, but were offset by marine asset value impairment charges. During Q4, we decided to sell the Merlin and accordingly wrote down her book value to expected sales price. In addition, book values for two shelf assets were deemed impaired and written down to realizable value. Total pre-tax charges were $3.9 million.

•   SG&A: $14.1 million increased $4.4 million from the same period a year ago due primarily to our incentive compensation programs and related improved financial results. With this increase, SG&A was 9% of fourth quarter revenues, compared to 10% a year ago.

•   Equity in Earnings: $3.6 million reflects our share of Deepwater Gateway, L.L.C.’s earnings for the quarter. This reflects a 16% increase over the third quarter as production at the Marco Polo facility began to ramp up.

•   Debt: EBITDA of $71.8 million for the quarter enabled us to reduce total debt to $149 million and increase unrestricted cash to $91 million as of year-end. This represents a debt to book capitalization ratio of 22% and a net debt (total debt less unrestricted cash) to book capitalization ratio of 10%.

Further details are provided in the 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, March 2, 2005, 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				Twelve Months
	Ended Dec. 31,				Ended Dec. 31,
(000’s omitted, except per share data)	2004		2003		2004		2003
			(unaudited)
Net Revenues	$	162,990	$	101,675	$	543,392	$	396,269
Cost of Sales		109,960		76,990		371,480		304,186
Gross Profit		53,030		24,685		171,912		92,083
Selling and Administrative		14,135		9,721		48,881		35,922
Income from Operations		38,895		14,964		123,031		56,161
Equity in Earnings (Losses) of Deepwater Gateway, L.L.C.		3,555		20		7,927		(87	)
Interest Expense, net & Other		1,631		477		5,265		3,403
Income Before Income Taxes		40,819		14,507		125,693		52,671
Income Tax Provision		14,548		5,254		43,034		18,993
Income Before Change in Accounting Principle		26,271		9,253		82,659		33,678
Cumulative Effect of Change in Accounting Principle, net		—		—		—		530
Net Income		26,271		9,253		82,659		34,208
Preferred Stock Dividends and Accretion		1,002		369		2,743		1,437
Net Income Applicable to Common Shareholders	$	25,269	$	8,884	$	79,916	$	32,771
Other Financial Data:
Income from Operations	$	38,895	$	14,964	$	123,031	$	56,161
Equity in Earnings (Losses) of Deepwater Gateway, L.L.C.		3,555		20		7,927		(87	)
Depreciation and Amortization:
Marine Contracting		12,397		8,531		39,259		32,902
Oil and Gas Production		16,963		12,441		69,046		37,891
EBITDA (1)	$	71,810	$	35,956	$	239,263	$	126,867
Weighted Avg. Shares Outstanding:
Basic		38,395		37,836		38,204		37,740
Diluted		39,615		37,933		39,531		37,844
Earnings Per Share:
Basic	$	0.66	$	0.23	$	2.09	$	0.87
Diluted	$	0.65	$	0.23	$	2.06	$	0.87

(1) The Company calculates EBITDA as earnings before net interest expense, taxes, depreciation and amortization (which includes non-cash asset impairments). 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.

CAL DIVE INTERNATIONAL, INC.

Comparative Condensed Consolidated Balance Sheets

ASSETS					LIABILITIES & SHAREHOLDERS’ EQUITY
(000’s omitted)	Dec. 31, 2004		Dec. 31, 2003			Dec. 31, 2004		Dec. 31, 2003
	(unaudited)					(unaudited)
Current Assets:					Current Liabilities:
Cash and equivalents		$91,142		$8,811	Accounts payable		$56,047		$50,897
Accounts receivable		114,709		96,607	Accrued liabilities		75,502		36,850
Other current assets		48,110		25,232	Current mat of L-T debt		9,613		16,199
Total Current Assets		253,961		130,650	Total Current Liabilities		141,162		103,946
Net Property & Equipment:					Long-term debt		138,947		206,632
Marine Contracting		411,596		420,834	Deferred income taxes		133,777		89,274
Oil and Gas Production		172,821		197,969	Decommissioning liabilities		79,490		75,269
Investments in Production Facilities		67,192		34,517	Other long term liabilities		5,090		2,042
Goodwill		84,193		81,877	Convertible preferred stock		55,000		24,538
Other assets, net		48,995		16,995	Shareholders’ equity		485,292		381,141
Total Assets		$1,038,758		$882,842	Total Liabilities & Equity		$1,038,758		$882,842