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Exhibit 99.2




|Acquisition of Horizon Offshore

June 12, 2007
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|Forward-Looking Statements

Certain statements made herein contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended.   The words "expect," "will," "look forward to" and similar
expressions are intended to identify forward-looking statements.

The expectations set forth in this filing regarding accretion, achievement of annual savings and
synergies, achievement of strong cash flow, sufficiency of cash flow to fund capital
expenditures and achievement of debt reduction targets are only Cal Dive's expectations
regarding these matters.  Actual results could differ materially from these expectations
depending on factors such as the combined company's cost of capital, the ability of the
combined company to identify and implement cost savings, synergies and efficiencies in the
time frame needed to achieve these expectations, prior contractual commitments of the
combined companies and their ability to terminate these commitments or amend, renegotiate or
settle the same, the combined company's actual capital needs, the absence of any material
incident of property damage or other hazard that could affect the need to effect capital
expenditures, any unforeseen merger or acquisition opportunities that could affect capital
needs, the costs incurred in implementing synergies and factors that generally affect both Cal
Dive's and Horizon Offshore's respective businesses as further outlined in "Managements'
Discussion and Analysis of Financial Condition and Results of Operations" in each of the
companies' respective Annual Reports on Form 10-K for the year ended December 31, 2006.
Actual actions that the combined company may take may differ from time to time as the
combined company may deem necessary or advisable in the best interest of the combined
company and its shareholders to attempt to achieve the successful integration of the
companies, the synergies needed to make the transaction a financial success and to react to
the economy and the combined company's market for its services.
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|Additional Information

In connection with the proposed merger, Cal Dive will file a Registration Statement on Form S-
4, Horizon will file a proxy statement, and Cal Dive will file an information statement and both
companies will file other relevant documents concerning the proposed merger with the
Securities and Exchange Commission ("SEC").  Investors and securities holders of both
companies are urged to read the Form S-4, proxy statement and information statement when
they become available because those documents will contain important information about the
proposed merger.  You will be able to obtain the documents free of charge at the website
maintained by the SEC at www.sec.gov.  In addition, you may obtain documents filed with the
SEC by Cal Dive free of charge by requesting them in writing from Cal Dive or by telephone at
(281) 618-0400.  You may obtain documents filed with the SEC by Horizon Offshore free of
charge by requesting them in writing from Horizon Offshore or by telephone at (713) 361-2600.
Cal Dive and Horizon Offshore, and their respective directors and executive officers, may be
deemed to be participants in the solicitation of proxies from the stockholders of Horizon
Offshore in connection with the merger.  Information about the directors and executive officers
of Cal Dive and their ownership of Cal Dive stock is set forth in the proxy statement for Cal
Dive's 2007 Annual Meeting of Shareholders.  Information about the directors and executive
officers of Horizon Offshore and their ownership of Horizon Offshore stock is set forth in the
proxy statement for Horizon Offshore's 2007 Annual Meeting of Stockholders.  Investors may
obtain additional information regarding the interest of such participants by reading the proxy
statement and information statement filed with the SEC when they become available.  The
following documents are filed herewith pursuant to Rule 425 under the Securities Act of 1933:
Slide show presentation to investors and analysts on June 12, 2007 and subsequent dates.
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|Quinn J. Hebert

President & Chief Executive Officer

Scott T. Naughton

Chief Operating Officer

G. Kregg Lunsford

Chief Financial Officer & Treasurer

Management Presenters
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|Transaction Overview
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|Transaction Highlights

Based on 32.7 million outstanding Horizon shares, Horizon's outstanding debt and cash / short-term investments

   (excluding restricted cash) as of March 31, 2007, and Cal Dive's closing stock price as of June 11, 2007.

Based on Cal Dive's closing stock price as of June 11, 2007.

See page 21 for the appropriate footnotes regarding these calculations.

0.625 Cal Dive shares and $9.25 in cash per Horizon share

Approximately $650 million transaction value, including approximately
$22 million of Horizon's net debt(a)

52% stock / 48% cash(b)

Tax free reorganization

Pro forma ownership: 80% Cal Dive (59% Helix) / 20% Horizon

Cash component to be funded by $375 million senior-secured term loan
and existing cash

$300 million senior-secured revolving credit facility will provide
adequate liquidity

Post-transaction Board to include six Cal Dive members and two Horizon
members

Closing expected in Q3 2007, subject to:

Standard regulatory approvals, including Hart-Scott-Rodino

Horizon shareholder approval
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|Combines Cal Dive's premier diving assets with Horizon's pipelay /
pipebury vessels and derrick barges

Creates strong competitor with full spectrum of offshore
construction and salvage services

Provides immediate presence in high-growth international offshore
regions

Enhanced platform can be leveraged to compete for larger-scale
projects in domestic and international regions

Achieves fleet expansion more effectively than through newbuilds

Diverse and highly capable fleet can respond quickly to customers'
global demands

Transaction accretive to 2008E earnings and cash flow per share
without synergies

Structure maintains Cal Dive's financial strength and flexibility

Expanded operating capabilities generate significant new business
opportunities

Additional synergies should be achieved through cost savings

Compelling Strategic Combination

COMPLEMENTARY
ASSETS

GEOGRAPHIC
DIVERSIFICATION

CRITICAL MASS

FINANCIAL
BENEFITS

ACHIEVABLE

SYNERGIES
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|1980            1997   2001         2005   2006

1980

Acquired
International
Oilfield
Divers, first
GOM
acquisition

1997

Acquired
Aquatica, Inc.,
(previously
known as
Acadiana
Divers) which
expanded
diving support
capabilities

2001

Acquired
Professional
Divers of New
Orleans,
adding an
additional 4
point surface
DSV and 3
utility boats

2005

Acquired 6
DSVs and a
portable
saturation
system from
Torch Offshore

Cal Dive's Successful Acquisition History

2005

Acquired
GOM diving
and pipelay
business of
Acergy,
adding 9
vessels

2006

Acquired
Fraser Diving,
adding 6
portable
saturation
diving systems
and 15 surface
diving systems

Successful integration of six acquisitions, including three in the past two years
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|Overview of Horizon Offshore
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|Business Summary

MARINE SERVICES

MARINE CONSTRUCTION ASSETS

Pipeline installation

Pipebury, hook-up and commissioning

Offshore production platform installation

Offshore production platform salvage

Four pipelay / pipebury vessels

Two derrick barges

One dedicated pipebury barge

One combination derrick / pipelay barge

One multi-service DP vessel
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|Horizon provides a full range of pipelay and heavy lift services in varying water depths

Horizon Vessels

American Horizon

Pecos Horizon

Brazos Horizon

Canyon Horizon

Pacific Horizon

Texas Horizon

Sea Horizon

Atlantic Horizon

Lone Star Horizon
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|Global Operating Footprint

2006

2007E

Horizon maintains a solid presence in the world's most attractive offshore regions

REVENUE CONTRIBUTIONS

 Source: Horizon.
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|Strong Customer Relationships

Horizon's global customer base includes National Oil Companies, Majors and Independents

Offshore projects for Majors and NOCs, such as ExxonMobil and PEMEX, feature
longer lead times and higher visibility

Cal Dive and Horizon provide complementary services to many of the same customers, and
these relationships are expected to strengthen
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|Strengthened Platform for Growth
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|Based on projected global energy demand, offshore drilling and completion activity will
remain strong

Increased demand for offshore drilling rigs will be a primary driver of new worldwide
offshore construction demand

International regions represent a significant growth opportunity for marine contractors

The U.S. Gulf of Mexico remains a key region for domestic energy production

Bidding activity for Gulf of Mexico leases, which historically has been a good leading
indicator of offshore drilling demand, has increased steadily in recent periods

Favorable Outlook for Offshore Construction

GOM LEASES & DRILLING ACTIVITY (b)

(a)   Source: Spears & Associates, Drilling and Production Outlook, June 2007.  International figures

   exclude Canada, China and the Commonwealth of Independent States.

(b)   Source: Rigzone and the Minerals Management Service.

OFFSHORE CAPITAL SPENDING (a)
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|Cal Dive's Growth Strategy

Expand leadership in the Gulf of Mexico, which remains the most active
offshore region in the world

Replicate GOM success in high-growth international offshore regions

Maintain a premier diving fleet through our capital program

Execution

Growth

Gulf Of Mexico

Leadership

International

Expansion

Vessel
Upgrades

      Achieve Leadership in Most Attractive Offshore Regions
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|Increased Fleet Diversity

Source:   Public filings and company websites.

PUBLIC COMPANY PERFORMANCE CAPABILITIES

Current

Pro forma
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|Expanded Services Offering

Infrastructure

and installation

Production

and well

remediation

Decommissioning



Platform Installation

Pipelay & Burial

Pipeline Installation Tie-Ins


Construction

Inspection

Repair

Maintenance

Production Lifecycle

Well and Pipeline P/A

Platform Salvage

Added pipelay / pipebury and derrick barge capabilities will enhance Cal Dive's ability to
provide essential offshore construction services throughout the production lifecycle
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|Global Footprint With Expansion Potential

Expanded and diversified fleet, enhanced services and existing customer relationships
should allow for accelerated expansion into high-growth offshore regions

Both

Note:  Shaded regions indicate current or past operations.
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|EBITDA (a)

NET REVENUES

($ in millions)

Significantly improved financial performance in recent years expected to continue

Favorable operating environment and successful integration of acquired assets

Transaction should be accretive to 2008 earnings per share and cash flow per share without
the realization of synergies

$10 million in annual pre-tax synergies is an achievable objective

Strong Financial Momentum

See Appendix for 2004 - 2006 EBITDA reconciliation.

Median of published research estimates as reported by Thomson Financial.

($ in millions)

(b)

(b)

(b)

(b)
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|Pro forma for the transaction, Cal Dive will maintain moderate leverage and adequate
liquidity

Debt / LTM EBITDA of 1.6x and LTM EBITDA / Interest of 8.1x

Approximately $150 million of liquidity

Prepayable term loan and revolver maximize capital structure flexibility

Strong operating cash flows allow for debt reduction and pursuit of future growth
initiatives

Financial Strength and Flexibility

As of March 31, 2007.

Includes Horizon's balance sheet as of March 31, 2007 (with estimated asset writeup) and transaction financing adjustments.  Assumes
$61 million of existing cash applied to transaction financing.

Represents actual interest expense for the period January 1, 2007 - March 31, 2007 plus nine months of interest

   expense on the initial revolver borrowing of $200 million, which occurred in conjunction with the Company's

   initial public offering in December 2006.

EBITDA represents actual combined LTM EBITDA and $10 million of synergies. Interest expense represents

   Cal Dive standalone LTM interest expense as calculated in the previous footnote plus annualized

   interest on the new acquisition debt assuming no debt paydown.

PRO FORMA CAPITALIZATION

(c)

(d)

($ in millions)
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|Conclusion
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|Summary

Excellent strategic fit with complementary assets

Significant operational synergies are achievable

Increases geographic footprint

Accelerates expansion in high-growth offshore regions

Provides diverse fleet to respond quickly to customers' global demands

Accretive to earnings and cash flow per share

Financial strength and flexibility maintained
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|Question & Answer
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|Appendix
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|Vessel Fleet Specifications

HORIZON

CAL DIVE

SAT Conversion expected in 2007.

(a)
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|Cal Dive EBITDA Reconciliation

EBITDA RECONCILIATION

In addition to net income, we evaluate our financial performance based on other factors, one primary
measure of which is earnings before net interest expense, taxes, depreciation and amortization, which we
refer to as EBITDA. We use EBITDA as a measure of the operational strengths and performance of our
business and not as a measure of liquidity. However, a limitation of the use of EBITDA as a performance
measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets
used in generating revenues in our business. Accordingly, EBITDA should be considered in addition to,
and not as a substitute for, net income and other measures of financial performance reported in
accordance with GAAP. Furthermore, this measure may vary among companies; thus, EBITDA as
presented below may not be comparable to similarly titled measures of other companies.

($ in thousands)
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|Horizon calculates Adjusted EBITDA as net income or loss excluding income taxes, net interest
expense, depreciation and amortization, amortization of deferred compensation, loss on debt
extinguishment and non-cash impairments. Net income or loss includes revenues for services for
which non-cash consideration is received. Horizon has separately identified non-cash charges which
are non-recurring, infrequent, unusual, or isolated or the result of special circumstances and has
excluded these non-cash charges from the calculation of Adjusted EBITDA. Horizon has aligned the
disclosure of Adjusted EBITDA with the financial covenants in our material credit agreements with
various lenders, which includes ratios requiring a determination of EBITDA, as defined. Horizon
believes that Adjusted EBITDA is a material component of the financial covenants in our credit
agreements and non-compliance with the covenants could result in the acceleration of indebtedness.
Adjusted EBITDA is not calculated in accordance with Generally Accepted Accounting Principles
(GAAP), but is a non-GAAP measure that is derived from items in Horizon's GAAP financials and is
used as a measure of operational performance. A reconciliation of the non-GAAP measure to
Horizon's income statement is included. Horizon believes Adjusted EBITDA is a commonly applied
measurement of financial performance by investors. Horizon believes Adjusted EBITDA is useful to
investors because it gives a measure of operational performance without taking into account items that
Horizon does not believe relate directly to operations or that are subject to variations that are not
caused by operational performance. This non-GAAP measure is not intended to be a substitute for
GAAP measures, and investors are advised to review this non- GAAP measure in conjunction with
GAAP information provided by Horizon. Adjusted EBITDA should not be construed as a substitute for
income from operations, net income (loss) or cash flows from operating activities (all determined in
accordance with GAAP) for the purpose of analyzing Horizon's operating performance, financial
position and cash flows. Horizon's computation of Adjusted EBITDA may not be comparable to similar
titled measures of other companies.

Horizon EBITDA Reconciliation
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|Horizon EBITDA Reconciliation

EBITDA RECONCILIATION

($ in thousands)
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