----

|   |   |   |
|--------|--------|--------|
|   |   |   |

|   |   |   |
|--------|--------|--------|
|   |   |   |

| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-----------------------------------------------------------------------------------------|

|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   |   |   |

|   |   |   |
|--------|--------|--------|
|   |   |   |

| Delaware                                                                                  |   | 61-1500501                          |
|-------------------------------------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization)                             |   | (I.R.S. EmployerIdentification No.) |
|                                                                                      |   |                                |
| 2500 CityWest Boulevard, Suite 2200Houston, Texas(Address of principal executive offices) |   | 77042(Zip Code)                     |

|   |   |   |
|--------|--------|--------|
|   |   |   |

| Large accelerated filer o                                            | Accelerated filer þ |
|---------------------------------------------------------------------------|-------------------------------|
|                                                                      |                          |
| Non-accelerated filer o (Do notcheck if a smaller reporting company) | Smaller reporting company o   |

----

|                                       | Page     |
|--------------------------------------------|----------|
| PART I - FINANCIAL INFORMATION   | 1        |
|                                       | Item 1.  | Financial Statements    | 1 |
|                                       |     | Consolidated Balance Sheets as of March 31, 2011 (unaudited) andDecember 31, 2010 (audited) | 1 |
|                                       |     | Consolidated Statements of Operations (unaudited) for the three months endedMarch 31, 2011 and 2010 | 2 |
|                                       |     | Consolidated Statements of Stockholders' Equity and ComprehensiveLoss (unaudited) for the three months endedMarch 31, 2011 and 2010  | 3 |
|                                       |     | Consolidated Statements of Cash Flows (unaudited) for the three months endedMarch 31, 2011 and 2010 | 4 |
|                                       |     | Notes to Consolidated Financial Statements (unaudited) | 5 |
|                                       | Item 2.  | Management’s Discussion and Analysis of Financial Condition andResults of Operations   | 10 |
|                                       | Item 3.  | Quantitative and Qualitative Disclosures About Market Risk  | 15 |
|                                       | Item 4.  | Controls and Procedures  | 15 |
| PART II - OTHER INFORMATION                | 15       |
|                                       | Item 1A. | Risk Factors   | 15 |
|                                       | Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds  | 16 |
|                                       | Item 6.  | Exhibits   | 16 |
| SIGNATURES             | 17       |
| EXHIBIT INDEX                    | 18       |

----

PART I

Financial Statements

Consolidated Balance Sheets

| ASSETS                                                                                                                              |   | March 31,2011 |     |   | December 31,2010 |   |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|----------|--------|------------------|--------|
|                                                                                                                                |   | (unaudited)   |     |   |             |   |
| Current assets:                                                                                                                     |   |          |     |   |             |   |
| Cash and cash equivalents                                                                                                           |   | $             | 9,275    |   |             | $      | 24,576 |   |
| Accounts receivable -                                                                                                               |   |          |     |   |             |   |   |   |
| Trade, net of allowance for doubtful accounts of $6,075 and $6,039, respectively                                                    |   |          | 63,918   |   |             |   | 86,239 |   |
| Contracts in progress                                                                                                               |   |          | 31,927   |   |             |   | 26,829 |   |
| Income tax receivable                                                                                                               |   |          | 4,719    |   |             |   | 2,182 |   |
| Deferred income taxes                                                                                                               |   |          | 3,457    |   |             |   | 3,425 |   |
| Other current assets                                                                                                                |   |          | 15,731   |   |             |   | 17,439 |   |
| Total current assets                                                                                                                |   |          | 129,027  |   |             |   | 160,690 |   |
|                                                                                                                                |   |          |     |   |             |   |   |   |
| Property and equipment                                                                                                              |   |          | 814,411  |   |             |   | 799,757 |   |
| Less - Accumulated depreciation                                                                                                     |   |          | (246,210 | )      |             |   | (231,966 | ) |
| Net property and equipment                                                                                                          |   |          | 568,201  |   |             |   | 567,791 |   |
|                                                                                                                                |   |          |     |   |             |   |   |   |
| Other assets:                                                                                                                       |   |          |     |   |             |   |   |   |
| Deferred drydock costs                                                                                                              |   |          | 15,391   |   |             |   | 14,602 |   |
| Other assets, net                                                                                                                   |   |          | 8,135    |   |             |   | 9,218 |   |
| Total assets                                                                                                                        |   | $             | 720,754  |   |             | $      | 752,301 |   |
|                                                                                                                                |   |          |     |   |             |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                          |   |          |     |   |             |   |   |   |
| Current liabilities:                                                                                                                |   |          |     |   |             |   |   |   |
| Accounts payable                                                                                                                    |   | $             | 48,173   |   |             | $      | 58,685 |   |
| Advanced billings on contracts                                                                                                      |   |          | 5        |   |             |   | 5 |   |
| Current maturities of long-term debt                                                                                                |   |          | —  |   |             |   | 59,328 |   |
| Income tax payable                                                                                                                  |   |          | —  |   |             |   | 4,462 |   |
| Accrued liabilities                                                                                                                 |   |          | 23,221   |   |             |   | 23,276 |   |
| Total current liabilities                                                                                                           |   |          | 71,399   |   |             |   | 145,756 |   |
|                                                                                                                                |   |          |     |   |             |   |   |   |
| Long-term debt                                                                                                                      |   |          | 164,704  |   |             |   | 106,008 |   |
| Deferred income taxes                                                                                                               |   |          | 109,591  |   |             |   | 109,434 |   |
| Other long term liabilities                                                                                                         |   |          | 3,640    |   |             |   | 3,392 |   |
| Total liabilities                                                                                                                   |   |          | 349,334  |   |             |   | 364,590 |   |
|                                                                                                                                |   |          |     |   |             |   |   |   |
| Stockholders’ equity:                                                                                                         |   |          |     |   |             |   |   |   |
| Common stock, 240,000 shares authorized, $0.01 par value, issued and outstanding:  95,394 and 95,465 shares, respectively |   |          | 954      |   |             |   | 954 |   |
| Capital in excess of par value of common stock                                                                                      |   |          | 408,977  |   |             |   | 406,891 |   |
| Accumulated other comprehensive income                                                                                              |   |          | 2,337    |   |             |   | 1,969 |   |
| Retained deficit                                                                                                                    |   |          | (40,848  | )      |             |   | (22,103 | ) |
| Total stockholders’ equity                                                                                                    |   |          | 371,420  |   |             |   | 387,711 |   |
| Total liabilities and stockholders’ equity                                                                                    |   | $             | 720,754  |   |             | $      | 752,301 |   |

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Table of Contents

Consolidated Statements of Operations (unaudited)

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | Three Months Ended March 31, |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2011                              |    |   | 2010 |   |
| Revenues                                                                                                            |   | $                                 | 95,431  |   |   | $ | 57,418 |   |
| Cost of sales                                                                                                       |   |                              | 102,657 |   |   |   | 72,827 |   |
| Gross loss                                                                                                          |   |                              | (7,226  | ) |   |   | (15,409 | ) |
| Selling and administrative expenses                                                                                 |   |                              | 15,953  |   |   |   | 14,524 |   |
| Gain on sale of assets and other                                                                                    |   |                              | 2,832   |   |   |   | 1,190 |   |
| Provision for doubtful accounts                                                                                     |   |                              | — |   |   |   | (167 | ) |
| Loss from operations                                                                                                |   |                              | (20,347 | ) |   |   | (28,576 | ) |
| Interest expense, net                                                                                               |   |                              | 2,027   |   |   |   | 2,458 |   |
| Other expense (income), net                                                                                         |   |                              | 148     |   |   |   | (41 | ) |
| Loss before income taxes                                                                                            |   |                              | (22,522 | ) |   |   | (30,993 | ) |
| Income tax benefit                                                                                                  |   |                              | (3,777  | ) |   |   | (11,864 | ) |
| Net loss                                                                                                            |   | $                                 | (18,745 | ) |   | $ | (19,129 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                              |    |   |   |   |   |   |
| Loss per common share:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                              |    |   |   |   |   |   |
| Basic loss per share                                                                                                                    |   | $                                 | (0.20   | ) |   | $ | (0.20 | ) |
| Fully-diluted loss per share                                                                                                            |   | $                                 | (0.20   | ) |   | $ | (0.20 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                              |    |   |   |   |   |   |
| Weighted average shares outstanding:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                              |    |   |   |   |   |   |
| Basic                                                                                                                                   |   |                              | 91,652  |   |   |   | 90,999 |   |
| Fully-diluted                                                                                                                           |   |                              | 91,652  |   |   |   | 90,999 |   |

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Table of Contents

Consolidated Statements of Stockholders’ Equity and Comprehensive Loss (unaudited)

|                                                                      |   |         |   |   |      |   |     |    |   |   | Accumulated   |   |   |                |   |   |   |   |
|---------------------------------------------------------------------------|--------|--------------|--------|--------|-----------|--------|----------|---------|--------|--------|---------------|--------|--------|---------------------|--------|--------|--------|--------|
|                                                                      |   |         |   |   |      |   |     |    |   |   | Other         |   |   |                |   |   |   |   |
|                                                                      |   |         |   |   |      |   |     | Capital |   |   | Compre-       |   |   |                |   |   | Total  |   |
|                                                                      |   | Common Stock |   |   | in Excess |   |     | hensive |   |   | Retained      |   |   | Stockholders’ |   |
|                                                                      |   | Shares       |   |   | Par value |   |     | of Par  |   |   | Income (loss) |   |   | Earnings            |   |   | Equity |   |
| Balances at December 31, 2010                                             |   |         | 95,465 |   |      | $      | 954      |    |   | $      | 406,891       |   |   | $                   | 1,969  |   |   | $      | (22,103 | ) |   | $ | 387,711 |   |
| Net loss                                                                  |   |         |   |   |      |   |     |    |   |   |          |   |   |                |   |   |   |   | (18,745 | ) |   |   | (18,745 | ) |
| Foreign currency translation adjustment                                   |   |         |   |   |      |   |     |    |   |   |          |   |   |                | 280    |   |   |   |   |   |   |   | 280 |   |
| Decrease in unrealized loss from cashflow hedge (net of income tax of$47) |   |         |   |   |      |   |     |    |   |   |          |   |   |                | 88     |   |   |   |   |   |   |   | 88 |   |
| Comprehensive loss                                                        |   |         |   |   |      |   |     |    |   |   |          |   |   |                |   |   |   |   |   |   |   |   | (18,377 | ) |
| Stock-based compensation plans                                            |   |         | (71    | )      |      |   | (— | )       |   |   | 2,086         |   |   |                |   |   |   |   |   |   |   |   | 2,086 |   |
| Balances at March 31, 2011                                                |   |         | 95,394 |   |      | $      | 954      |    |   | $      | 408,977       |   |   | $                   | 2,337  |   |   | $      | (40,848 | ) |   | $ | 371,420 |   |

|                                                                       |   |         |   |   |      |   |   |    |   |   | Accumulated   |   |   |                |   |   |   |   |
|----------------------------------------------------------------------------|--------|--------------|--------|--------|-----------|--------|--------|---------|--------|--------|---------------|--------|--------|---------------------|--------|--------|--------|--------|
|                                                                       |   |         |   |   |      |   |   |    |   |   | Other         |   |   |                |   |   |   |   |
|                                                                       |   |         |   |   |      |   |   | Capital |   |   | Compre-       |   |   |                |   |   | Total  |   |
|                                                                       |   | Common Stock |   |   | in Excess |   |   | hensive |   |   | Retained      |   |   | Stockholders’ |   |
|                                                                       |   | Shares       |   |   | Par value |   |   | of Par  |   |   | Income (loss) |   |   | Earnings            |   |   | Equity |   |
| Balances at December 31, 2009                                              |   |         | 93,933 |   |      | $      | 939    |    |   | $      | 399,199       |   |   | $                   | 914    |   |   | $      | 293,746 |   |   | $ | 694,798 |   |
| Net loss                                                                   |   |         |   |   |      |   |   |    |   |   |          |   |   |                |   |   |   |   | (19,129 | ) |   |   | (19,129 | ) |
| Foreign currency translation adjustment                                    |   |         |   |   |      |   |   |    |   |   |          |   |   |                | 147    |   |   |   |   |   |   |   | 147 |   |
| Decrease in unrealized loss from cashflow hedge (net of income taxof $202) |   |         |   |   |      |   |   |    |   |   |          |   |   |                | 375    |   |   |   |   |   |   |   | 375 |   |
| Comprehensive loss                                                         |   |         |   |   |      |   |   |    |   |   |          |   |   |                |   |   |   |   |   |   |   |   | (18,607 | ) |
| Stock-based compensation plans                                             |   |         | 250    |   |      |   | 3      |    |   |   | 3,336         |   |   |                |   |   |   |   |   |   |   |   | 3,339 |   |
| Balances at March 31, 2010                                                 |   |         | 94,183 |   |      | $      | 942    |    |   | $      | 402,535       |   |   | $                   | 1,436  |   |   | $      | 274,617 |   |   | $ | 679,530 |   |

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Table of Contents

Consolidated Statements of Cash Flows (unaudited)

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Three Months Ended March 31, |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2011                              |    |   | 2010 |   |
| Cash Flows From Operating Activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                              |    |   |   |   |
| Net loss                                                                                                                     |   | $                                 | (18,745 | ) |   | $ | (19,129 | ) |
| Adjustments to reconcile net income to net cash (used) provided by operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                              |    |   |   |   |   |   |
| Depreciation and amortization                                                                                                          |   |                              | 16,876  |   |   |   | 18,262 |   |
| Stock compensation expense                                                                                                             |   |                              | 2,281   |   |   |   | 1,783 |   |
| Deferred income tax expense                                                                                                            |   |                              | 155     |   |   |   | 1,786 |   |
| Gain on sale of assets and other                                                                                                       |   |                              | (2,832  | ) |   |   | (1,190 | ) |
| Provision for doubtful accounts                                                                                                        |   |                              | — |   |   |   | (167 | ) |
| Deferred financing costs                                                                                                               |   |                              | — |   |   |   | 293 |   |
| Changes in operating assets and liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                              |    |   |   |   |   |   |
| Accounts receivable, net                                                                                                                              |   |                              | 17,481  |   |   |   | 82,464 |   |
| Income tax receivable and payable, net                                                                                                                |   |                              | (7,073  | ) |   |   | (20,707 | ) |
| Other current assets                                                                                                                                  |   |                              | 1,605   |   |   |   | 5,968 |   |
| Deferred drydock costs                                                                                                                                |   |                              | (1,853  | ) |   |   | (1,235 | ) |
| Accounts payable and accrued liabilities                                                                                                              |   |                              | (20,775 | ) |   |   | (41,874 | ) |
| Other noncurrent assets and liabilities, net                                                                                                          |   |                              | 789     |   |   |   | 210 |   |
| Net cash (used) provided by operating activities                                                                             |   |                              | (12,091 | ) |   |   | 26,464 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                              |    |   |   |   |   |   |
| Cash Flows From Investing Activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                              |    |   |   |   |   |   |
| Additions to property and equipment                                                                                          |   |                              | (5,430  | ) |   |   | (10,165 | ) |
| Insurance proceeds from loss and sales of property                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                              | 2,832   |   |   |   | 3,811 |   |
| Net cash used in investing activities                                                                                        |   |                              | (2,598  | ) |   |   | (6,354 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                              |    |   |   |   |   |   |
| Cash Flows From Financing Activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                              |    |   |   |   |   |   |
| Repayments on term loan                                                                                                      |   |                              | (14,832 | ) |   |   | (20,000 | ) |
| Draws on revolving credit facility                                                                                           |   |                              | 14,200  |   |   |   | — |   |
| Net cash used in financing activities                                                                                        |   |                              | (632    | ) |   |   | (20,000 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                              |    |   |   |   |   |   |
| Effect of exchange rate changes on cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                              | 20      |   |   |   | 49 |   |
| Net increase (decrease) in cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                              | (15,301 | ) |   |   | 159 |   |
| Cash and cash equivalents:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                              |    |   |   |   |   |   |
| Balance, beginning of period                                                                                                 |   |                              | 24,576  |   |   |   | 52,413 |   |
| Balance, end of period                                                                                                       |   | $                                 | 9,275   |   |   | $ | 52,572 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                              |    |   |   |   |   |   |
| Supplemental Cash Flow Information:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                              |    |   |   |   |   |   |
| Interest paid, net of capitalized interest                                                                                   |   | $                                 | 1,186   |   |   | $ | 1,644 |   |
| Income taxes paid, net                                                                                                       |   | $                                 | 3,084   |   |   | $ | 7,043 |   |

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Table of Contents

Notes to Consolidated Financial Statements 

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Table of Contents

|   | Interest Rate Swap and Hedging Activities |
|--------|-------------------------------------------|

|                               |   | March 31,2011 |   |   | December 31,2010 |   |
|------------------------------------|--------|---------------|--------|--------|------------------|--------|
| Insurance claims to be reimbursed  |   | $             | 501    |   |             | $      | 1,806 |   |
| Prepaid job costs                  |   |          | 3,419  |   |             |   | 2,847 |   |
| Prepaid insurance                  |   |          | 2,297  |   |             |   | 4,102 |   |
| Prepaid other                      |   |          | 516    |   |             |   | 417 |   |
| Supplies and spare parts inventory |   |          | 2,033  |   |             |   | 2,154 |   |
| Other receivables                  |   |          | 4,489  |   |             |   | 4,379 |   |
| Other                              |   |          | 2,476  |   |             |   | 1,734 |   |
|                               |   | $             | 15,731 |   |             | $      | 17,439 |   |

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Table of Contents

|                                       |   | March 31,2011 |   |   | December 31,2010 |   |
|--------------------------------------------|--------|---------------|--------|--------|------------------|--------|
| Intangible assets with definite lives, net |   | $             | 2,490  |   |             | $      | 2,773 |   |
| Deferred financing costs                   |   |          | 3,188  |   |             |   | 3,644 |   |
| Equipment deposits and other               |   |          | 2,457  |   |             |   | 2,801 |   |
|                                       |   | $             | 8,135  |   |             | $      | 9,218 |   |

|                                 |   | March 31, |   |   | December 31, |   |
|--------------------------------------|--------|-----------|--------|--------|--------------|--------|
|                                 |   | 2011      |   |   | 2010         |   |
| Accrued payroll and related benefits |   | $         | 10,706 |   |         | $      | 7,762 |   |
| Insurance claims to be reimbursed    |   |      | 501    |   |         |   | 1,806 |   |
| Accrued insurance                    |   |      | 6,377  |   |         |   | 7,529 |   |
| Interest rate swap                   |   |      | 146    |   |         |   | 282 |   |
| Accrued taxes other than income      |   |      | 1,672  |   |         |   | 2,320 |   |
| Other                                |   |      | 3,819  |   |         |   | 3,577 |   |
|                                 |   | $         | 23,221 |   |         | $      | 23,276 |   |

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Table of Contents

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Table of Contents

|                                                  |   | Three Months Ended March 31, |    |
|-------------------------------------------------------|--------|------------------------------|---------|
|                                                  |   | 2011                         |    |   | 2010 |   |
| Numerator:                                            |   |                         |    |   |   |   |
| Net loss                                              |   | $                            | (18,745 | ) |   | $ | (19,129 | ) |
| Less: Net loss allocated to unvested restricted stock |   |                         | — |   |   |   | (646 | ) |
| Net loss attributable to common shares                |   | $                            | (18,745 | ) |   | $ | (18,483 | ) |
|                                                  |   |                         |    |   |   |   |   |   |
| Denominator:                                          |   |                         |    |   |   |   |   |   |
| Basic weighted average shares outstanding             |   |                         | 91,652  |   |   |   | 90,999 |   |
| Dilutive share-based employee compensation plan (1)   |   |                         | — |   |   |   | — |   |
| Diluted weighted-average shares outstanding           |   |                         | 91,652  |   |   |   | 90,999 |   |
|                                                  |   |                         |    |   |   |   |   |   |
| Loss per Share:                                       |   |                         |    |   |   |   |   |   |
| Total basic                                           |   | $                            | (0.20   | ) |   | $ | (0.20 | ) |
| Total diluted                                         |   | $                            | (0.20   | ) |   | $ | (0.20 | ) |

| (1) | No losses were allocated to unvested restricted stock outstanding in the computation of diluted earnings per share because to do so would be anti-dilutive. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   |   |   |

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Table of Contents

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Table of Contents

|                         | Three Months Ended March 31, |
|------------------------------|------------------------------|
|                         | 2011                         |   | 2010 |
|                         | Number ofVessels             |   | Utilization(1) |   | Number ofVessels |   | Utilization(1) |
| Saturation Diving            |   8                     |   | 48% |   |   8 |   | 39% |
| Surface and Mixed Gas Diving | 11                           |   | 34% |   | 13 |   | 22% |
| Construction Barges          | 10                           |   | 15% |   | 10 |   |   6% |
| Entire Fleet                 | 29                           |   | 30% |   | 31 |   | 22% |

| (1) | Effective vessel utilization is calculated by dividing the total number of days the vessels generated revenues by the total number of days the vessels were available for operation in each period and does not reflect vessels in drydocking or taken out of service for upgrades. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   |   |   |

|               | Three Months Ended March 31, |   | Increase/(Decrease)      |   |
|--------------------|------------------------------|--------|--------------------------|--------|
|               | 2011                         |   | 2010                     |   | 2011 to 2010 |   |
|               | (in thousands)               |   | (in thousands, except %) |   |
| Revenues           |                         | $      | 95,431                   |   |   | $ | 57,418 |   |   | $ | 38,013 |   |   |   | 66 | % |
| Gross loss         |                         |   | (7,226                   | )      |   |   | (15,409 | ) |   |   | 8,183 |   |   |   | 53 | % |
|               |                         |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Vessel Utilization |                         |   | 30                       | %      |   |   | 22 | %  |   |   | 8 | % |   |   | — |   |

|   |   |   |
|--------|--------|--------|
|   |   |   |

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Table of Contents

|                                                                       | Three Months Ended March 31, |   | Increase/(Decrease)      |   |
|----------------------------------------------------------------------------|------------------------------|--------|--------------------------|--------|
|                                                                       | 2011                         |   | 2010                     |   | 2011 to 2010 |   |
|                                                                       | (in thousands)               |   | (in thousands, except %) |   |
| Selling and administrative expenses                                        |                         | $      | 15,953                   |   |   | $ | 14,524 |   |   | $ | 1,429 |   |   |   | 10 | % |
| Selling and administrative expenses as a percentage of  revenues |                         |   | 17                       | %      |   |   | 25 | % |   |   | (8 | %) |   |   | — |   |

|   |   |   |
|--------|--------|--------|
|   |   |   |

|                            |   | Three Months Ended March 31, |    |   | Increase/(Decrease)      |   |
|---------------------------------|--------|------------------------------|---------|--------|--------------------------|--------|
|                            |   | 2011                         |    |   | 2010                     |   |   | 2011 to 2010 |   |
|                            |   | (in thousands)               |    |   | (in thousands, except %) |   |
| Provision for doubtful accounts |   | $                            | — |   |                     | $      | (167 | ) |   | $ | 167 |   |   |   | 100 | % |

|   |   |   |
|--------|--------|--------|
|   |   |   |

|                             | Three Months Ended March 31, |   | Increase/(Decrease)      |   |
|----------------------------------|------------------------------|--------|--------------------------|--------|
|                             | 2011                         |   | 2010                     |   | 2011 to 2010 |   |
|                             | (in thousands)               |   | (in thousands, except %) |   |
| Gain on sale of assets and other |                         | $      | 2,832                    |   |   | $ | 1,190 |   |   | $ | 1,642 |   |   |   | 138 | % |
| Other expense (income), net      |                         |   | 148                      |   |   |   | (41 | ) |   |   | 189 |   |   |   | 461 | % |

|   |   |   |
|--------|--------|--------|
|   |   |   |

|                  |   | Three Months Ended March 31, |   |   | Increase/(Decrease)      |   |
|-----------------------|--------|------------------------------|--------|--------|--------------------------|--------|
|                  |   | 2011                         |   |   | 2010                     |   |   | 2011 to 2010 |   |
|                  |   | (in thousands)               |   |   | (in thousands, except %) |   |
| Interest expense, net |   | $                            | 2,027  |   |                     | $      | 2,458 |   |   | $ | (431 | ) |   |   | (18 | %) |

|   |   |   |
|--------|--------|--------|
|   |   |   |

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|               |   | Three Months Ended March 31, |   |   | Increase/(Decrease)      |   |
|--------------------|--------|------------------------------|--------|--------|--------------------------|--------|
|               |   | 2011                         |   |   | 2010                     |   |   | 2011 to 2010 |   |
|               |   | (in thousands)               |   |   | (in thousands, except %) |   |
| Income tax benefit |   | $                            | (3,777 | )      |                     | $      | (11,864 | ) |   | $ | (8,087 | ) |   |   | (68 | %) |

|   |   |   |
|--------|--------|--------|
|   |   |   |

|                                              | Three Months Ended March 31, |   | Increase/(Decrease)      |   |
|---------------------------------------------------|------------------------------|--------|--------------------------|--------|
|                                              | 2011                         |   | 2010                     |   | 2011 to 2010 |   |
|                                              | (in thousands)               |   | (in thousands, except %) |   |
| Net loss                                          |                         | $      | (18,745                  | )      |   | $ | (19,129 | ) |   | $ | 384 |   |   |   | 2 | % |
| Weighted average fully-diluted shares outstanding |                         |   | 91,652                   |   |   |   | 90,999 |   |   |   | 653 |   |   |   | 1 | % |
| Fully-diluted loss per share                      |                         | $      | (0.20                    | )      |   | $ | (0.20 | ) |   | $ | — |   |   |   | 0 | % |

|   |   |   |
|--------|--------|--------|
|   |   |   |

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|                                                         |   | Three Months EndedMarch 31, |    |
|--------------------------------------------------------------|--------|-----------------------------|---------|
|                                                         |   | 2011                        |    |   | 2010 |   |
| Net cash provided by (used in):                              |   |                        |    |   |   |   |
| Operating activities                                         |   | $                           | (12,091 | ) |   | $ | 26,464 |   |
| Investing activities                                         |   |                        | (2,598  | ) |   |   | (6,354 | ) |
| Financing activities                                    |   |                        | (632    | ) |   |   | (20,000 | ) |
| Effect of exchange rate changes on cash and cash equivalents |   |                        | 20      |   |   |   | 49 |   |
| Net increase (decrease) in cash and cash equivalents    |   | $                           | (15,301 | ) |   | $ | 159 |   |
|                                                         |   |                        |    |   |   |   |   |   |

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| Period                                       |   | Total Number of Shares Purchased |   |   | Average Price Paid Per Share |   |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   |   | Maximum Number(or ApproximateDollar Value) ofShares that May YetBe Purchased Underthe Plans or Programs |   |
|----------------------------------------------|--------|----------------------------------|--------|--------|------------------------------|--------|--------|----------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------|--------|
|                                         |   |                             |   |   |                         |   |   |                                                                             |   |   | (in thousands)                                                                                          |   |
| January 1 to January 31, 2011(1)   |   |                             | 1,085  |   |                         | $      | 5.93   |                                                                             |   |   | —                                                                                                 |   |   |   | N/A |   |
| February 1 to February 28, 2011(1)           |   |                             | 24,699 |   |                         | $      | 6.88   |                                                                             |   |   | —                                                                                                 |   |   |   | N/A |   |
| March 1 to March 31, 2011(1)       |   |                             | 130    |   |                         | $      | 6.73   |                                                                             |   |   | —                                                                                                 |   |   |   | N/A |   |
|                                         |   |                             | 25,914 |   |                         | $      | 6.83   |                                                                             |   |   | —                                                                                                 |   |   |   | N/A |   |

| (1) | Represents shares surrendered to us by employees in order to satisfy tax withholding obligations upon vesting of restricted stock. |
|-----|------------------------------------------------------------------------------------------------------------------------------------|

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|--------|--------|--------|
|   |   |   |

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|                                     | CAL DIVE INTERNATIONAL, INC. |
|------------------------------------------|------------------------------|
|                                     |                         |   |
|                                     |                         |   |
| Date:    May 4, 2011 | By:                          | /s/ Quinn J. Hébert |
|                                     |                         | Quinn J. HébertChairman, President and Chief Executive Officer |
|                                     |                         |   |
|                                     |                         |   |
| Date:    May 4, 2011 | By:                          | /s/ Brent D. Smith |
|                                     |                         | Brent D. SmithExecutive Vice President,Chief Financial Officer and Treasurer |

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|          |                                                                                                                                                                         |   Filed |                                          |            |          |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-----------------------------------------------|-----------------|---------------|
|  Exhibit |                                                                                                                                                                         | with this    |      Incorporated by Reference |
|  Number  | Exhibit Title                                                                                                                                                                | Form 10-Q    | Form                                          | File No.        | Date Filed    |
| 3.1           | Amended and Restated Certificate of Incorporation of Cal Dive International, Inc.                                                                                       |         | 10-K                                          | 000-33206       | 3/1/07        |
| 3.2           | Amended and Restated Bylaws of Cal Dive International, Inc.                                                                                                             |         | 8-K                                           | 000-33206       | 8/31/10       |
| 4.1           | Specimen Common Stock certificate of Cal Dive International, Inc.                                                                                                       |         | S-1                                           | 333-134609      | 5/31/06       |
| 10.1          | Credit Agreement dated April 26, 2011 among Cal Dive International, Inc. and Bank of America, N.A., as Administration Agent, together with the other lenders parties thereto |         | 8-K                                      | 000-33206  | 4/27/11  |
| 31.1          | Certification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 by Quinn J. Hébert, Chief Executive Officer                                          | X       |                                          |            |          |
| 31.2          | Certification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 by Brent D. Smith, Chief Financial Officer                                                | X       |                                          |            |          |
| 32.1          | Section 1350 Certification by Chief Executive Officer and Chief Financial Officer                                                                                            | X            |                                          |            |          |
|          |                                                                                                                                                                         |         |                                          |            |
|          |

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