Superior Offshore granted court approval for $12 million sale of saturation diving system

By Jennifer Lanning Drey

Portland, Ore., June 10 - Superior Offshore International, Inc. was granted court approval to sell its saturation diving system to Cal Dive International, Inc. for $12 million, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

When requesting approval for the proposed sale, Superior Offshore said the system is mounted on a vessel that is not controlled by the company and requires significant ongoing maintenance expense in order to maintain certification, as well as costly insurance.

Superior Offshore, a Houston-based provider of subsea construction and commercial diving services to the crude oil and natural gas exploration and production industries and gathering and transmission industries, filed for bankruptcy on April 24. Its Chapter 11 case number is 08-32590.

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