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Cal Dive International acquired 85% of Canyon Offshore, Inc., a supplier of ROVs and robotics. Cal Dive would purchase the remaining 15% at a price to be determined by Canyon’s performance during the years 2002 through 2004. Chairman and CEO Owen Kratz said "Acquiring Canyon will be a vertical integration which flows from the CDI policy of directly controlling all aspects on the critical path of significant projects."
Kerr McGee Oil & Gas Corp., and partners were apparent high bidders on 16 blocks in the eastern Gulf of Mexico lease sale 181. This was the first sale in the area in over a decade. The firm will operate 60% of the blocks with an average working interest of about 63%.
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