The US Bankruptcy Court gave an order approving the sale of certain assets of Cal Dive Offshore Contractors, Inc. on July 24, 2015. The debtor has been authorized to sell its certain assets to Marine Environmental Remediation Group, LLC, the successful bidder for a purchase price of $0.20 million in cash pursuant to purchase and sale agreement dated July 22, 2015. The debtor's assets include Panama-flagged vessel American Constitution.

As per the agreement, Marine Environmental shall make a deposit of $0.02 million in not less than 2 banking days prior to the closing date of the transaction. The transaction is expected to close on August 17, 2015. Derrick Offshore Ltd. acted as debtor's broker in the transaction.