Helix Energy Solutions Group Inc – ‘10-Q’ for 3/31/98 – EX-18.1

As of:  Monday, 5/4/98   ·   For:  3/31/98   ·   Accession #:  890566-98-805   ·   File #:  0-22739

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Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      12     46K 
 2: EX-18.1     Letter re: Change in Accounting Principles             2     10K 
 3: EX-27.      Financial Data Schedule (Pre-XBRL)                     1      6K 

EX-18.1   —   Letter re: Change in Accounting Principles

EX-18.1
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                                                                    EXHIBIT 18.1

March 25, 1998                                                                  

Cal Dive International, Inc.                                                    
400 N. Sam Houston Parkway E., Suite 400                                        
Houston, Texas 77060                                                            

Gentlemen:                                                                      

This letter is written to meet the requirements of Regulation S-K calling for a 
letter from a registrant's independent accountants whenever there has been a    
change in accounting principle or practice.                                     

We have been informed that, effective January 1, 1998, the Company changed its  
method of accounting for regulatory (U.S. Coast Guard, American Bureau of       
Shipping and Det Norske Veritas) related drydock inspection and certification   
expenditures. This change was made due to the significant changes in the        
composition of the Company's fleet which has been expanded to include more      
sophisticated dynamically positioned vessels that are capable of working in the 
deepwater Gulf of Mexico, a key to Cal Dive's operating strategy. The change    
also coincides with the first time these vessels were due for drydock inspection
and certification since being acquired by CDI. The Company previously expensed  
inspection and certification costs as incurred; however, effective January 1,   
1998, such expenditures will be capitalized and amortized over the 30-month     
period between regulatory mandated drydock inspections and certification. This  
predominant industry practice provides better matching of expenses with the     
period benefited (i.e., certification to operate the vessel for a 30-month      
period between required drydock inspections and to meet bonding and insurance   
coverage requirements).                                                         

A complete coordinated set of financial and reporting standards for determining 
the preferability of accounting principles among acceptable alternative         
principles has not been established by the accounting profession. Thus, we      
cannot make an objective determination of whether the change in accounting      
described in the preceding paragraph is to a preferable method. However, we have
reviewed the pertinent factors, including those related to financial reporting, 
in this particular case on a subjective basis, and our opinion stated below is  
based on our determination made in this manner.                                 

EX-18.1
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Cal Dive International, Inc.                                                    
Page 2                                                                          
March 25, 1998                                                                  

We are of the opinion that the Company's change in method of accounting is to an
acceptable alternative method of accounting, which, based upon the reasons      
stated for the change and our discussions with you, is also preferable under the
circumstances in this particular case. In arriving at this opinion, we have     
relied on the business judgment and business planning of your management.       

We have not audited the application of this change to the financial statements  
of any period subsequent to December 31, 1997. Further, we have not examined and
do not express any opinion with respect to your financial statements for the    
three months ended March 31, 1998.                                              

Very truly yours,                                                               

/s/ ARTHUR ANDERSEN LLP                                                         

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-Q’ Filing		Date		First		Last			Other Filings
Filed on:		5/4/98							S-1/A
For Period End:		3/31/98		2					10-K,  4
		3/25/98		1		2
		1/1/98		1
		12/31/97		2					10-K
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