Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
KRATZ OWEN E
   2. Issuer Name and Ticker or Trading Symbol
CAL DIVE INTERNATIONAL INC [CDIS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CHAIRMAN & CEO
(Last)
(First)
(Middle)
400 N SAM HOUSTON PARKWAY E, SUITE 400		 3. Date of Earliest Transaction (Month/Day/Year)
03/04/2005
(Street)

HOUSTON, TX 77060		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Pre-Paid Forward Contract (1) 03/04/2005   J   250,000 (1)     (1) 03/10/2008(1) Common Stock 250,000 (1) 250,000 (1) D  
Pre-Paid Forward Contract (2) 03/04/2005   J   250,000 (2)     (2) 03/24/2008(2) Common Stock 250,000 (2) 250,000 (2) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
KRATZ OWEN E
400 N SAM HOUSTON PARKWAY E
SUITE 400
HOUSTON, TX 77060		   X     CHAIRMAN & CEO  

Signatures

 /s/ James Lewis Connor, III by Power of Attorney   03/08/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The final pricing terms of the Tranche 1 (as defined in the Remarks) Pre-Paid Forward Contract will be determined by the average sales price that Citibank NA will be able to obtain for an equivalent number of shares of Cal Dive International, Inc. The Tranche 1 Pre-Paid Forward Contract provides that the Reporting Person will be required to deliver a number of shares less than or equal to 250,000 shares (subject to applicable adjustments) in March 10, 2008 or, in the alternative, he may settle the transaction in cash.
(2) The final pricing terms of the Tranche 2 (as defined in the Remarks) Pre-Paid Forward Contract will be determined by the average sales price that Citibank NA will be able to obtain for an equivalent number of shares of Cal Dive International, Inc. The Tranche 2 Pre-Paid Forward Contract provides that the Reporting Person will be required to deliver a number of shares less than or equal to 250,000 shares (subject to applicable adjustments) in March 24, 2008 or, in the alternative, he may settle the transaction in cash.
 
Remarks:
This Form 4 is being filed in connection with the proposed sale by the Reporting Person of 500,000 shares of the Common Stock of Cal Dive International, Inc. to Citibank NA in two equal tranches of 250,000 shares (herein Tranche 1 and Tranche 2, respectively), each of which is pursuant to a Pre-Paid Forward Sale transaction effected on March 4, 2005 and subject to the terms set forth in the respective Pre-Paid Forward Contracts entered into on March 3, 2005. The filing of this statement shall not be deemed an admission that any reporting person is, for purposes of section 16 of the Securities Exchange Act of 1934, as amended, or otherwise, the owner of any equity securities covered by this statement.

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