created a subsidiary called Energy Resource Technology (ERT) to manage its growing portfolio of Gulf shelf properties.ġ993 Cal Dive Intl. ġ992 – After establishing a business model of acquiring offshore oil and gas properties near the end of their production life in the Gulf of Mexico, Cal Dive Intl. from DEI for $11 million with Merrill Lynch acting as the financial partner, providing all of the holding a 45% equity position. ġ990 – Led by new CEO Jerry Reuhl, a management team that included future-CEO Owen Kratz, purchased Cal Dive Intl. Jim Nelson would take over the company and Handleman served as a consultant with the company for five more years. was acquired by Diversified Energy International (DEI) whose financial backing allowed the company to expand with two converted diving vessels.ġ985 –Handleman suffered a severe injury in a skiing accident and as a result was paralyzed from the waist down. Oceaneering was formed in 1964 when Handelman merged his California oilfield diving company, Cal Dive, with Canadian-based Can-Dive and upon his departure Handleman reclaimed his original company name for the new venture. 1980 – Oceaneering executives, Lad Handleman, John Swinden, Don Sites and Rick Foreman left the company and named their new company Cal Dive International.