Cal Dive International, Inc. (NYSE: DVR) is finding itself in the soup yet again, after its chart resembles a staircase that has only gone down. Its stock has fallen by more than one-quarter of its value after the marine services operator for the oil and gas industry turned in yet another loss.

Cal Dive announced on Monday morning that had a loss of $29.1 million in its second quarter. The translation: -$0.31 in earnings per share. The company’s revenue was $121.7 million in the quarter. Revenue for the same quarter a year ago was $121 million, but the company lost only $1.67 million in the same quarter a year ago.

The company blamed the majority of its losses in the second quarter as being due to unseasonably adverse weather delayed the completion of two of its four Mexico projects. Cal Dive also claims that it is now 100% complete on one of the projects, and that it expects to complete the second project by mid-August.

What the company is forecasting now is that the remaining two Mexico projects have been temporarily suspended by Pemex, and it is awaiting for these platforms to be installed by other contractors. It said,

“Based on Pemex’s current project schedule, the company expects to resume work on these projects late in the third quarter, and to complete both projects in the fourth quarter. During the second quarter, the company also completed a project in Ecuador, and continued to be busy in Australia and Southeast Asia. The company also commenced an air diving project in the North Sea in the second quarter that was completed during the third quarter, and commenced a second project in that region in the third quarter.”

Cal Dive indicated that the second quarter in the Gulf of Mexico was adversely affected by unseasonable weather and customer delays that delayed the start of the summer work season. Still, the company went on to claim that its vessels are now experiencing high utilization levels, as well as claiming that its domestic backlog was the highest it has been in several years.

Another notice made on Cal Dive’s revolving credit facility. The company said that it has received financing proposals in the form of preliminary commitment letters from four lenders providing for the refinancing of its revolving credit facility in an amount up to its previous capacity of $125 million.

Cal Dive’s press release detailed some of the items that accounted for such wide losses. The company said,

“Included in the loss for the second quarter 2014 is a $6.2 million after-tax charge for the provision of doubtful accounts related to a receivable owed by a contractor in Mexico that became subject to bankruptcy proceedings in July, and a $3.0 million after-tax loss related to the early extinguishment of debt from the Company’s previously announced refinancing during the second quarter. This compares to a loss of $1.7 million, or $0.02 per diluted share, on revenues of $121.0 million for the second quarter 2013. Included in the loss for the second quarter 2013 is a $4.0 million after-tax gain related to a mark-to-market adjustment on the Company’s convertible debt.”

Cal Dive shares were down 25.5% at $0.83 on more than 4.6 million shares with less than 30 minutes until the close of trading. Cal Dive shares also hit a 52-week low of $0.68 on Monday, versus a 52-week high of $2.30.

Back in 2009 Cal Dive was a $10 stock – and it traded above $15 back before the recession. In fact, the only way to make this chart look anything like the bull market of the last five years is to turn it upside down.

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