Cal Dive forming joint venture to pursue offshore wind project

Cal Dive announced that it is forming a joint venture with Flatiron Construction and Cashman Equipment to pursue a major offshore wind project. The joint venture, of which Cal Dive will own a significant minority interest, has been designated the Preferred Contractor by Cape Wind Associates for the Cape Wind Project located on Nantucket Sound, USA. The Preferred Contractor designation empowers the joint venture to assist Cape Wind, on an exclusive basis, in project planning, financing and refinement of the project cost of construction. Final award and execution of the project construction contract is expected to occur in 2012, with project construction expected to begin in 2013.