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April 11, 2011
(FinancialWire) --
Marine contractor Cal Dive International (NYSE:
DVR) said it is
forming a joint venture to pursue a major offshore wind project.
The collaboration, being formed with Flatiron Construction Corp.
and Cashman Equipment Corp., designates Cal Dive as the
preferred contractor, and allocates Cal Dive with a “significant
minority interest” in the project, according to Cal Dive.
The project, spearheaded by Cape Wind Associates LLC and known
as the Cape Wind Project, is located on Nantucket Sound, off the
coast of Massachusetts.
The preferred contractor designation reportedly 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.
Cal Dive International Inc. (approx. market cap. US$ 326 mil.)
has historically provided manned diving, pipe laying and
pipe-burial services to the offshore oil and natural gas
industry. It owns and operates a fleet of 26 vessels, including
23 surface and saturation diving support vessels as well as
three shallow water pipe-laying vessels. The company, founded in
1975, is based in Houston, Texas.
[financialwire.net]
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