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  • Cal Dive Pursuing Offshore Wind Venture 0 comments
    Apr 11, 2012 4:19 PM | about stocks: DVR

    Cal Dive Pursuing Offshore Wind Venture

    April 11, 2012 (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.



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    Stocks: Cal Dive International (NYSE: DVR)


    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: DVR
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