Cal Dive, Cashman and Hochtief unit picked for Cape Wind construction

Cape Wind has selected a joint venture team of Flatiron Construction Corp., Cal Dive International, Inc. (NYSE:DVR), and Cashman Equipment Corp. as its construction contractor to build America’s first offshore wind farm in Nantucket Sound.

Flatiron,with a construction volume of more than $1 billion in 2011, is a subsidiary of Essen, Germany, headquartered Hochtief, a leading international construction service provider with extensive experience in the European offshore wind farm arena.

“We are excited to build Cape Wind, this project is moving forward and there is no better way for us to enter the US offshore wind market than to help build the first commercial project,” said Rik van den Berg, Project Manager for Flatiron Construction Corp.

Boston-based Cashman Equipment Corp. has constructed many marine projects in Massachusetts and New England and is one of the leading providers of floating marine equipment in the U.S. and provides floating marine equipment worldwide. Company President Jaime Cashman said, “I am thrilled that our Massachusetts company will be helping to make Cape Wind happen.”

Houston-based Cal Dive International, Inc. is a market leading U.S. based offshore energy marine construction and manned diving firm.”Cal Dive has successfully completed multiple projects in the Northeast United States and we bring over thirty-five years of marine construction experience to the Cape Wind project. We are excited about the opportunity to expand our business into the offshore wind sector,” Cal Dive International, Inc. General Manger, Construction, Russell Vandiver said.

Cape Wind has encouraged the joint venture to seek out subcontracting opportunities with local firms that may be able to offer competitive equipment or services.

Gerard Dhooge, President of the Boston & New England Maritime Trades Council, AFL-CIO, said, “Today’s announcement is a major milestone for Cape Wind and brings closer the day that we can put a lot of our local members to work constructing America’s first offshore wind energy facility while building a better energy future for our country.”

“Our joint venture team will work closely with Cape Wind to ensure that we incorporate the best practices developed by the offshore wind industry over its twenty year history,” said Mr. van den Berg. “Cape Wind isn’t just about building America’s first offshore wind farm, it’s about building the skill set among American companies to catalyze a domestic offshore wind industry supply chain,”.

According to Cal Dive, the joint venture, of which Cal Dive will own a significant minority interest, has been designated the Preferred Contractor by Cape Wind Associates. 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.

Quinn Hébert, President and Chief Executive Officer of Cal Dive, stated, “We are pleased to announce our first entry into the offshore wind market as part of this joint venture. In addition to being a market leader in the Gulf of Mexico marine construction market, Cal Dive has successfully completed multiple offshore construction projects in the Northeast United States. We bring over thirty-five years of marine construction experience to the Cape Wind Project and we are excited about the opportunity to expand our business into the offshore wind sector. Obtaining this designation is part of our strategy to pursue integrated projects outside of the oil and gas industry.”

April 11, 2012