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Cal Dive Forming Joint Venture To Pursue Offshore Wind Project

Cal Dive International, Inc. (NYSE:DVR) announced today that it is forming a joint venture with Flatiron Construction Corp. and Cashman Equipment Corp. 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, LLC 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.

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.”

Cape Wind President Jim Gordon said, “We are confident this is the right team with the best skills and capabilities to successfully build Cape Wind and create hundreds of jobs in the region.”

Cal Dive International, Inc., headquartered in Houston, Texas, is a marine contractor that provides an integrated offshore construction solution to its customers, including manned diving, pipelay and pipe burial, platform installation and platform salvage services to the offshore oil and natural gas industry on the Gulf of Mexico OCS, Northeastern U.S., Latin America, Southeast Asia, China, Australia, the Middle East and the Mediterranean, with a fleet of 28 vessels, including 18 surface and saturation diving support vessels and 10 construction barges.

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