Cal Dive International is forming a joint venture with Flatiron Construction Corporation and Cashman Equipment Corporation to pursue Cape Wind offshore wind project in Nantucket Sound in the US state of Massachusetts worth $2.6bn.

Cape Wind is America’s first offshore wind farm to secure federal and state approval and to be issued a lease to operate by the federal government.

The joint venture, in which Cal Dive will own about a 40% stake, has been, designated the construction contractor by Cape Wind Associates.

Cal Dive CFO Brent Smith told Reuters the joint venture is probably going to be around $700m to $800m … our share of revenue will be $300m to $350m most likely."

The joint venture will seek out project planning, financing and refinement of the project cost of construction including subcontracting opportunities with local firms that may be able to offer competitive equipment or services.

Construction on the 468mw project is expected to begin in 2013 with electricity to be generated by 2014.