Posted on December 4, 2023
HOUSTON, Dec. 04, 2023 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced today that it was awarded a third rock installation contract to perform subsea rock cable protection on an offshore wind project off the East Coast of the United States. The Company’s prior contracts have been for subsea rock installation for foundation stabilization, and this contract represents a new utilization for its planned vessel.
Great Lakes will use the first Jones Act compliant subsea rock installation vessel, the Acadia, currently under construction at the Philly Shipyard in the U.S. to execute the project. The project scope includes procurement of rock from our U.S. supply chain, transportation to and from the project site, and subsea installation of the rock to support the wind farm’s infrastructure. Operations on the project are expected to commence in 2025 and are expected to continue into 2026. Great Lakes will be generating local content, employment, and economic activity in the United States by purchasing rock from domestic quarries and loading the rock at U.S. ports.
Lasse Petterson, President and Chief Executive Officer at Great Lakes, commented, “This project award further confirms Great Lakes’ ambition and leadership to support the emerging U.S. offshore wind industry and we look forward to expanding our participation in this market over the coming years.”
Eleni Beyko, Senior Vice President, Offshore Wind at Great Lakes, commented, “This award further solidifies Great Lakes’ entry into the U.S. offshore wind market with another major project award. We are pleased to support the United States in building a more sustainable future and to continue to mature and enable our U.S. rock supply chains. Our goal remains to contribute to building the U.S. offshore wind industry, while creating local employment and U.S. economic activity.”
The project remains subject to the client’s final investment decision (FID).
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 133-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.