Great Lakes Dredge & Dock Co. Announces Significant Status Update on its Maritime Administration (“MARAD”) Title XI Financing Application
December 21 2023 - 4:05PM
Great Lakes Dredge & Dock Corporation ("Great Lakes" or the
“Company”) (NASDAQ: GLDD), the largest provider of dredging
services in the United States, announced that its MARAD Title
XI Financing application for its offshore wind rock installation
vessel, the Acadia, has been updated to the "Completed" category,
indicating the loan process is moving towards the final phase.
Lasse Petterson, President and Chief Executive Officer
commented, “We have fostered a strong relationship with MARAD and
are pleased to have reached this significant milestone in the
application process. We continue to make great strides in our
strategy to be a leading contributor in the evolving U.S. offshore
wind market and we look forward to further collaboration with MARAD
to complete the Title XI process.”
Great Lakes solidified its entry into the U.S. offshore wind
market by signing a contract with the Philly Shipyard, Inc. to
build the first U.S.-flagged Jones Act compliant, inclined
fallpipe vessel for subsea rock installation, named the
Acadia. In July 2023, President Biden, several congressional
leaders, and other significant representatives in the domestic and
international offshore wind industry participated in the Acadia’s
steel-cutting ceremony at the Philly Shipyard, which marked another
step forward with the start of construction.
Great Lakes’ Senior Vice President of Offshore Wind, Eleni Beyko
commented, "The demand for installation vessels is strong both in
the domestic and the international offshore wind markets. There has
been significant progress in the construction of the Acadia and
being one of only four vessels in the world with its capacity and
capability, the Acadia can also participate in the robust global
offshore wind market. Although the U.S. market has experienced some
turbulence recently, Great Lakes has been successful in
securing multiple U.S. rock installation contracts with major
offshore wind developers and we continue to tender bids for rock
placement on several other offshore wind developments. Great Lakes
looks forward to executing on our awarded projects along the East
Coast, which will assist our nation in meeting the Biden
Administration’s ambitious renewable energy goals by 2030.”
The Company 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.
Cautionary Note Regarding
Forward-Looking Statements Certain statements in this
press release may constitute "forward-looking" statements as
defined in Section 21E of the Securities Exchange Act of 1934 (the
"Exchange Act"), the Private Securities Litigation Reform Act of
1995 (the "PSLRA") or in releases made by the Securities and
Exchange Commission (the "SEC"), all as may be amended from time to
time. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause
the actual results, performance or achievements of Great Lakes and
its subsidiaries, or industry results, to differ materially from
any future results, performance or achievements expressed or
implied by such forward-looking statements. Statements that are not
historical fact are forward-looking statements. These cautionary
statements are being made pursuant to the Exchange Act and the
PSLRA with the intention of obtaining the benefits of the "safe
harbor" provisions of such laws. Great Lakes cautions investors
that any forward-looking statements made by Great Lakes are not
guarantees or indicative of future events.
Although Great Lakes believes that its plans,
intentions and expectations reflected in this press release are
reasonable, actual events could differ materially. The
forward-looking statements contained in this press release are made
only as of the date hereof and Great Lakes does not have or
undertake any obligation to update or revise any forward-looking
statements whether as a result of new information, subsequent
events or otherwise, unless otherwise required by law.
For further information
contact: Tina BaginskisDirector,
Investor Relations630-574-3024
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