Third Offshore Wind Rock Installation Contract Awarded to Great Lakes Dredge & Dock Corporation
December 04 2023 - 9:00AM
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).
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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