Great Lakes Dredge & Dock Corporation Signs Contract with Philly Shipyard, Inc. to Build the First Jones-Act Compliant Subsea Rock Installation Vessel for U.S. Offshore Wind
November 16 2021 - 9:00AM
Great Lakes Dredge & Dock Corporation (“Great Lakes Dredge
& Dock” or the “Company”) (NASDAQ: GLDD), the largest provider
of dredging services in the United States announced today that the
Company has signed a contract with Philly Shipyard, Inc (OSE: PHLY)
to build the first U.S.-flagged Jones Act-compliant, inclined
fallpipe vessel for subsea rock installation. This vessel will
service America’s growing offshore wind energy industry and help
reach the Biden administration’s ambitious 30 GW of offshore wind
goal by 2030.
“This contract, valued at approximately $197 million, marks a
milestone for our company, the U.S. offshore wind industry and our
nation,” said Lasse Petterson, Great Lakes Dredge & Dock’s
President and Chief Executive Officer. “Offshore wind will play a
crucial role in helping the U.S. meet its decarbonization and clean
energy goals. The unique, technologically advanced vessel we are
constructing is an essential step towards building the marine
infrastructure required for this new industry, which holds so much
promise for our nation economically and environmentally.”
This Great Lakes Dredge & Dock vessel will be U.S. owned,
U.S. built, U.S. operated and crewed by American union workers, and
will meet all conditions of the Jones Act. The vessel will
transport and strategically deposit loads of rock on the seabed,
laying scour protection for offshore wind farm foundations, cables
and other structures. The ship will have an overall length of 140.5
meters (461 feet) and a breadth of 34.1 meters (112 feet). Further,
the vessel is expected to help spur additional job growth and
regional economic opportunities through the creation of a
U.S.-based rock supply chain network, which will be needed to
supply subsea rock installation activities, from quarries in states
along the East Coast.
Eleni Beyko, Great Lakes Dredge & Dock’s Senior Vice
President, Offshore Wind, commented, “World-renowned engineering
firm Ulstein Design and Solutions B.V. was commissioned by the
Company to design the vessel using state-of-the-art technology,
equipment, and automation. The design was reviewed and approved by
the American Bureau of Shipping (“ABS”) and will be built with
best-in-class safety and low emissions standards (LEV, Sustain2),
EPA Tier 4 engines and plug-in capability to obtain power from
shore while loading. The vessel will be able to run on biofuel
which reduces the ship’s CO2 footprint and it will be equipped with
advanced active emissions control technology to reduce NOx
emissions to a minimum. The installed battery pack will shave peak
loads to reduce fuel consumption and corresponding emissions. The
vessel is expected to be sea-ready by Q4 2024, to coincide with
major offshore wind project construction timelines previously
announced.”
As the leading U.S. dredging company and with more than 130
years’ experience and expertise in dredging, marine engineering,
specialized vessel design and safe offshore operations, Great Lakes
Dredge & Dock believes the company is optimally positioned to
make the business pivot into the offshore wind energy industry. The
Company brings best practices to all the projects it undertakes,
employing among the industry’s highest safety standards and quality
control protocols.
“With this newbuild vessel purpose built to meet the needs of
the U.S. offshore wind industry, we are essentially harnessing the
best practices to create a new dimension to our legacy and help
make history for our country,” concluded Petterson.
The Company
Great Lakes Dredge & Dock Corporation is the largest
provider of dredging services in the United States. In addition,
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 130-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, comprising over 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. Great Lakes operates under the Jones Act which is a
federal law that regulates maritime commerce in the United States
and requires goods shipped between U.S. ports to be transported on
ships that are built, owned and operated by U.S. citizens or
permanent residents.
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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