Great Lakes Dredge & Dock Corporation Awarded Large-Scale U.S. Offshore Wind Rock Installation Project
May 02 2022 - 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 today that Empire
Offshore Wind, a joint venture between Equinor (NYSE: EQNR) and bp
(NYSE: bp), have chosen Great Lakes in consortium with Van Oord to
perform the subsea rock installation work for the Empire Wind I and
II wind farms in the East Coast of the United States. Empire Wind I
and II are expected to provide over 2 Gigawatts (GW) of renewable
energy to the State of New York.
Great Lakes will use the first Jones Act compliant subsea rock
installation vessel, currently under construction at the Philly
Shipyard in the U.S., to install rocks to protect and stabilize
monopile foundations, electrical substructures, and export cables,
starting with Empire Wind I in the mid-2020s and continuing with
Empire Wind II. Van Oord will mobilize the flexible fallpipe
vessel, Stornes, to install rock prior to the installation of the
monopile foundations.
Lasse Petterson, President and Chief Executive Officer at Great
Lakes, commented, “The consortium of Great Lakes with Van Oord
combines the experience of Van Oord, the global market leader in
subsea rock installation, with Great Lakes, the only U.S. marine
contractor to invest in building the first Jones Act compliant
fallpipe vessel purpose built for the U.S. offshore wind market.
This unique combination offered a competitive advantage in terms of
experience, equipment availability, local content, and knowledge of
labor and regulatory environments in the U.S.”
Great Lakes will be generating local content, employment, and
economic activity in the State of New York by purchasing rock from
domestic New York quarries, which are in close proximity to the
Empire Wind I and II offshore wind farm sites. The Company is
working closely with NYSERDA on NY Supply Chain development and
will be using the GLDD marine base in Staten Island, New York, for
its site operations.
The renewable power generated by the two wind farms is estimated
to power more than one million households in New York. This project
is considered a flagship offshore wind development, shaping the
future of this industry in the United States. Designed to produce
renewable electricity to deliver on the state’s climate ambitions,
it also creates new opportunities for economic growth and
employment for the State of New York.
Eleni Beyko, Senior Vice President-Offshore Wind at Great Lakes,
commented, “This award by Equinor and bp solidifies Great Lakes’
entry into the U.S. offshore wind market with a major project award
for one of the flagship offshore wind developments for the State of
New York. We are very happy to support New York in building a more
sustainable future. We have a long track record working with the
state and the local unions and supply chains, having executed
dredging projects in New York for many decades. Our goal now is to
contribute to building the U.S. offshore wind industry, while
creating local employment and economic activity in the state.”
The Company
Great Lakes Dredge & Dock Corporation 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 131-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
Photos accompanying this announcement are available at
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