President Biden Attends Steel Cutting Ceremony for The Acadia, Great Lakes’ Offshore Wind Subsea Rock Installation Vessel
July 20 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 President
Biden attended the steel cutting ceremony today and initiated the
first cut of steel for the construction of the Acadia, Great Lakes’
first offshore wind rock placement vessel. The steel cutting
occurred at Philly Shipyard, Inc (OSE: PHLY) in Philadelphia,
Pennsylvania.
In 2021, the Biden Administration announced the ambitious goal
of 30 GW of offshore wind by 2030 and provided $3.0 billion in
federal loan guarantees for offshore wind projects. The Acadia
represents Great Lakes’ entry into the U.S. offshore wind market
which supports this key initiative.
President Biden was joined at the shipyard by Great Lakes’
President and Chief Executive Officer, Lasse Petterson and
Philadelphia Shipyard’s President and Chief Executive Officer,
Steinar Nerbøvik, who thanked President Biden for his attendance
and for his unwavering support to assure the development and growth
of the U.S. offshore wind market.
Lasse Petterson commented, “We are pleased to be partnering
with Philly Shipyard and look forward to continuing our
collaborative working relationship during the construction of this
first U.S. rock installation vessel. We are pleased to get
construction started as Great Lakes has already won contracts for
this Jones Act compliant vessel. With our investment into offshore
wind, we are also helping achieve the administration’s goal of
creating American jobs in this new power generation market. The
Acadia will provide employment for U.S. union crews including at
the steel mills producing the steel for the vessel, at the quarries
producing the rock, at the ports and facilities loading our vessel,
and the marine crews operating the vessel. This market will
continue to grow, and we are pleased to be one of the leaders in
the U.S. maritime industry investing in offshore wind.”
The event was attended by Pennsylvania’s Congresswoman Mary Gay
Scanlon as well as offshore wind developers, union representatives,
industry manufacturers, vessel owners, contractors and aligned
vendors.
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 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
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/51c72415-74ce-4ee3-9b5c-c5b48eaa3eafhttps://www.globenewswire.com/NewsRoom/AttachmentNg/bc62cf88-66cf-4f23-a721-099459906547
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