HOUSTON – Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the preeminent provider of dredging services in the United States, today proudly announced a monumental stride in its ambitious Offshore Energy strategy with the recent launch of the Acadia at Hanwha Philly Shipyard. The Acadia represents a historic achievement, as it is the very first U.S. flagged, Jones Act-compliant subsea rock installation (SRI) vessel. This significant event underscores Great Lakes’ deep commitment to bolstering domestic offshore energy infrastructure and creating substantial economic opportunities within the nation.
The Acadia: A New Era in Subsea Infrastructure Protection
The Acadia is an engineering marvel, meticulously designed and constructed to transport and precisely install up to 20,000 metric tons of rock directly onto the seabed. This critical rock deployment serves as an indispensable scour protection for a wide array of vital subsea infrastructure. This includes, but is not limited to, subsea cables crucial for power transmission, telecommunications cables essential for global connectivity, vital oil and gas pipelines, and foundational subsea structures for offshore wind turbines. By strategically placing this protective layer of rock, the Acadia will play a pivotal role in preventing erosion caused by powerful waves and currents, as well as mitigating mechanical impacts from equipment and vessels, thereby safeguarding invaluable underwater assets for decades to come.
The construction of the Acadia embodies a true commitment to American manufacturing and labor. With steel sourced from Ohio, and highly skilled labor contributed from New Jersey, Pennsylvania, Texas, and Louisiana, the vessel’s construction generated more than one million man-hours of high-paying jobs at the shipyard. Once operational, the Acadia will continue to create sustainable employment, proudly employing U.S. mariners for many years into the future, further stimulating the domestic maritime industry.
Beyond its crucial role in supporting the burgeoning U.S. domestic offshore wind market, Great Lakes has strategically expanded the market focus for the Acadia to also operate in the international offshore energy development markets. This dual focus positions the Company as a versatile and essential player in the global transition to clean energy.
Lasse Petterson, President and Chief Executive Officer, commented, “We are excited to see the launch of the Acadia, getting us closer to her expected delivery early next year which will also mark the completion of our major new build program. The Acadia is the centerpiece of our Offshore Energy growth strategy and will begin operations immediately upon leaving the shipyard.”
Eleni Beyko, Senior Vice President, Offshore Energy, commented, “The launch of the Acadia marks a major milestone for our Offshore Energy business. Upon delivery, the Acadia will start her journey towards New York for the installation of rock for the Empire Wind I offshore wind farm and continue working on the U.S. East Coast on contracted work through the end of 2026. Over the last two years we have actively engaged with clients for new engagements on offshore energy projects for Acadia for 2027 and beyond.”
Interesting Facts About Great Lakes Dredge & Dock Corporation and the Offshore Energy Industry
- Pioneering Legacy: Great Lakes Dredge & Dock Corporation has an unmatched 135-year history of successfully completing every marine project it has ever undertaken, showcasing an extraordinary record of reliability and expertise.
- Largest U.S. Dredging Fleet: The Company owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprising approximately 200 specialized vessels, highlighting its unparalleled operational capacity.
- Commitment to Safety: Great Lakes is deeply committed to its Incident-and Injury-Free® (IIF®) safety management program, which is fully integrated into every aspect of the Company’s culture, demonstrating a paramount focus on employee well-being.
- Job Creation through Offshore Wind: The U.S. offshore wind industry is projected to create tens of thousands of American jobs across manufacturing, construction, and operations over the next decade, with vessels like the Acadia playing a crucial role in this growth.
About Great Lakes Dredge & Dock Corporation
Great Lakes Dredge & Dock Corporation is the largest and most diversified provider of dredging services in the United States, a core business expertly complemented by a long and distinguished history of performing significant international projects. Furthermore, Great Lakes is actively and fully engaged in strategically expanding its core business into the rapidly evolving offshore energy industry. The Company employs a highly skilled team of experienced civil, ocean, and mechanical engineering staff within its estimating, production, and project management functions, ensuring technical excellence across all operations. In its storied history spanning over 135 years, the Company has maintained an impeccable record, never failing 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 maintains a disciplined and robust training program for its engineers, ensuring experienced-based performance as they progressively advance through Company operations. The Company’s renowned Incident-and Injury-Free® (IIF®) safety management program is seamlessly integrated into all facets of the Company’s culture, promoting a work environment where employee safety is unequivocally paramount.
For further information contact:
Eric Birge
Vice President of Investor Relations
313-220-3053
