Great Lakes Dredge & Dock Co. Announces Significant Status Update on its Maritime Administration (“MARAD”) Title XI Financing Application

HOUSTON, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation ("Great Lakes" or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced that its MARAD Title XI Financing application for its offshore wind rock installation vessel, the Acadia, has been updated to the "Completed" category, indicating the loan process is moving towards the final phase.

Lasse Petterson, President and Chief Executive Officer commented, “We have fostered a strong relationship with MARAD and are pleased to have reached this significant milestone in the application process. We continue to make great strides in our strategy to be a leading contributor in the evolving U.S. offshore wind market and we look forward to further collaboration with MARAD to complete the Title XI process.”

Great Lakes solidified its entry into the U.S. offshore wind market by signing a contract with the Philly Shipyard, Inc. to build the first U.S.-flagged Jones Act compliant, inclined fallpipe vessel for subsea rock installation, named the Acadia.  In July 2023, President Biden, several congressional leaders, and other significant representatives in the domestic and international offshore wind industry participated in the Acadia’s steel-cutting ceremony at the Philly Shipyard, which marked another step forward with the start of construction.

Great Lakes’ Senior Vice President of Offshore Wind, Eleni Beyko commented, "The demand for installation vessels is strong both in the domestic and the international offshore wind markets. There has been significant progress in the construction of the Acadia and being one of only four vessels in the world with its capacity and capability, the Acadia can also participate in the robust global offshore wind market. Although the U.S. market has experienced some turbulence recently, Great Lakes has been successful in securing multiple U.S. rock installation contracts with major offshore wind developers and we continue to tender bids for rock placement on several other offshore wind developments. Great Lakes looks forward to executing on our awarded projects along the East Coast, which will assist our nation in meeting the Biden Administration’s ambitious renewable energy goals by 2030.”