President Biden Attends Steel Cutting Ceremony for The Acadia, Great Lakes’ Offshore Wind Subsea Rock Installation Vessel

HOUSTON, July 20, 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 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.