GLDD wins third rock installation contract

Image: Great Lakes Dredge & Dock

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) reports that it has been awarded a third rock installation contract to perform subsea rock cable protection on an offshore wind project off the East Coast of the United States.

The company’s prior contracts have been for subsea rock installation for foundation stabilization, and this contract represents a new utilization for its planned vessel.

Great Lakes will execute the project using the first Jones Act compliant subsea rock installation vessel, the Acadia, currently under construction at Philly Shipyard

The project scope includes procurement of rock from GLDD’s U.S. supply chain, transportation to and from the project site, and subsea installation of the rock to support the wind farm’s infrastructure. Operations on the project are expected to commence in 2025 and are expected to continue into 2026.

Great Lakes will be generating local content, employment, and economic activity in the United States by purchasing rock from domestic quarries and loading the rock at U.S. ports.

Lasse Petterson, president and CEO at Great Lakes, commented, “This project award further confirms Great Lakes’ ambition and leadership to support the emerging U.S. offshore wind industry and we look forward to expanding our participation in this market over the coming years.”

Eleni Beyko, senior vice president, offshore wind at Great Lakes, commented, “This award further solidifies Great Lakes’ entry into the U.S. offshore wind market with another major project award. We are pleased to support the United States in building a more sustainable future and to continue to mature and enable our U.S. rock supply chains. Our goal remains to contribute to building the U.S. offshore wind industry, while creating local employment and U.S. economic activity.”

The project remains subject to the undisclosed client’s final investment decision (FID).