Philly Shipyard Wins GLDD Rock Installation Contract

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Written by

Nick blenkey

Image: Great Lakes dredging and wharf

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), the largest dredging service provider in the United States, is pursuing plans to enter the offshore wind farm installation market. It awarded Philly Shipyard, Inc. (PSI) a contract to build the Jones Act-compliant sea rock installation vessel first announced in December of last year.

Philly Shipyard says the price is valued at around $ 197 million. GLDD has a right of refusal on a second vessel and, if both vessels were ordered, the total contract value of the two vessel program would be approximately $ 382 million.

The Ulstein-designed vessel will be 461 feet long with a width of 112 feet and will accommodate 45 crew members. It is designed to haul up to 20,000 tonnes of rock and transport it to an offshore wind farm site, where it will be deposited by an inclined downspout to lay the foundation for wind turbine monopiles.

The owner will provide the rock placement system and other mission equipment. Delivery of the first vessel is scheduled for the fourth quarter of 2024 and the second (if awarded) in the fourth quarter of the following year.

IMPORTANT STEP

“This contract, valued at approximately $ 197 million, marks an important milestone for our company, the US offshore wind industry and our country,” said Lasse Petterson, President and CEO of Great Lakes Dredge & Dock. “Offshore wind will play a crucial role in helping the United States meet its decarbonization and clean energy goals. The unique and technologically advanced vessel we are building is an essential step towards building the marine infrastructure required for this new industry, which holds such promise for our nation both economically and environmentally.

GLDD emphasizes that the vessel will be US owned, US built, US operated and crewed by US union workers, and will meet all the conditions of the Jones Act. It is expected to help drive job growth and regional economic opportunities through the creation of a US-based rock supply chain network, which will be required to provide rock installation activities under -marines, from quarries located in the east coast states.

Eleni Beyko, Senior Vice President of Great Lakes Dredge & Dock, Offshore Wind Turbine, commented: “World-renowned engineering firm Ulstein Design and Solutions BV was commissioned by the company to design the vessel using technology, equipment and automation. The design has been reviewed and approved by the American Bureau of Shipping and will be built with the best safety and low emission standards (LEV, Sustain2), EPA Tier 4 engines and plug-in capability to get power from the dock during loading. The vessel will be able to run on biofuel, which reduces the vessel’s CO2 footprint, and will be equipped with advanced active emission control technology to keep NOx emissions to a minimum. The installed battery pack will reduce peak loads to reduce fuel consumption and associated emissions. “

BOOST FOR BACKLOG

The Philly Shipyard says winning the contract consolidates and diversifies its current order backlog – four National Security Multi-Mission Vessels (NSMVs) for Tote Services LLC, which retains its option for a fifth NSMV.

“Over the past few years, we have made a conscious effort to move towards a more diverse order book with the goal of increasing the profitability of the company,” said President and CEO Steinar Nerbovik. “The Philly Shipyard has a long standing position as the primary US commercial shipyard for tankers and container ships, and we are making inroads into government projects – both new construction and repairs. This victory now paves the way for the expanding offshore wind market. This contract is proof that we are implementing our vision and diversifying our market opportunities. “

“The Philly Shipyard is proud to help deliver a vessel that will be essential to achieving the country’s ambitious offshore wind goals. It is monumental for our shipyard to win this Great Lakes contract, ”said Thomas Grunwald, vice president and senior director of US offshore wind strategy and business development at Philly Shipyard.


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