Great Lakes Announces the Launch of the Acadia, the First U.S. Flagged, Jones Act Subsea Rock Installation Vessel
Rhea-AI Summary
Great Lakes Dredge & Dock (NASDAQ: GLDD), America's largest dredging services provider, has launched the Acadia, the first U.S. flagged, Jones Act-compliant subsea rock installation vessel. The vessel can transport and install up to 20,000 metric tons of rock for protecting subsea infrastructure.
Built at Hanwha Philly Shipyard using American steel and labor, the project generated over one million manhours of high-paying jobs. The Acadia will begin operations in early 2026, starting with the Empire Wind I offshore wind farm in New York, with contracted work through 2026. The company is actively pursuing additional offshore energy projects for 2027 and beyond.
Positive
- First U.S. flagged, Jones Act-compliant subsea rock installation vessel in the market
- Secured contracts through end of 2026, starting with Empire Wind I project
- Created over one million manhours of high-paying jobs during construction
- Expansion potential into international offshore energy markets
- Vessel capable of installing 20,000 metric tons of rock for infrastructure protection
Negative
- Significant capital investment in new vessel construction
- Potential market uncertainty for contracts beyond 2026
News Market Reaction – GLDD
In the trading session that priced this news, GLDD gained 1.88%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HOUSTON, July 23, 2025 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, today announced a major milestone in its Offshore Energy strategy with the recent launch of the Acadia at Hanwha Philly Shipyard. The Acadia is the first U.S flagged, Jones Act-compliant subsea rock installation (SRI) vessel.
The Acadia is engineered to transport and precisely install up to 20,000 metric tons of rock on the seabed. This rock provides critical scour protection for subsea infrastructure including subsea cables for power transmission, telecommunications cables, oil and gas pipelines and subsea structures and offshore wind turbine foundations, preventing erosion caused by waves and currents and mechanical impacts from equipment and vessels.
With steel sourced from Ohio, and labor from New Jersey, Pennsylvania, Texas, and Louisiana, construction of the Acadia created more than one million manhours of high paying jobs at the shipyard and once operational will employ U.S. mariners for many years to come.
In addition to supporting the U.S. domestic market, Great Lakes has expanded its market focus for the Acadia to work in the international offshore energy development markets.
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.”
The Company
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, which is complemented with a long history of performing significant international projects. In addition, Great Lakes is fully engaged in expanding its core business into the offshore energy industry. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 135-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.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking" statements as defined in Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission (the "SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical facts are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.
Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.
For further information contact:
Eric Birge
Vice President of Investor Relations
313-220-3053
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f327df32-6a6e-4c20-8c7c-421464967071
