Great Lakes Unveils Acadia: A New Era in Subsea Installation
Great Lakes Sets Sail with the Acadia
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the leading provider of dredging services in the nation, has recently achieved a noteworthy milestone in its Offshore Energy efforts with the launch of the Acadia at Hanwha Philly Shipyard. This impressive vessel is the first U.S. flagged, Jones Act-compliant subsea rock installation (SRI) vessel on the market.
Engineering Excellence of the Acadia
The Acadia is meticulously designed to transport and expertly install up to 20,000 metric tons of rock on the seabed. This crucial material offers essential scour protection for subsea infrastructure. It shields critical elements such as subsea cables for power transmission, telecommunications, oil and gas pipelines, and foundations for offshore wind turbines. By preventing erosion caused by waves, currents, and mechanical impacts from operational equipment and vessels, the Acadia plays a vital role in maintaining the integrity of subsea installations.
Impact on Employment and Local Economies
The construction of the Acadia reflects a significant investment in domestic labor, utilizing steel sourced from Ohio and skilled workers from New Jersey, Pennsylvania, Texas, and Louisiana. This project generated over one million manhours of high-paying jobs at the shipyard. Once operational, the Acadia will continue to contribute to the U.S. economy by employing local mariners for many years ahead.
Expansion into International Markets
While the Acadia will initially support the domestic market, Great Lakes is broadening its scope to explore opportunities in international offshore energy development markets. This strategic move underscores the Company’s commitment to growth and innovation in the offshore sector.
Leadership Insights
Lasse Petterson, President and Chief Executive Officer of Great Lakes, expressed enthusiasm about the launch, noting, “We are excited to see the Acadia launched, bringing us closer to her expected delivery in the near future. This vessel is a cornerstone of our Offshore Energy growth strategy, and we anticipate beginning operations immediately upon leaving the shipyard.”
A New Chapter for Offshore Energy
Eleni Beyko, Senior Vice President of Offshore Energy, remarked on the significance of the Acadia’s launch, stating, “This event represents a major milestone for our offshore energy division. Upon delivery, the Acadia will journey to New York for the rock installation at the Empire Wind I offshore wind farm, followed by a busy schedule of contracted work along the U.S. East Coast through the end of 2026. We have been actively engaging with clients about new offshore energy projects for the Acadia beyond 2027.”
About Great Lakes Dredge & Dock Corporation
Great Lakes Dredge & Dock Corporation stands as the premier provider of dredging services in the United States, boasting a rich history that includes numerous significant international projects. The Company is diligently expanding its focus into the offshore energy sector. With a team of proficient civil, ocean, and mechanical engineers engaged in estimating, production, and project management, Great Lakes has established a reputation for completing marine projects successfully over its 135-year history. The Company’s extensive fleet comprises approximately 200 specialized vessels, making it the most diverse in the U.S. dredging industry. Additionally, Great Lakes has implemented a robust training program for engineers that promotes development while emphasizing safety. The Company is dedicated to fostering a culture of safety through its Incident-and Injury-Free® (IIF®) program.
Frequently Asked Questions
What is the significance of the Acadia?
The Acadia is the first U.S. flagged subsea rock installation vessel, marking a significant advancement in offshore energy capabilities.
How will the Acadia contribute to the economy?
Its construction generated over one million manhours of jobs, and it will employ U.S. mariners once operational, supporting local economies.
What projects will the Acadia undertake?
Initially, it will work on the Empire Wind I offshore wind farm and other contracts along the U.S. East Coast through 2026.
Who leads Great Lakes Dredge & Dock Corporation?
Lasse Petterson serves as the President and CEO, overseeing the strategic direction and initiatives of the company.
What is the mission of Great Lakes?
The Company aims to provide top-tier dredging services while expanding its influence in offshore energy, ensuring safety and deliverable results.
About The Author
Contact Henry Turner privately here. Or send an email with ATTN: Henry Turner as the subject to contact@investorshangout.com.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.