Great Lakes Dredge & Dock Inks Contract With Philly Shipyard To Build Jones-Act Compliant Vessel

Great Lakes Dredge & Dock Corp (NASDAQ:GLDD) signed a contract with Philly Shipyard, Inc to build the first U.S.-flagged Jones Act-compliant, inclined fallpipe vessel for subsea rock installation. This contract is valued at ~$197 million.
This vessel will service the offshore wind energy industry and help reach the Biden administration's ambitious 30 GW offshore wind goal by 2030.
The vessel will transport and deposit loads of rock on the seabed, laying scour protection for offshore wind farm foundations, cables, and other structures.
The vessel is expected to be sea-ready by Q4 2024.
Price Action: GLDD shares are trading higher by 0.44% at $16.02 on the last check Tuesday.

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