Benzinga | Nov 16, 2021 03:13PM EST

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.