Great Lakes Dredge & Dock Corporation Launches First U.S. Flagged Subsea Rock Installation Vessel, Acadia

Great Lakes Dredge & Dock launched the Acadia, a U.S.-flagged vessel for subsea rock installation, enhancing offshore energy operations.

Quiver AI Summary

Great Lakes Dredge & Dock Corporation announced the launch of the Acadia, a new U.S. flagged, Jones Act-compliant subsea rock installation vessel, marking a significant step in its Offshore Energy strategy. The Acadia, capable of transporting and installing up to 20,000 metric tons of rock for subsea infrastructure protection, was constructed with domestic steel and created over one million manhours of jobs. Once operational, it will support various offshore projects, including work on the Empire Wind I offshore wind farm, and expand into international markets. President Lasse Petterson highlighted the vessel's role in their growth strategy, while the company continues to emphasize safety and employee well-being across its operations.

Potential Positives

• The launch of the Acadia represents a significant milestone in Great Lakes' Offshore Energy strategy, marking the introduction of the first U.S. flagged, Jones Act-compliant subsea rock installation vessel.
• Construction of the Acadia has created over one million manhours of high-paying jobs at Hanwha Philly Shipyard, supporting the U.S. labor market.
• The Acadia is expected to support vital subsea infrastructure, enhancing Great Lakes' role in the offshore energy sector and contributing to the development of renewable energy projects like the Empire Wind I offshore wind farm.
• The company demonstrates a commitment to growth in the offshore energy market, with plans for ongoing work and engagement with clients for future projects well into 2027 and beyond.

Potential Negatives

• The press release emphasizes the anticipation of the Acadia's operational capability, but does not provide details on potential risks or challenges in the offshore energy market that could impact the company's growth strategy.
• Heavy reliance on future contracts for the Acadia's engagement in 2027 and beyond indicates a lack of immediate secured projects beyond the current commitments, which may raise concerns about future revenue stability.
• The cautionary note regarding forward-looking statements highlights uncertainties that could lead to financial performance differing from expectations, potentially causing investor concern.

FAQ

What is the Acadia?

The Acadia is the first U.S. flagged, Jones Act-compliant subsea rock installation vessel launched by Great Lakes Dredge & Dock Corporation.

What is the purpose of the Acadia vessel?

The Acadia is designed to transport and install up to 20,000 metric tons of rock for seabed scour protection of infrastructure.

Which markets will the Acadia serve?

The Acadia will operate in both the U.S. domestic market and international offshore energy development markets.

How many jobs were created during the construction of Acadia?

The construction of the Acadia created more than one million manhours of high-paying jobs at the shipyard.

When will the Acadia begin operations?

The Acadia is expected to begin operations immediately upon delivery, which is anticipated early next year.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$GLDD Insider Trading Activity

$GLDD insiders have traded $GLDD stock on the open market 3 times in the past 6 months. Of those trades, 1 have been purchases and 2 have been sales.

Here’s a breakdown of recent trading of $GLDD stock by insiders over the last 6 months:

• ELENI BEYKO (SVP - Offshore Energy) sold 22,579 shares for an estimated $231,599
• RONALD STEGER sold 5,000 shares for an estimated $57,925
• CHRISTOPHER GUNSTEN (SVP-Proj Svcs & Fleet Engineer) purchased 3,875 shares for an estimated $30,031

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$GLDD Hedge Fund Activity

We have seen 78 institutional investors add shares of $GLDD stock to their portfolio, and 108 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• CASTLEKEEP INVESTMENT ADVISORS LLC removed 5,080,046 shares (-91.1%) from their portfolio in Q1 2025, for an estimated $44,196,400
• JENNISON ASSOCIATES LLC added 981,652 shares (+22.7%) to their portfolio in Q1 2025, for an estimated $8,540,372
• CENTERBOOK PARTNERS LP added 705,159 shares (+169.2%) to their portfolio in Q1 2025, for an estimated $6,134,883
• MILLENNIUM MANAGEMENT LLC removed 431,512 shares (-61.8%) from their portfolio in Q1 2025, for an estimated $3,754,154
• KENNEDY CAPITAL MANAGEMENT LLC removed 424,626 shares (-84.4%) from their portfolio in Q1 2025, for an estimated $3,694,246
• CITADEL ADVISORS LLC added 407,388 shares (+373.0%) to their portfolio in Q1 2025, for an estimated $3,544,275
• AMERICAN CENTURY COMPANIES INC added 355,184 shares (+22.0%) to their portfolio in Q1 2025, for an estimated $3,090,100

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

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

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.