Great Lakes Provides Update on Empire Wind I and II Contracts
04 Janeiro 2024 - 6:05PM
Great Lakes Dredge & Dock Corporation ("Great Lakes" or the
“Company”) (NASDAQ: GLDD), the largest provider of dredging
services in the United States, announced today that
Empire Offshore Wind LLC (“Empire Wind”) has informed Great Lakes
in consortium with Van Oord (“the Consortium”), of the termination
of the rock installation contract for Empire Wind II which was set
to commence in 2026.
In 2022, the Consortium, was contracted by Empire Wind to
perform rock installation for the Empire Wind I and II projects
with installation windows in 2025 and 2026, respectively. The
Article VII for Empire Wind I was approved by the New York State
Public Service Commission in December of 2023. Empire Wind I is
currently on track for rock installation in 2025. However,
Empire Wind has informed the Consortium that they have terminated
the Empire Wind II rock installation contract that was set to
commence in 2026.
Termination of the Empire Wind II project initiates
a contractually obligated termination fee payable to the Consortium
that is intended to cover lost earnings potential related to Empire
Wind II.
Eleni Beyko, Senior Vice President-Offshore Wind at Great Lakes,
commented, “New York remains committed to meeting the State’s clean
energy goals and they have taken steps forward with the accelerated
solicitations for new PPAs to allow developers to adjust prices for
inflation and develop more robust projects going forward. Awards
for the next solicitation round are expected in February 2024. We
look forward to the start of the Empire Wind I installation
expected in 2025, continuing our relationship with Equinor and bp
as a preferred supplier, and bidding on future projects. We
continue to pursue additional opportunities including projects
internationally for 2026 and beyond.”
The Company Great Lakes Dredge
& Dock Corporation (“Great Lakes” or the “Company”) is the
largest provider of dredging services in the United States. In
addition, Great Lakes is fully engaged in expanding its core
business into the rapidly developing offshore wind energy industry.
The Company has a long history of performing significant
international projects. The Company employs experienced civil,
ocean and mechanical engineering staff in its estimating,
production and project management functions. In its over 133-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 fact 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:Tina BaginskisDirector,
Investor Relations630-574-3024
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