Great Lakes Dredge announced that its MARAD Title XI Financing application for its offshore wind rock installation vessel, the Acadia, has been updated to the “Completed” category, indicating the loan process is moving towards the final phase. Great Lakes solidified its entry into the U.S. offshore wind market by signing a contract with the Philly Shipyard, Inc. to build the first U.S.-flagged Jones Act compliant, inclined fallpipe vessel for subsea rock installation, named the Acadia. In July, President Biden, several congressional leaders, and other representatives in the domestic and international offshore wind industry participated in the Acadia’s steel-cutting ceremony at the Philly Shipyard, which marked another step forward with the start of construction.
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