Great Lakes' MARAD Title XI Financing Application Completed

(Image: Great Lakes Dredge & Dock Corporation)
(Image: Great Lakes Dredge & Dock Corporation)

Great Lakes Dredge & Dock Corporation announced 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.

Lasse Petterson, Great Lakes president and CEO, said, “We have fostered a strong relationship with MARAD and are pleased to have reached this significant milestone in the application process. We continue to make great strides in our strategy to be a leading contributor in the evolving U.S. offshore wind market and we look forward to further collaboration with MARAD to complete the Title XI process.”

Designed to promote the growth and modernization of the U.S. merchant marine and U.S. shipyards, MARAD's Federal Ship Financing Program, commonly referred to as Title XI, provides for a full faith and credit guarantee by the U.S. government. The program is of particular importance for the U.S. offshore wind industry. In June 2022, MARAD designated vessels used in construction, service and/or maintenance of offshore wind facilities as "vessels of national interest", giving these applications processing priority for Title XI support.

Great Lakes' Acadia, currently under construction at Philly Shipyard, will be the first U.S.-flagged Jones Act compliant, inclined fallpipe vessel for subsea rock installation.

Great Lakes’ senior vice president of offshore wind, Eleni Beyko, said, "The demand for installation vessels is strong both in the domestic and the international offshore wind markets. There has been significant progress in the construction of the Acadia and being one of only four vessels in the world with its capacity and capability, the Acadia can also participate in the robust global offshore wind market. Although the U.S. market has experienced some turbulence recently, Great Lakes has been successful in securing multiple U.S. rock installation contracts with major offshore wind developers and we continue to tender bids for rock placement on several other offshore wind developments. Great Lakes looks forward to executing on our awarded projects along the East Coast, which will assist our nation in meeting the Biden Administration’s ambitious renewable energy goals by 2030.”

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