Great Lakes Dredge & Dock Co. Announces Significant Status Update On Its Maritime Administration Title XI Financing Application
Portfolio Pulse from Benzinga Newsdesk
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) announced that its MARAD Title XI Financing application for the offshore wind rock installation vessel, the Acadia, has been updated to 'Completed', signaling progress towards final approval. The company has a strong relationship with MARAD and is advancing in the U.S. offshore wind market. The Acadia, being built by Philly Shipyard, Inc., is a U.S.-flagged Jones Act compliant vessel, and one of only four in the world with its capabilities. Despite some market turbulence, Great Lakes has secured multiple U.S. contracts and continues to bid on projects, supporting the Biden Administration's renewable energy goals.
December 21, 2023 | 9:13 pm
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Great Lakes Dredge & Dock's MARAD Title XI Financing application for the Acadia vessel has reached the 'Completed' category, indicating nearing final approval. The company is poised to play a significant role in the U.S. offshore wind market with multiple contracts and bids in progress.
The update on the MARAD Title XI Financing application to 'Completed' status is a positive development for Great Lakes, indicating that the loan process for the Acadia vessel is advancing. This progress, along with the secured contracts and ongoing bids, suggests a positive outlook for the company's role in the offshore wind market. The involvement in the renewable energy sector and support from the Biden Administration further strengthen the company's position. The news is likely to be viewed positively by investors, potentially leading to a short-term uptick in GLDD's stock price.
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