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Philly Shipyard scores contract for U.S. offshore wind vessel

By: Tom Russell 16/11/2021 Philly Shipyard, Inc.

General Vessels

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA, has won a contract from Great Lakes Dredge & Dock Company, LLC, to construct one Jones Act-compliant Subsea Rock Installation Vessel. Great Lakes also retains a right of first refusal on a second ship.

The initial award is valued at approximately USD 197 million. If both ships are ordered, the total contract value of the 2-ship program will be approximately USD 382 million.

“Over the past several years, we have made a conscious effort to pivot toward a more diversified order backlog in an attempt to grow the Company’s profitability,” said Steinar Nerbovik, President and CEO, Philly Shipyard.

“Philly Shipyard has a long-standing position as the leading U.S. commercial shipyard for tankers and container ships, and we are making inroads into government projects – both new builds and repairs. This win now carves a path into the expanding offshore wind market. This contract is proof that we are executing on our vision and diversifying our market opportunities."

The basic design was developed by Ulstein. Subsea Rock Installation Vessel is designed to carry up to 20,000 MT of rock and shall with the capability of depositing these rocks to the ocean bottom, laying a foundation for the monopiles. The ship will have an overall length of 140.5 metres (461 feet), a breadth of 34.1 metres (112 feet), and crew accommodations for 45 people.

The owner will supply the rock placement system and other mission equipment. Delivery for the first vessel is expected in Q4 2024 with the second (if awarded) being delivered in Q4 2025.

“Philly Shipyard is proud to contribute to the delivery of a vessel which will be essential in achieving the nation’s ambitious offshore wind targets. It is monumental for our shipyard to win this contract for Great Lakes,” said Thomas Grunwald, Vice President and lead manager of U.S. offshore wind strategy and business development at Philly Shipyard.

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Philly Shipyard scores contract for U.S. offshore wind vessel

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