Philly Shipyard Achieves Milestone with Steel Cutting for Offshore Wind Vessel with Visit by President Biden

July 20, 2023

PHILADELPHIA – Philly Shipyard, Inc. (“Philly Shipyard”), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY) and Great Lakes Dredge & Dock Company, LLC (“Great Lakes”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, today celebrated the cutting of steel for the Jones Act-compliant Subsea Rock Installation Vessel (SRIV). When complete, the SRIV will be the first such ship to enter the U.S. offshore wind market.

“Today is a monumental day in the history of Philly Shipyard,” said Steinar Nerbovik, Philly Shipyard President and CEO. “Over the past several years, we have made a conscious effort to pivot toward a more diversified order backlog. Philly Shipyard is proud to contribute to the delivery of a vessel which will be essential in achieving the nation’s offshore wind targets.”

Great Lakes President and CEO Lasse Petterson commented, “We are pleased to be partnering with Philly Shipyard and look forward to continuing our collaborative working relationship during the construction of this first U.S. rock installation vessel.”

The basic design is by Ulstein, a leading Norwegian/Dutch designer of offshore wind vessels. The SRIV is designed to carry up to 20,000 MT of rock and will transport and strategically deposit these rocks to the ocean bottom, laying a foundation for the monopiles which serve as the prevailing support structure for offshore wind turbines. The ship will have an overall length of 140.5 meters (461 feet), a breadth of 34.1 meters (112 feet), and crew accommodations for 45 people.

The steel cutting ceremony was bookended with a visit and address by U.S. President Joe Biden. The administration has put a focus on expanding offshore wind jobs and local economic development across the country with a goal of deploying 30 gigawatts of offshore wind electricity generation by 2030.

Speakers at the steel cutting ceremony included Philly Shipyard President and CEO Steinar Nerbovik, Great Lakes President and CEO Lasse Petterson, U.S. Representative Mary Gay Scanlon (PA-5), Philadelphia Mayor Jim Kenney, and Philly Shipyard Welder Apprentice Emily Andrewson, who provided a special introduction of the president.

About Philly Shipyard

Philly Shipyard, Inc. (PSI) is a leading U.S. shipbuilder that is presently pursuing a mix of commercial and government work. It possesses a state-of-the-art shipbuilding facility and has earned a reputation as a preferred provider of oceangoing merchant vessels with a track record of delivering quality ships, having delivered around 50% of all large ocean-going Jones Act commercial ships since 2000.  PSI is the sole operating subsidiary of Philly Shipyard ASA. Philly Shipyard ASA is listed on the Euronext Expand Oslo (Oslo: PHLY) and is majority-owned by Aker Capital AS, which in turn is wholly-owned by Aker ASA (Aker). Aker is an industrial investment company that exercises active ownership to create value. Aker has ownership interests in oil and gas, renewable energy and green technologies, maritime assets, marine biotechnology and industrial software, and its portfolio includes companies like Aker BP, Aker Horizons, Aker BioMarine, Cognite, and Aker Solutions.

For more information about Philly Shipyard, visit www.phillyshipyard.com.