Conrad Industries’ backlog contains two trailing suction hopper dredges for Great Lakes Dredge and Dock. The first of them, Galveston Island, is predicted to be delivered this 12 months. [Photo: GLDD]
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) experiences that the Galveston Island, the primary of two newbuild trailing suction hopper dredges below building at Conrad Shipyard, is within the water and is scheduled to be in operation the primary half of 2023 as deliberate.
The firm says that the upcoming supply of the brand new dredge allows it to proceed the rationalization of its older belongings and that it’ll now retire the 42-year outdated hopper dredge Terrapin Island, within the fourth quarter of 2022. This vessel was not deliberate for retirement till the supply of Galveston Island, however primarily based on its age the corporate has determined to speed up its retirement to considerably scale back its working, labor and upkeep prices and enhance productiveness for the general fleet.
Work deliberate for the Terrapin Island shall be delayed till one other hopper dredge completes its regulatory drydocking on the finish of December.
The retirement of the Terrapin Island will end in a non-cash write-off of roughly $8 million within the fourth quarter of 2022.
NEW DREDGE
Built to a basic design by C-Job Naval Architects, the brand new dredge is a 6,500-cubic-yard-capacity trailing suction hopper dredge (TSHD) that shall be outfitted with a direct high-power pump-ashore set up, dredging system automation, dynamic positioning and monitoring, U.S. EPA Tier IV compliant engines, and can be capable of run on biofuel to reduce its environmental impression. The vessel aso incorporates options to reduce turbidity and marine species entrainment.
The hopper fleet renewal program shall be full in 2025 with the supply of the sister ship to the Galveston Island, at which era Great Lakes can have the most important and youngest hopper fleet within the U.S.
“After implementing our restructuring plan in 2017, we have invested in both productivity upgrades to our best performing vessels and executed on our newbuild program,” stated Lasse Petterson, president and CEO of Great Lakes commented. “This has provided us with additional capacity and improved efficiencies and will allow us to retire some of our older dredges and rationalize some of our older support equipment. These strategic moves will have a positive impact to our emissions footprint and our competitiveness in the coastal protection and maintenance markets as well as address the specific needs in the growing offshore wind market.”
