November 17 (Renewables Now) - Philly Shipyard Inc (FRA:65I) has won an initial USD-197-million (EUR 173.3m) contract to build a subsea installation vessel for US dredging services provider Great Lakes Dredge & Dock Company LLC.
The subsea rock installation vessel will be the first such ship to enter the US market, the company said on Monday. The vessel is compliant with the US Jones Act, which requires vessels carrying cargo between US ports and offshore facilities to be built and flagged in the country.
The value of the contract could be expanded to USD 382 million if a second ship is built, for which Great Lakes has a right of first refusal.
The vessel to be build will be able to carry up to 20,000 metric tonnes of rock, which it will lay on the ocean bottom as a foundation for monopiles for offshore wind turbines. The ship, with a length of 140.5 meters (461 feet) and a breadth of 34.1 meters (112 feet), will accommodate a crew of 45. It is designed by Norwegian-Dutch offshore wind vessel designer Ulstein.
The first vessel is expected to be delivered in the fourth quarter of 2024, with a potential second one to be ready at the same time in 2025 if the contract is awarded.
"Philly Shipyard has a long-standing position as the leading US 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," Philly Shipyard president and CEO Steinar Nerbovik said.
The Philadelphia, Pennsylvania-based shipbuilder is the sole operating subsidiary of Philly Shipyard ASA (OSE:PHLY), which is in turn majority-owned by the investment management arm of Norwegian industrial conglomerate Aker ASA (OSE:AKER).
(USD 1 = EUR 0.880)