US Shipbuilder Faces Legal Challenge Over Construction of the States’ First Subsea Rock Installation Vessel

Philly Shipyard is facing legal hurdles as the US dredging services provider Great Lakes Dredge & Dock Company (GLDD) is seeking injunctive relief concerning the construction of what is said to be the first US offshore wind subsea rock installation vessel (SRIV).

GLDD ordered the vessel in 2021^[1], with the first steel cut in July 2023^[2]. According to the US company, with Acadia set to become the only Jones Act-compliant rock placement vessel in the US commercial fleet, it is a critical vessel needed to develop the offshore wind projects the US has planned and permitted.

The vessel is of an Ulstein design and has an overall length of 140.5 metres, a breadth of 34.1 metres, and crew accommodations for 45 people. It can carry up to 20,000 tonnes of rock and deposit it on the seabed at monopile foundation locations within an offshore wind project site.

Today, 22 November, Philly Shipyard ASA reported that GLDD had filed a complaint and motion against its subsidiary Philly Shipyard, Inc. (PSI) seeking injunctive relief with respect to certain actions related to the project execution plan for the construction of the SRIV.

The company further reported that its sole operating subsidiary PSI continues production activities on the SRIV, NSMVs 3, 4 and 5, and CV 1, and that it is still expected that the transaction with Hanwha regarding the purchase of PSI will close during the fourth quarter of 2024.

Philly Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Aker Capital AS, which in turn is wholly owned by Aker ASA.

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