Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA, announced it has won a contract from Great Lakes Dredge & Dock Company, LLC, the nation’s leading dredging company, to construct one Jones Act-compliant Subsea Rock Installation Vessel – the first such ship to enter the U.S. market. Great Lakes 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, then the total contract value of...