Great Lakes Dredge & Dock, listed on the NASDAQ as GLDD, faced disconcerting news on Thursday. The company announced that Empire Offshore Wind had terminated the rock installation contract for Empire Wind 2, originally scheduled to begin in 2026.

A consortium led by Great Lakes had been appointed by Empire Wind for rock installation for the Empire Wind 1 and 2 projects, with installation windows in 2025 and 2026, respectively.

Earlier in the week, Equinor and BP opted to cancel their agreement to sell power to New York state from the Empire Wind 2 project. They attributed this decision to “commercial conditions driven by inflation, interest rates, and supply chain disruptions.”

The expansive Empire Wind offshore wind project had been designed to encompass two offshore wind farms, including the 816 MW Empire Wind 1 and the 1,260 MW Empire Wind 2, positioned 12 miles south of Long Island.

Despite this setback, Great Lakes remains positive and anticipates the commencement of installation for the Empire Wind 1 project in 2025.