Item 1.01 Entry into a Material Definitive Agreement.

Agreement with Philly Shipyard Inc.

On November 15, 2021, Great Lakes Dredge & Dock Company, LLC, a Delaware limited liability company ("GLDD LLC") and a wholly-owned subsidiary of Great Lakes Dredge & Dock Corporation (the "Company"), entered into a vessel construction agreement (as amended or supplemented from time to time, and together with all related documents, the "Agreement") with Philly Shipyard Inc., a Pennsylvania corporation (the "Builder"). On November 16, 2021, the Company issued a press release announcing the Agreement. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The material terms of the Agreement are summarized below.

The Agreement is for the design, construction and delivery of one subsea rock installation vessel (the "Initial Vessel"), in accordance with the terms of the Agreement, built to certain specifications and in compliance with all applicable rules and regulations. The contract price for the Initial Vessel is approximately $197 million. The contract price will be paid in installments tied to the stage of completion of the Initial Vessel. The Agreement also provides GLDD LLC with an option to purchase an additional vessel within twelve months after the effective date of the Agreement. The contract contains customary warranties of the Builder related to the vessels' construction, as well as provisions addressing potential delays in the delivery of the vessels and remedies available in the event of a default by either party. The Builder must maintain customary levels of insurance and deliver to GLDD LLC a letter of credit and a parent company guarantee to secure its obligations and GLDD LLC's remedies under the Agreement. The Initial Vessel is expected to be delivered to GLDD LLC by the Builder in the fourth quarter of 2024.

The Agreement will be filed as an exhibit to the Registrant's annual report on Form 10-K for the fiscal year ended December 31, 2021.

Item 9.01. Financial Statements and Exhibits.





(d) Exhibits.




  99.1       Press Release of Great Lakes Dredge & Dock Corporation dated November
           16, 2021.

104        Cover Page Interactive Data File (embedded within the Inline XBRL
           document).

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