Great Lakes Announces Receipt of $173.7 Million in Awarded Work
December 28 2023 - 8:05AM
Great Lakes Dredge & Dock Corporation ("Great Lakes" or the
“Company”) (NASDAQ: GLDD), the largest provider of dredging
services in the United States, announced today the
receipt of several dredging awards totaling $173.7 million.
The awarded work includes:
- Sabine-Neches Waterway Channel Improvement Project-Phase 1
(Capital, Texas, $62.8 million)
- Great Egg Harbor Inlet Beach Renourishment Project (Coastal
Protection, New Jersey, $33.8 million)
- St. Augustine Shore Protection Project (Coastal Protection,
Florida, $33.6 million)
- Duval County Shore Protection Beach Renourishment Project
(Coastal Protection, Florida, $32.4 million)
- Atchafalaya Bay and Bar Maintenance Dredging Project
(Maintenance, Louisiana, $11.1 million)
The Sabine-Neches Waterway Channel Improvement Project-Phase 1
includes dredging for channel deepening along the Sabine-Neches
Waterway from Sabine Bank Channel to Sabine Pass Channel. The
construction of the Sabine-Neches Waterway will generate widespread
economic benefits for Southeast Texas, the state of Texas, and the
United States for overall business activity and gross product
within our port systems. The deepening droject will increase U.S.
competitiveness in global markets primarily through energy exports.
The client on this project is the Sabine-Neches Navigation District
and is federally and privately funded. Work is expected to commence
in the first quarter of 2024 with estimated completion in the
fourth quarter of 2024.
The Great Egg Harbor Inlet Beach Renourishment Project entails
coastal protection by dredging inlet and offshore borrow areas with
disposal on Ocean City, Upper Township and Sea Isle beaches. The
client on this project is the U.S. Army Corps of Engineers,
Philadelphia District and is federally and state funded. Work has
commenced and is expected to be completed in the second quarter of
2024.
The St. Augustine Shore Protection Project, awarded in the third
quarter, entails beach renourishment to provide shore protection
and improve recreational beach area for tourism. The client on this
project is the U.S. Army Corps of Engineers, Jacksonville District
and is federally funded. Work is expected to commence and be
completed in the first quarter of 2024.
The Duval County Shore Protection Beach Renourishment Project
entails approximately nine miles beach renourishment in Duval
County. This project protects local infrastructure and supports
local tourism. The client on this project is the U.S. Army Corps of
Engineers, Jacksonville District and is federally funded. Work is
expected to commence in the second quarter of 2024 with estimated
completion in the third quarter of 2024.
The Atchafalaya Bay and Bar Maintenance Dredging Project is a
rental contract for dredging of the Atchafalaya River Bay, Bar and
Crewboat cut to maintain the channel to operating depths. The base
contract for $11.1 million was awarded but the project still has
$6.8 million in open options pending award. The client on this
project is the U.S. Army Corps of Engineers, New Orleans District
and is federally funded. Work has started and is expected be
completed in the first quarter of 2024.
Lasse Petterson, President and Chief Executive Officer
commented, “Great Lakes is pleased to add these important
projects to our 2023 backlog of capital, coastal protection and
maintenance work. Working on these projects allows Great Lakes to
help support the overall improvement and resiliency of our
country’s environment, coastlines, and infrastructure.”
The Company Great Lakes Dredge
& Dock Corporation (“Great Lakes” or the “Company”) is the
largest provider of dredging services in the United States. In
addition, Great Lakes is fully engaged in expanding its core
business into the rapidly developing offshore wind energy industry.
The Company has a long history of performing significant
international projects. The Company employs experienced civil,
ocean and mechanical engineering staff in its estimating,
production and project management functions. In its over 133-year
history, the Company has never failed to complete a marine project.
Great Lakes owns and operates the largest and most diverse fleet in
the U.S. dredging industry, comprised of approximately 200
specialized vessels. Great Lakes has a disciplined training program
for engineers that ensures experienced-based performance as they
advance through Company operations. The Company’s Incident-and
Injury-Free® (IIF®) safety management program is integrated into
all aspects of the Company’s culture. The Company’s commitment to
the IIF® culture promotes a work environment where employee safety
is paramount.
Cautionary Note Regarding
Forward-Looking Statements Certain statements in this
press release may constitute "forward-looking" statements as
defined in Section 21E of the Securities Exchange Act of 1934 (the
"Exchange Act"), the Private Securities Litigation Reform Act of
1995 (the "PSLRA") or in releases made by the Securities and
Exchange Commission (the "SEC"), all as may be amended from time to
time. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause
the actual results, performance or achievements of Great Lakes and
its subsidiaries, or industry results, to differ materially from
any future results, performance or achievements expressed or
implied by such forward-looking statements. Statements that are not
historical fact are forward-looking statements. These cautionary
statements are being made pursuant to the Exchange Act and the
PSLRA with the intention of obtaining the benefits of the "safe
harbor" provisions of such laws. Great Lakes cautions investors
that any forward-looking statements made by Great Lakes are not
guarantees or indicative of future events.
Although Great Lakes believes that its plans,
intentions and expectations reflected in this press release are
reasonable, actual events could differ materially. The
forward-looking statements contained in this press release are made
only as of the date hereof and Great Lakes does not have or
undertake any obligation to update or revise any forward-looking
statements whether as a result of new information, subsequent
events or otherwise, unless otherwise required by law.
For further information
contact: Tina BaginskisDirector,
Investor Relations630-574-3024
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