Great Lakes Announces Award of $35 Million Land Reclamation Contract in Bahrain
July 22 2014 - 4:00PM
Business Wire
Great Lakes Dredge & Dock Corporation (“Great Lakes”)
(NASDAQ:GLDD), the largest provider of dredging services in the
United States and a major provider of environmental and remediation
services, announced the award of a contract valued at approximately
$35 million with the Ministry of Works in Bahrain. The contract
encompasses phases one and two of a development project within Hidd
Port. Under this contract, Great Lakes will dredge 5.8 million
cubic meters to build a 156 acre footprint on which a factory and
additional facilities will be built.
Great Lakes has worked closely with both the Government of
Bahrain and investors over the last 15 years to successfully
deliver many significant projects in Bahrain. The company is
looking forward to being involved in another strategic project for
the Government. “We appreciate the opportunity to work with the
Ministry of Works on this land reclamation project. We recognize
the importance of this project to Bahrain as it will contribute to
further economic growth in the country and are pleased to be a part
of the endeavor,” John O’Brien, Vice President, International
Operations stated.
Great Lakes plans to use three hoppers and one hydraulic dredge
to complete the project on an expedited timeframe. Phase one of the
project has a target completion date of late fall 2014 while phase
two will be completed by the end of the first quarter in 2015.
Great Lakes will mobilize immediately to commence work on this
project.
The Company
Great Lakes Dredge & Dock Corporation is the largest
provider of dredging services in the United States and the only
U.S. dredging company with significant international operations.
The Company is also a significant provider of environmental and
remediation services. The Company owns a 50% interest in a marine
sand mining operation in New Jersey that supplies sand and
aggregate for road and building construction and a 50% interest in
an environmental service operation with the ability to remediate
soil and dredged sediment treatment. Great Lakes employs over 150
degreed engineers, most specializing in civil and mechanical
engineering, which contributes to its 124-year history of never
failing to complete a marine project. Great Lakes has a disciplined
training program for engineers that ensures experienced-based
performance as they advance through Company operations. Great Lakes
also owns and operates the largest and most diverse fleet in the
U.S. industry, comprised of over 200 specialized vessels.
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. Forward-looking statements can
be identified by, among other things, the use of forward-looking
language, such as the words "plan," "believe," "expect,"
"anticipate," "intend," "estimate," "project," "may," "would,"
"could," "should," "seeks," or "scheduled to," or other similar
words, or the negative of these terms or other variations of these
terms or comparable language, or by discussion of strategy or
intentions. 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 performance.
Important assumptions and other important factors that could cause
actual results to differ materially from those forward-looking
statements with respect to Great Lakes, include, but are not
limited to, risks and uncertainties that are described in Item 1A.
"Risk Factors" of Great Lakes’ Annual Report on Form 10-K for the
year ended December 31, 2013, and in other securities filings by
Great Lakes with the SEC.
Although Great Lakes believes that its plans, intentions and
expectations reflected in or suggested by such forward-looking
statements are reasonable, actual results could differ materially
from a projection or assumption in any forward-looking statements.
Great Lakes' future financial condition and results of operations,
as well as any forward-looking statements, are subject to change
and inherent risks and uncertainties. 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.
Great Lakes Dredge & Dock CorporationMary
Morrissey, Investor Relations630-574-3467
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