Great Lakes Announces Receipt of $164 Million in Awarded Work
July 02 2018 - 4:01PM
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 infrastructure services announced today the
receipt of a several major dredging awards totaling $164
million.
The awarded work includes:
- the Long Beach project (Coastal Protection, New York, $54.4
million);
- the Myrtle Beach project (Coastal Protection, South Carolina,
$34.8 million);
- the Nags Head Beach project (Coastal Protection, North
Carolina, $34.7 million);
- the Chesapeake Beach project (Coastal Protection, Maryland,
$4.8 million);
- the Corpus Christi La Quinta Channel Widening project (Capital,
Texas, $21.0 million) and
- the Delaware River Deepening Variation Order (Capital,
Delaware, $14.3 million).
The scope of work for the four coastal protection projects
includes nourishment of beachfronts with sand excavated from
off-shore borrow which is then used to rebuild dunes and restore
the shorelines eroded by winter storms. We expect these projects
will be executed in the period June 2018 through May 2019 and will
be performed with minimal disruption to the local communities with
a view to increasing the resilience of our coastal environments to
challenges from rising sea levels.
The two shipping access channel widening and deepening projects
are part of the ongoing effort to make United States ports capable
of receiving the larger vessels now coming through the expanded
Panama Canal and supporting our nation’s growing energy exports.
The corresponding increases in imports and exports through the
ports have major economic benefits and employment opportunities for
the coastal cities and states from the increase in trade
volumes.
David Simonelli, President Dredging commented,
“We are pleased to announce these significant coastal protection
and capital dredging awards for our company. The projects are a
great addition to our current backlog which includes the deepening
and coastal protection projects ongoing in Charleston where three
of our largest dredges are engaged and on the Gulf Coast where the
Ellis Island and Liberty Island are working. This solidifies our
position as the nation’s leading dredging contractor.”
The Company
Great Lakes Dredge & Dock Corporation
(“Great Lakes” or the “Company”) 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 on land and water. The Company employs civil, ocean
and mechanical engineering staff in its estimating, production and
project management functions. In its over 128-year history,
the Company has never failed 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. dredging 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. 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.
GLDD PROJ
For further information contact: Abby
Sullivan, Investor Relations
630-574-3024
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