Great Lakes Announces Receipt of $113 Million Jacksonville Deepening Award
September 27 2018 - 4:02PM
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 $113 million base contract award on the Jacksonville
Harbor Construction Dredging Contract ‘B’ 47-Foot Project. Great
Lakes expects the U.S. Army Corps of Engineers to award additional
option work items on the contract by mid-2019 with a value of $97
million, resulting in a total contract award of $210 million.
Dredging is expected to commence in the fourth quarter of 2018 with
completion of both base contract and expected options in the second
quarter of 2021.
The deepening of the Jacksonville Harbor is an
important project for Florida and for Jaxport with major economic
benefits and employment opportunities expected from the resulting
increase in trade volumes. The project has received important
support from local and state authorities as well from federal
authorities.
Lasse Petterson, Chief Executive Officer of Great
Lakes, commented, “We thank the Jacksonville District Army Corps of
Engineers for the award of this contract. The RFP tendering process
involved an extensive evaluation of the competing contractors’ past
port deepening experience, execution methods, equipment
capabilities and safe work methods in addition to price, rather
than a standard lowest price bid award, and we are very happy to be
selected for this important project. We now look forward to
starting to dredge and executing the project safely, on time and
within budget.”
David Simonelli, President Dredging, commented,
“Great Lakes will employ several large cutter and mechanical
dredges to perform this complex deepening project which involves
the excavation and offshore disposal of over 5.5 million cubic
yards of material. Our operations method and equipment have been
carefully considered and selected to minimize disturbance to the
environment and sea life during project execution.”
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 experienced 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. 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. 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
StatementsCertain 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: Abby
Sullivan, Investor Relations
630-574-3024
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