Great Lakes Announces Receipt of $93 Million Corpus Christi Channel Deepening Award
January 03 2019 - 6:45PM
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 $93 million contract award for the Corpus Christi Ship
Channel Improvement Project. Dredging to deepen the entrance
channel will commence during the second quarter of 2019 with
completion expected in early 2020. The overall ship channel
deepening effort will be comprised of multiple phases, expected to
be competitively bid and worked over the next five years. The total
estimated contract value of these projects is approximately $360
million.
The Port of Corpus Christi is the largest crude
export port in the United States and processes approximately 100
million tons each year. The Port’s impact on the United States
economy exceeds $124 billion annually and the planned work on this
channel over the next five years is expected to bring significant
benefit to the United States, Texas and local economies. This
deepening project will be a major step toward the United States’
objective of becoming a net exporter of its energy production. This
project is sponsored by the U.S. Army Corps of Engineers, Galveston
District, working in partnership with the Port of Corpus Christi to
fund the work.
Lasse Petterson, Chief Executive Officer of Great
Lakes, commented, “We are proud to partner with the USACE,
Galveston District, the Port of Corpus Christi and local officials
in execution of this historic project. This complex deepening work
is well suited to our proven experience in this type of project,
including our expertise in minimizing the environmental impact of
our projects on the natural habitats of the work areas. This
project is one of four capital deepening projects that the Company
will work during 2019, supporting a positive outlook for the year
ahead. We thank the USACE for their confidence in partnering with
us on this important project and look forward to a successful
outcome, safely, on time and on budget.
David Simonelli, President Dredging, commented,
“The Corpus Christi Ship Channel Improvement Project is an
important win for the Company and begins the long awaited deepening
cycle for the Port of Corpus Christi. Three additional
contracts are planned to create much needed deep water access to
the Port. Great Lakes’ dredging operations will utilize hopper and
cutter suction dredges to excavate over 6.6 million cubic yards of
dense sands and clays to a depth of 58 ft.”
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
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: Abby
Sullivan, Investor Relations
630-574-3024
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