Great Lakes Announces Receipt of $91 Million in Awarded Work
June 24 2019 - 4:02PM
Great Lakes Dredge & Dock Corporation ("Great Lakes")
(NASDAQ:GLDD), the largest provider of dredging services
in the United States announced today the receipt of
dredging awards totaling $91 million.
The awarded work includes:
- the Virginia Beach project (Coastal Protection, Virginia, $22.6
million);
- the Sandbridge project (Coastal Protection, Virginia, $20.3
million);
- Galveston Ship Channel (Maintenance, Texas, $21.2
million);
- Freeport LNG Basin (Maintenance, Texas, $4.6 million)
- San Jacinto Variation Order (Rivers and Lakes, Texas, $17.1
million) and
- Missouri River 2019 Floods, Emergency Levee Repair (Rivers
& Lakes, Nebraska, $4.7 million).
The scope of work for the 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. The projects will be executed
in the second half of 2019 and into 2020 and will be performed by
hopper dredges with a minimal disruption to the local communities
with a view to increasing the resilience of our coastal
environments to challenges from rising sea levels.
The Galveston Ship Channel project is a contract to restore the
Galveston Ship Channel in Texas to its authorized navigable depth.
Some of the dredged material will be pumped on Galveston beaches as
beneficial use. Work on this project will be completed by the
end of this year. Within the Freeport LNG Terminal basin, Great
Lakes will perform maintenance dredging to make way for the
commissioning of Freeport LNG Terminal’s first cargo.
The San Jacinto Variation Order is an extension to the project
Great Lakes performed in the first half of this year. The San
Jacinto project was the first major Houston-area flood-control
project after Hurricane Harvey and is continuing the work of
reducing the flood risk and restoring a 2 mile-long stretch of the
San Jacinto River to its pre-Harvey state. This project will
be executed in the second half of 2019.
For the Missouri River 2019 Floods Emergency Levee Repair
project, Great Lakes is a subcontractor to Western Contracting,
using the Cutter Suction Dredge Iowa. The goal is to stop the
flow of water through the breeched levees so repairs can be made to
areas behind the damaged levee. This work will be executed
this summer.
David Simonelli, President of Dredging commented, “We are
pleased to announce these important coastal protection, emergency
repair and maintenance dredging awards for our Company which
complement the current portfolio of large port deepening
projects.”
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
employs experienced civil, ocean and mechanical engineering staff
in its estimating, production and project management
functions. In its over 129-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.
GLDD PROJ
For further information contact:
Investor Relations - 630-574-3012
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