Great Lakes Announces Receipt of $48 Million Tampa Deepening Award
October 01 2018 - 9:00AM
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 $48 million base contract award on the Big Bend
Channel of the Port of Tampa Bay. Great Lakes expects the
United States Army Corps of Engineers (“USACE”) to award additional
option work items on the contract by early-2019 with a value of $25
million, resulting in a total contract award of $74 million.
Dredging is expected to commence in the fourth quarter of 2018 with
completion of both base contract and expected options in the third
quarter of 2019.
Port Tampa Bay is Florida’s largest and most
diverse seaport, supporting liquid and dry bulk raw materials,
container cargo and one million plus cruise passengers each
year. Expanding the Big Bend Channel, which connects to the
main channel in Tampa’s harbor, will allow for larger vessels to
dock along the channel and ease the movement of goods through the
port to the Interstate 4 corridor. This project is sponsored by the
USACE Jacksonville District, the Tampa Bay Port Authority, the
Florida Department of Transportation and two of the port’s largest
tenants. This unique public/private partnership has allowed this
significant expansion of the port and is expected to have major
economic benefits and employment opportunities for both Tampa Bay
and the State of Florida.
Lasse Petterson, Chief Executive Officer of Great
Lakes, commented, “We are proud to partner with the USACE,
Jacksonville District and local officials in executing this
important infrastructure project. This complex deepening work
is well suited to our proven special experience and expertise in
sand, clays and hard rock and solidifies our position as the
leading contractor for difficult port deepening projects. This
project award adds to our growing backlog which positions us well
for 2019. We thank the USACE for their confidence in our ability to
execute on this important project and look forward to a successful
outcome, on time and on budget.”
David Simonelli, President Dredging, commented,
“Great Lakes is pleased to add the Big Bend Terminal project to our
growing backlog. We will employ several cutter suction dredges to
perform the excavation and in bay island disposal of over 4.1
million cubic yards of material. Great Lakes’ fleet of dredges is
well suited to perform the difficult soil excavation required for
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 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
Great Lakes Dredge and D... (NASDAQ:GLDD)
Historical Stock Chart
From Apr 2024 to May 2024
Great Lakes Dredge and D... (NASDAQ:GLDD)
Historical Stock Chart
From May 2023 to May 2024