Great Lakes Announces Receipt of $90.3 Million in Awarded Work
March 22 2021 - 9:00AM
Great Lakes Dredge & Dock Corporation ("Great Lakes")
(NASDAQ:GLDD), the largest provider of dredging services
in the United States announced today the receipt
of several major dredging awards totaling $90.3 million.
The awarded work includes:
- Boston Harbor Navigation Improvement Project-Phase 3 (Capital,
Massachusetts, $61.8 million)
- Rehabilitation Effort for the Panama City Beaches Coastal Storm
Risk Management Project (Coastal Protection, Florida, $28.5
million)
The Boston Harbor Navigation Improvement Project- Phase 3 work
will provide navigational improvements that will allow larger
tankers to access the various terminals and reduce transportation
costs. Boston Harbor is New England’s largest port serving as the
principal distribution point for the export and import of commerce
for Massachusetts, New Hampshire and Vermont. This final
phase of the Boston harbor deepening project involves the
excavation of hard rock and will greatly improve navigational
access to Boston’s shipping terminals. The client on this project
is the U.S. Army Corps of Engineers, New England District, and the
project is federally funded. The drilling, blasting and dredging
work is expected to commence in the second quarter of 2021 with
anticipated completion by the end of the year.
The Rehabilitation Effort for the Panama City Beaches Coastal
Storm Risk Management Project work entails the placement of sand
from a designated borrow area to the Panama City Beaches that were
significantly eroded over the past several years due to general
environmental impacts and hurricane events. The client on this
project is the U.S. Army Corps of Engineers, Mobile District, and
the majority of the project is federally funded. Hopper dredging
work is expected to commence in the third quarter of 2021 with
anticipated completion by the end of the year.
David Simonelli, Chief Operating Officer commented, “Great Lakes
is pleased to add these important projects to our 2021 backlog of
deepening and coastal protection work. Working on these projects
allows Great Lakes to help strengthen the U.S. economy and support
the overall improvement and resiliency of our country’s
environment, coastlines and infrastructure.”
The Company
Great Lakes Dredge & Dock Corporation
(“Great Lakes” or the “Company”) is the largest provider of
dredging services in the United States. In addition, the Company
has a long history of performing significant international
projects. The Company employs experienced civil, ocean and
mechanical engineering staff in its estimating, production and
project management functions. In its over 131-year history, the
Company has never failed to complete a marine project. Great Lakes
owns and operates the largest and most diverse fleet in the U.S.
dredging industry, comprising over 200 specialized vessels. 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.
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: Tina BaginskisDirector,
Investor Relations630-574-3024
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