Great Lakes Announces Receipt of $112.8 Million in Awarded Work
May 13 2021 - 4:03PM
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 $112.8 million.
The awarded work includes:
- Mobile Harbor Navigation-Phase 3 Project (Capital, Alabama,
$53.9 million)
- Golden Triangle Marsh Creation Project (Capital, Louisiana,
$32.4 million)
- Captiva Island Beach Renourishment Project (Coastal Protection,
Florida, $15.6 million)
- Vicinity of McKellar Lake Harbor Dredging Project (Maintenance,
Arkansas, Kentucky, Mississippi, Missouri, Tennessee, $7.6
million)
- Jacksonville Harbor Maintenance Dredging Project (Maintenance,
Florida, $3.3 million)
The Mobile Harbor Phase 3 Navigation project consists of
deepening and widening portions of the Lower Bay Channel located
South of Gaillard Island and North of the Gulf Intracoastal
Waterway. This project is a critical step toward realizing the
port’s ability to accommodate the larger ships serving the world’s
major trade lanes, while improving vessel transit efficiencies and
safety in the port. The client on this project is the U.S. Army
Corps of Engineers, Mobile District, and is federally funded. Work
is expected to commence in the second quarter of 2021 with
anticipated completion in the fourth quarter of 2021.
The Golden Triangle Marsh Creation Project entails constructing
berms and placing dredge material to create marsh land. The overall
objective of this project is to restore and protect wetland, fish,
and wildlife habitat and help maintain the lands integrity and
assist the surrounding communities to become more resilient to
storm surges. The Golden Triangle is a narrow band of marsh
directly east of New Orleans between Lake Borgne and the
Mississippi River Gulf Outlet and the Gulf Intracoastal Waterway.
The client on this project is the State of Louisiana Coastal
Protection and Restoration Authority (CPRA) and is funded by the
state. Work is expected to commence in July of 2021 with
anticipated completion in the second quarter of 2022.
The Captiva Island Beach Renourishment Project entails placement
of sand to improve and reinforce 5 miles of beach along Captiva
Island. This project will help protect and strengthen the island's
shoreline. Great Lakes previously worked on renourishment of the
beach in 2013. The client on this project is the Captiva Erosion
Prevention District and is privately funded. Work is expected to
commence in the third quarter with anticipated completion in
October of 2021.
The Vicinity of McKellar Lake Harbor Dredging Project consists
of dredging of various harbors along the Mississippi River to
maintain proper channel and harbor depth to allow barges to
transport goods. The client on this project is the U.S. Army Corps
of Engineers, Memphis District, and is federally funded. This is
the first Task Order of this project. There are two more estimated
Task Orders for $16.4 million open for potential awards to Great
Lakes in the next two years. Work is expected to commence in July
of 2021 with anticipated completion in the fourth quarter of
2021.
The Jacksonville Harbor Maintenance Dredging Project involves
dredging of the Lower Terminal Channel of the Jacksonville Harbor
in Duval County, Florida. The client on this project is the U.S.
Army Corps of Engineers, Jacksonville District, and is federally
funded. Work is expected to commence and complete in May of
2021.
David Simonelli, Chief Operating Officer commented, “Great Lakes
is pleased to add these important projects to our 2021 backlog of
deepening, maintenance 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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