Great Lakes Announces Receipt of $261.3 Million in Awarded Work
September 13 2021 - 4:05PM
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 $261.3 million.
The awarded work includes:
- Corpus Christi Upper Bay Reach Channel Improvement Project
(Capital, Texas, $139 million)
- Fire Island Inlet to Montauk Point Phase 1 Beach Project
(Coastal Protection, New York, $47.5 million)
- Thimble Shoal East Deepening Project (Capital, Virginia, $38.4
million)
- Mississippi River, Baton Rouge to Gulf of Mexico, Southwest
Pass Hopper Dredge Rental Project (Maintenance, Louisiana, $24.3
million)
- Cape May Inlet Beach Renourishment Project (Coastal Protection,
New Jersey, $12.1 million)
The Corpus Christi Upper Bay Reach Channel Improvement Project
is to complete the third phase of the four phase Corpus Christi
deepening project. Great Lakes successfully completed the first
phase of the channel deepening in March of 2020. Work on this phase
entails increasing the channel depth within the Upper Bay Reach
from 47 feet to 54 feet, and widening the channel to 530 feet with
an additional 400 feet of barge lanes. This project will allow for
larger vessels and more efficient access to the Port of Corpus
Christi including two-way traffic during high traffic periods. The
award includes the base award for $139 million with open options
remaining to be awarded of $12.9 million bringing the total of the
project to $151.9 million. The client on this project is the US
Army Corps of Engineers, Galveston District. This project is funded
by the federal government and the Port of Corpus Christi. Work is
anticipated to commence in the fourth quarter of 2021 with
estimated completion in the first quarter of 2023.
The Fire Island Inlet to Montauk Point Beach Project entails the
dredging of the Fire Island Inlet and beneficial use of dredge
material for sand placement at Gilgo Beach and Robert Moses
State Park. Placement of sand will improve shoreline protection
from damaging storms and dredging work will benefit inlet
navigation for the Coast Guard and the public. Open options of $6.2
million to nourish Tobay Beach are yet to be awarded. The client on
this project is the US Army Corps of Engineers, New York District,
and the majority is federally funded. Work is expected to commence
in the fourth quarter of 2021 with estimated completion in the
first quarter of 2022.
The Thimble Shoal East Deepening Project entails dredging
portions of the Thimble Shoal Federal Navigation Channel with some
beneficial use of dredged material for beach nourishment at the
Ocean View beach area of Norfolk, Virginia and Ocean Park area of
Virginia Beach. The client on this project is the Virginia Port
Authority and is funded by the State of Virginia, the City of
Norfolk and the City of Virginia Beach. Work is expected to
commence in the Spring of 2022 with estimated completion in
August 2022.
The Mississippi River, Baton Rouge to Gulf of Mexico, Southwest
Pass Hopper Dredge Rental Project, awarded in the second quarter,
consists of furnishing a fully crewed and equipped self-propelled
trailing suction hopper dredge to perform maintenance work in the
Mississippi River Southwest Pass and Calcasieu River. This is a
base contract award with $14 million in open options. The client on
this project is the US Army Corps of Engineers, New Orleans
District, and is federally funded. Work is expected to commence in
the fourth quarter on 2021 with estimated completion in the first
quarter of 2022.
The Cape May Inlet Beach Renourishment Project entails the
placement of sand from a designated borrow area onto two beach
locations at the Cape May Inlet. The client on this project is the
US Army Corps of Engineers, Philadelphia District, and is federally
funded. Work is expected to commence in the third quarter of 2021
with estimated completion before the end of the year.
David Simonelli, Chief Operating Officer commented, “Great Lakes
is pleased to add these projects to our backlog of deepening,
coastal protection, and maintenance dredging projects that will
contribute to our 2021 performance and position us well for 2022.
Great Lakes fourth quarter start of the Corpus Christi Upper Bay
Project Phase 3 restarts the Port and Corps channel deepening
efforts after completion of Phase 1. These projects 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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