Great Lakes Dredge & Dock Announces Receipt of $92.5 Million Houston Ship Channel Widening and Improvement Project 11 Award
November 22 2021 - 9:00AM
Great Lakes Dredge & Dock Corporation (“Great Lakes Dredge
& Dock” or the “Company”) (NASDAQ: GLDD), the largest provider
of dredging services in the United States announced today
the signing of a $92.5 million dredging contract for the Houston
Ship Channel Widening and Improvement Project 11. This is the first
phase of the extensive, multi-phase Houston Ship Channel
billion-dollar expansion and deepening program. Dredging is
expected to commence in the first quarter of 2022 with estimated
completion in the fourth quarter of 2022.
Project 11 is an ambitious plan to widen the 52- mile Houston
Ship Channel which winds from the Gulf of Mexico through shallow
Galveston Bay and up through the port. Great Lakes Dredge &
Dock’s awarded work entails the dredging of 11½-miles of the
channel, widening a major portion of the Galveston Bay reach from
530 to 700 feet. The Port of Houston is the nation’s largest
waterborne tonnage port and a major container gateway for Texas and
millions of people who live in neighboring areas. This project will
allow for larger container and petrochemical ships to more safely
and efficiently navigate the Houston Ship Channel to access the
Port of Houston. In addition to widening the channel, Great Lakes
Dredge & Dock will pump 1.6 million cubic yards of dredged
material to beneficially construct a new island for bird habitat
and oyster mitigation.
In the evaluation of proposals, Port of Houston placed
significant value on the dredging equipment’s total emissions of
nitrogen oxide (“NOx”) while performing the contract. David
Simonelli, Chief Operating Officer commented, “Great Lakes Dredge
& Dock is investing $4.5 million dollars to improve emissions
on the cutter suction dredge Carolina and the Company’s largest
booster station Buster, by upgrading the vessels’ diesel engines
and installing Selective Catalytic Reduction (“SCR”) systems. The
upgrades and SCRs are designed to treat the exhaust of the engines
to reduce NOx and Particulate Matter emissions. Retrofitting our
equipment demonstrates our commitment to Port of Houston and
supports our goal of reducing our overall environmental impact as
we strive to leave the areas we work in a better state than when we
started.”
Lasse Petterson, President and Chief Executive Officer of Great
Lakes Dredge & Dock commented, “We are very pleased to have won
this first contract within a year of relocating and becoming a
Houston based contractor. The RFP tendering process involved an
extensive evaluation of the competing contractors’ past port
deepening experience, execution methods, equipment capabilities,
environmental mitigation and safe work methods in addition to
price. We thank the Port of Houston for the award of this important
contract and are pleased to add this work to our extensive list of
port deepening projects. We believe this important project will
deliver long standing benefits to the local economy and local
workers. We look forward to begin dredging operations and executing
this project safely, on time and within budget.”
The Company
Great Lakes Dredge & Dock Corporation
(“Great Lakes Dredge & Dock” 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 130-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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