Great Lakes Announces Receipt of $132.3 Million in Awarded Work
March 17 2022 - 4:05PM
Great Lakes Dredge & Dock Corporation ("Great Lakes" or the
“Company”) (NASDAQ: GLDD), the largest provider of dredging
services in the United States announced today the receipt
of several major dredging awards totaling $132.3 million.
The awarded work includes:
- Coastal Storm Risk Management Rockaway Inlet Beach Fill
Subcontract (Coastal Protection, New York, $37.2
million)
- South Atlantic Division Regional Harbor Dredging Project
(Maintenance, Georgia, North Carolina and South Carolina, $25.8
million)
- Avon Village Beach Nourishment and Buxton Renourishment Project
(Coastal Protection, North Carolina, $25.9 million)
- Coastal Storm Risk Management (CSRM) Carolina and Kure Beaches
Project (Coastal Protection, North Carolina, $20.3
million)
- Jacksonville Harbor Contract C Dredging Modification Project,
(Capital, Florida, $11.5 million)
- Town of Nags Head Post-Dorian Beach Renourishment Project
(Coastal Protection, North Carolina, $11.6 million)
The Coastal Storm Risk Management Rockaway Inlet Beach Fill
Subcontract includes dredging and beach fill work that is within
the larger land and marine construction project. This project was
awarded by the U.S. Army Corps of Engineers, New York District.
Work is expected to commence in the fall of 2022.
The South Atlantic Division Regional Harbor Dredging Project,
awarded in the fourth quarter of 2021, includes maintenance
dredging from the entrance channels of Brunswick and Savannah,
Georgia ports, Wilmington and Morehead City, North Carolina ports
and the Charleston, South Carolina port. The client on this project
is U.S. Army Corps of Engineers, Savannah, Wilmington and
Charleston Districts and is federally funded. Work commenced at the
end of the fourth quarter 2021 and is estimated to complete in
third quarter the of 2022.
The Avon Village Beach Nourishment and Buxton Renourishment
Project, awarded in the first quarter of 2022, includes beach
renourishment work that will help protect the towns from severe
weather and expand the beach for the local community and
tourists. A portion of the project is within the Cape Hatteras
National Seashores and will help protect Highway 12 from
erosion. The client on this project is Dare County, North
Carolina and is locally funded. Work is expected to commence in
second quarter of 2022 and complete in of the third quarter
2022.
The Coastal Storm Risk Management (CSRM) Carolina and Kure
Beaches Project, awarded in the first quarter of 2022, entails
dredging, transporting, placing, planting and shaping beach fill
which will protect the neighboring towns from storm erosion and
will add and enhance the beach area. The client on this project is
the U.S. Army Corps of Engineers, Wilmington District. Work
commenced in March 2022 and is expected to complete in the second
quarter of 2022.
The Jacksonville Harbor Contract C Dredging Modification
Project, awarded in the fourth quarter of 2021, involves additional
Option A work to the ongoing contract to support the base project
to deepen and widen the channel, expand the turning basin and
deepen berths at Jacksonville Port Authority Blount Island Marine
Terminal to an authorized 47-foot depth to improve navigation
safety and efficiency. The client on this project is the U.S. Army
Corps of Engineers, Jacksonville District and JAXPORT and is
federally and locally funded. Work is expected to complete in the
third quarter of 2022.
The Town of Nags Head Post-Dorian Beach Renourishment Project,
awarded in the first quarter of 2022, entails replacing sand on the
beach areas lost during Hurricane Dorian in 2019. Work performed
will protect the beaches from erosion and extend the beach area for
the local community and visitors. The client on this project is the
Town of Nags Head and is funded by FEMA, the town and county. Work
is expected to commence in the summer of 2022.
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 2022 performance. These projects support the
overall improvement and resiliency of our country's environment,
coastlines and infrastructure.”
The Company
Great Lakes Dredge & Dock Corporation 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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