Great Lakes Announces Receipt of $107.0 Million in Awarded Work
August 24 2022 - 9:00AM
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 $107.0
million.
The awarded work includes:
- Norfolk Harbor Navigation Improvements Project (Capital,
Virginia, $56.8 million)
- Charleston Lower Harbor Maintenance Dredging Project
(Maintenance, South Carolina, $15.4 million)
- Tampa Harbor Maintenance Dredging 45-Foot Project (Maintenance,
Florida, $13.0 million)
- New Jersey Wind Port, Stage 1, Access Channel Dredging Project
(Capital, New Jersey, $7.0 million)
- Various Maintenance Projects (New York, North Carolina, and
South Carolina, $14.8 million)
The Norfolk Harbor Navigation Improvements Project, awarded in
the third quarter of 2022, entails work to deepen and widen the
Thimble Shoal Federal Navigation Channel within the approximately
five statutory mile segment beginning approximately 3 miles west of
the Chesapeake Bay Bridge-Tunnel westward to naturally deep water.
The Thimble Shoal Federal Navigation Channel is the main
thoroughfare into Norfolk Harbor. The project will assist the
harbor in increasing cargo capacity for the Port which benefits not
only Norfolk, but the region as a whole when it commences. The
client on this project is the Virginia Port Authority and is state
funded. Work is expected to complete by the end of the third
quarter of 2023.
The Charleston Lower Harbor Maintenance Dredging Project,
awarded in the second quarter of 2022, is the first maintenance
work project in this harbor since the completion of its deepening
projects. The work consists of maintenance dredging of material
from Charleston Lower Harbor which shall be deposited in the
Charleston Ocean Dredged Material Disposal Site (ODMDS). The client
on this project is the U.S. Army Corps of Engineers, Charleston
District and is federally funded. The dredging work has already
commenced with estimated completion in December 2022.
The Tampa Harbor Maintenance Dredging 45-Foot Project, awarded
in the third quarter of 2022, consists of dredging in the Tampa
Harbor Entrance Channel to maintain the channel for ships servicing
Port Tampa Bay. All dredged material will be beneficially placed on
Egmont Key. Awarded value is for the base contract with options
still pending of approximately $14.5 million. The client on this
project is U.S. Army Corps of Engineers, Jacksonville District and
is federally funded. Work is expected to commence in the Fall of
2022 to be competed in the first quarter of 2023.
The New Jersey Wind Port, Stage 1, Access Channel Dredging
Project, awarded in the second quarter of 2022, will create a
navigation channel from the federal Delaware River Channel to this
hub-style offshore wind marshalling port. The NJ Wind Port will be
the first purpose-built wind port on the East Coast, providing
heavy-lift and component facilities with open access to the
Atlantic Ocean. The port will serve offshore wind lease areas in
New Jersey and elsewhere on the U.S. East Coast. The New Jersey
Economic Development Authority (NJEDA) is the lead agency
supporting the port development. The New Jersey Department of
Transportation (NJDOT) is the contracting authority for the Access
Channel Dredging Project. The dredging work has already commenced
and is expected to be completed in the third quarter of 2022.In
addition, Great Lakes was awarded a number of smaller maintenance
projects that included The East Rockaway Inlet Maintenance Dredging
Project in New York, the Military Ocean Terminal (MOTSU)
Maintenance Dredging Project in North Carolina, the Maintenance
Dredging of the Buttermilk Channel in New York and the Berth
Maintenance Dredging Project in South Carolina.
David Simonelli, Chief Operating Officer commented, “Great Lakes
is pleased to add these projects to our backlog of deepening and
maintenance dredging projects that will contribute to both our 2022
and 2023 performance. In addition, the land being created at
the New Jersey Wind Port project will support the state of New
Jersey’s efforts towards renewable energy development. All of 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, Great Lakes is fully engaged in expanding its core
business into the rapidly developing offshore wind energy industry.
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 132-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, comprised of approximately 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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