Great Lakes Announces Receipt of $143.5 Million in Awarded Work; Open Options Pending Award of $102.8 Million
October 12 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 $143.5
million with open options pending award of $102.9 million.
The awarded work includes:
- South Atlantic Division Regional Harbor Dredging 2023
Project (Maintenance, Georgia, North Carolina and South Carolina,
$26.6 million)
- Fire Island Inlet to Montauk Point, Contract 2 Project (Coastal
Protection, New York, $24.5 million)
- Great Egg Harbor Inlet and Peck Beach Ocean City Beach
Renourishment Project (Coastal Protection, New Jersey, $21.5
million)
- Houston Ship Channel, Redfish to Beacon 78 and Bayport Flare
Dredging Project (Maintenance, Texas, $20.0 million)
- Naval Submarine Base Kings Bay Entrance Channel Maintenance
Dredging Project (Maintenance, Georgia and Florida, $16.4
million)
- Gulf Coast Regional Hopper Dredge Rental Contract (Maintenance,
Louisiana and Mississippi, $14.8 million)
- Mobile Harbor Dredging Project (Maintenance, Alabama, $12.2
million)
- McLellan-Kerr Arkansas River Navigation System Station Dredging
Project (Maintenance, Arkansas and Oklahoma, $7.5 million)
The South Atlantic Division Regional Harbor Dredging 2023
Project includes work to maintain shipping channels by dredging
material from the entrance channels of Brunswick and Savannah in
Georgia, of Wilmington and Morehead City in North Carolina, and of
Charleston in South Carolina. This project has $12.7 million of
option work pending award. The clients on this project are the U.S.
Army Corps of Engineers Districts of Savannah, Wilmington and
Charleston. This project is federally funded. Work is expected to
commence in December of 2022 with estimated completion in August
2023.
The Fire Island Inlet to Montauk Point, Contract 2 Project
includes dredging of sand from Shinnecock and Moriches Inlets with
beneficial placement on beaches along vulnerable areas of coastline
in Suffolk County from Fire Island Inlet to Montauk Point. Project
work is designed to reduce storm damages from coastal erosion and
flooding. The client on this project is the U.S. Army Corps of
Engineers, New York District and is federally funded. Work is
expected to commence in the fourth quarter of 2022 with estimated
completion in the first quarter of 2023.
The Great Egg Harbor Inlet and Peck Beach Ocean City Beach
Renourishment Project entails placement of sand from the Great Egg
Harbor Inlet borrow area onto the beaches of Ocean City, New
Jersey, to reduce hurricane and storm damage. This project has $5.8
million of option work pending award. The client on this project is
the U.S. Army Corps of Engineers, Philadelphia District and is
federally and state funded. Work is expected to commence in the
fourth quarter of 2022 with estimated completion in the first
quarter 2023.
Houston Ship Channel, Redfish to Beacon 78 and Bayport Flare
Dredging Project entails maintenance dredging to maintain navigable
waterways for Houston Ports and Harbors. This project has $25.6
million of option work pending award. The client on this project is
the U.S. Army Corps of Engineers, Galveston District and is
federally funded. Work is expected to commence in the fourth
quarter of 2022 with estimated completion in the first quarter of
2023.
The Naval Submarine Base Kings Bay Maintenance Dredging Project
includes maintenance dredging of the entrance channel where beach
compatible material will be excavated and beneficially placed on
Fort Clinch Beach and Fernandina Beach. All other material will be
placed in a designated offshore disposal site. 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 the first quarter of 2023.
The Gulf Coast Regional Hopper Dredge Rental Contract includes
dredging to maintain the operating depths in the Mississippi River
and in the Gulfport bar channel with disposal in designated
Offshore Dredge Material Disposal Sites. This contract has $7.2
million in open options pending award. The client on this project
is the U.S. Army Corps of Engineers, New Orleans District and is
federally funded. Work is expected to commence in March of 2023
with estimated completion in October 2023.
The Mobile Harbor Dredging Project includes dredging to maintain
the operating depths in the Mobile Harbor. Work will be performed
in Irvington, Alabama. 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 January of 2023 with estimated
completion in April of 2023.
The McLellan-Kerr Arkansas River Navigation System Station
Dredging Project entails dredging to return navigation channels to
authorized depths. This project has $51.6 million of option work
pending award. The client on this project is the U.S. Army Corps of
Engineers, Little Rock District and is federally funded. Work is
expected to commence in the fourth quarter of 2022 and complete in
the first quarter of 2023.
Lasse Petterson, President and Chief Executive Officer
commented, “We have seen the U.S. Army Corps of Engineers (“the
Corps”) bidding gain momentum in the third quarter after a
significant delayed first half of the year. Although the bid market
was recovering in the third quarter, the commencement of this work
due to delayed bidding will mostly be worked in 2023. This
unanticipated and atypical delay will continue to impact our fourth
quarter.
Despite the bid market challenges, Great Lakes is pleased to add
the above projects to our backlog of coastal protection and
maintenance dredging projects which will predominantly contribute
to our 2023 performance, which is expected to be stronger than
2022. Sever weather, like Hurricane Ian, continues to batter our
coasts, so there is a great need for above listed projects and
similar projects to continue to 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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