Great Lakes Announces Receipt of $138.8 Million in Awarded Work
March 20 2023 - 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 $138.8
million.
The awarded work includes:
- Trujillo Alto Design and Build for the Lago Loiza (Carraízo)
Dredging Project (Maintenance, Puerto Rico, $93.1 million)
- Townsends Inlet to Cape May Inlet Project (Coastal Protection,
New Jersey, $28.8 million)
- Palm Beach Harbor Maintenance Dredging Project (Maintenance,
Florida, $11.0 million)
- South Boca Raton Beach Renourishment Project (Coastal
Protection, Florida, $5.9 million)
The Trujillo Alto Design and Build for the Lago
Loiza (Carraízo) Dredging Project includes dredging in the
reservoir area, preparation and construction of the work area, and
storage and handling of materials. The project also includes the
preparation and rehabilitation of disposal areas for the extracted
sediments, installation of sediment pumping pipes from the dredging
area in the reservoir to the disposal areas of dams, and the
management of dredged sediments in the dike area and disposal of
clarified water back to the reservoir. The dredging of the Carraízo
reservoir, which is located in the Río Grande de Loíza, is the
largest source of drinking water supply for the area. This project
will benefit approximately 171,387 families in the Municipalities
of San Juan, Trujillo Alto. The client on this project is the
Puerto Rico Aqueduct & Sewer Authority (PRASA) and is funded by
the Federal Emergency Management Agency (FEMA). Work is expected to
commence in the Spring of 2023 with estimated completion in the
Spring of 2025.
The Townsends Inlet to Cape May Inlet Project,
awarded in December of 2022, consists of beachfill placement along
the Atlantic Ocean coastline in the Boroughs of Avalon and Stone
Harbor, New Jersey to restore beaches and protect the shoreline.
The client on this project is the U.S. Army Corps of Engineers,
Philadelphia District and is federally funded. Work is expected to
complete in the Spring of 2023.
The Palm Beach Harbor Maintenance Dredging Project
entails dredging material from the entrance channel and settlement
basin and beneficially placing material on the adjacent beach. The
client on this project is the U.S. Army Corps of Engineers and is
federally funded. Work was started and completed in the first
quarter of 2023.
The South Boca Raton Beach Renourishment Project
entails the placement of sand along the beach beginning at the Boca
Raton Inlet and extending to the Palm Beach County border as well
as open options for beach renourishment at Hillsboro and Deerfield
beaches. The client on this project is South Boca Raton and is
locally funded. Work is expected to complete in the Spring of
2023.
Dave Johanson, Senior Vice President, Project
Acquisitions and Operations for Great Lakes commented, “Great Lakes
is pleased to add the above projects to our backlog of coastal
protection and maintenance dredging projects. We continue to see
severe weather batter our coasts, so there is a great need for the
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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