Great Lakes Awarded the Dredge and Environmentally Beneficial Disposal Contract for the Port Arthur LNG Project
August 23 2023 - 9:05AM
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 award
for the Port Arthur LNG Phase 1 project Marine Dredging and
Disposal contract.
Great Lakes has been contracted by Bechtel Energy, Inc.
(“Bechtel”), a leading global engineering, construction, and
procurement company that’s managing the Port Arthur LNG Phase 1
project in partnership with Sempra Infrastructure. The Port Arthur
LNG project is a natural gas liquefaction and export terminal in
Southeast Texas with direct access to the Gulf of Mexico. The
facilities will include two natural gas liquefaction trains with
a nameplate capacity of approximately 13 million tonnes per
annum (MTPA). The project will also include construction of new
natural gas pipelines to deliver natural gas to the terminal.
The scope of work on this project is to dredge the Port Arthur
LNG Berthing Pocket on the Port Arthur Ship Canal. The berthing
pocket and turning basin will connect to the Port Arthur Ship Canal
and allow LNG vessels to berth, load and depart safely. A
significant portion of the dredged materials will be placed by
Great Lakes within designated Beneficial Use of Dredged Material
(BUDM) areas to restore and enhance marshlands within a local
wildlife refuge. Great Lakes is expected to start this project
later this year.
Lasse Petterson, Great Lakes’ President and Chief Executive
Officer commented, “We are pleased to play a critical role in this
important project that will help meet growing global demand for
natural gas, in addition to supporting economic growth across Texas
and the Gulf Coast region. With this contract, Great Lakes’ backlog
and recent pending awardable work now exceed $1 billion. Our proven
performance and safety culture allows us to support the growth of
LNG export in the U.S., which is a necessity in balancing energy
affordability and overall sustainability.”
Sempra Infrastructure, a subsidiary of Sempra, is developing the
Port Arthur LNG Phase 1 Project. Headquartered in Houston, Sempra
Infrastructure is focused on delivering energy for a better world
by developing, building and operating, and investing in clean
power, energy networks, and LNG and net-zero solutions that are
expected to play a crucial role in the energy systems of the
future.
Bechtel is a trusted engineering, construction and project
management partner to industry and government. Since 1898, Bechtel
has helped customers complete more than 25,000 projects in 160
countries on all seven continents.
The Company Great Lakes Dredge
& Dock Corporation 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 133-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.
About BechtelBechtel is a
trusted engineering, construction and project management partner to
industry and government. Differentiated by the quality of our
people and our relentless drive to deliver the most successful
outcomes, we align our capabilities to our customers’ objectives to
create a lasting positive impact. Since 1898, we have helped
customers complete more than 25,000 projects in 160 countries on
all seven continents that have created jobs, grown economies,
improved the resiliency of the world's infrastructure, increased
access to energy, resources, and vital services, and made the world
a safer, cleaner place.
Bechtel serves the Energy; Infrastructure;
Manufacturing & Technology; Mining & Metals; and Nuclear,
Security & Environmental markets. Our services span from
initial planning and investment, through start-up and operations.
www.bechtel.com
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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