Great Lakes Announces Delivery of Their Multi Cats, the Cape Hatteras and the Cape Canaveral
October 10 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
delivery of the Cape Hatteras and the Cape Canaveral, the two Damen
3013 Multi Cats built by Conrad Shipyard in Morgan City, LA.
Chris Gunsten, Great Lakes’ Senior Vice President of Project
Services and Fleet Engineering, commented on the improvements the
Cape Hatteras and Cape Canaveral will represent, “This is a
milestone for our Company and the U.S. dredging industry. The Multi
Cat brings step change safety improvements to Great Lakes’ dredge
pipeline operations, which was a prime driver for the investment.
Pipe handling and connection work can now take place securely on
deck, which will greatly reduce the risk of man overboards. These
vessels will also enhance and improve Great Lakes’ pipe and anchor
operations. Further, the Multi Cats’ two crane and multiple winch
and wire tugger arrangements will significantly reduce manual work
and the risk of soft tissues injuries. These vessels support our
strong safety culture and gives us the ability to dredge with
enhanced operating efficiencies needed to maintain our shorelines
and waterways.”
The two identical vessels measure approximately 99 feet in
length and are each powered by three EPA Tier III Caterpillar C32
TTA engines capable of meeting speeds of 10.2 knots and will have
maximum bollard pull of approximately 32 short tons. Equipped with
two large winches and two deck cranes they are ideal dredge support
vessels with the ability to perform a wide range of tasks including
handling submerged and floating pipelines as well as anchor
handling and logistics supply. Efficiency is also greatly enhanced
by eliminating the need for assorted floating support equipment
such as derrick barges, towboats and anchor barges.
The two vessels are the first Damen Multi Cats to be built in
the U.S. and are fully compliant with the U.S. Coast Guard and U.S.
Army Corps of Engineers stability criteria.
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.
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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