Great Lakes Announces Receipt of $186.6 Million in Awarded Work
01 Junho 2023 - 10:05AM
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
receipt of two major dredging awards totaling $186.6 million.
The awarded work includes:
- Freeport Harbor Channel Improvement
Project, Dredging Reaches 1, 2, and 4 (Capital, Texas, $157.4
million)
- Galveston Entrance Channel and Houston Ship Channel Dredging
Project (Maintenance, Texas, $29.2 million)
The Freeport Harbor Channel Improvement Project entails
deepening the channel to authorized depths of 51 to 56 feet, which
will make Port of Freeport the deepest port in Texas. This channel
is 7.5 miles and is currently the shortest channel on the Texas
Gulf with direct access to the Gulf Intercoastal Waterway. This
project will open the state to larger ships. 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 second
half of 2023 with estimated completion in the fourth quarter of
2025. This project is the third largest domestic award in Great
Lakes’ history.
The Galveston Entrance Channel and Houston Ship Channel (Bolivar
to Redfish) Dredging Project includes maintenance dredging to
maintain associated channel depths. 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 second half
of 2023 with estimated completion in the first quarter of
2024. This project also includes the beneficial use of dredged
materials on Galveston Island.
Lasse Petterson, President and Chief Executive Officer
commented, “Great Lakes is pleased to add the above work to our
backlog of capital and maintenance dredging projects. The Freeport
Channel Improvement Project is one of the first capital projects to
be awarded by the U.S. Army Corps of Engineers in 2023 and we
anticipate several more capital projects to enter the market before
the end of the year. We are proud to bring our strong safety
culture and experience as the contractor on both of these projects.
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 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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