HOUSTON, Aug. 26, 2024 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, today announced the receipt of several dredging contracts totaling $256.2 million.
The award-winning works include:
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Mobile Harbor, Alabama – Deepening and Widening – Dredging Project Phase 2A (Capital, Alabama, $65.9 million)
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Barnegat Inlet to Little Egg Inlet, Long Beach Island Beach Restoration Project (Coastal Conservation, New Jersey, $54.4 million)
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North Wildwood, New Jersey, Emergency Beach Fill Project (New Jersey Coastal Protection, $14.8 million)
Mobile Harbor Deepening and Widening Dredging Project 2A in Alabama will deepen the channel by six feet to improve channel navigation, allow deeper draft vessels to use the harbor, and allow material to be reused for beneficial use in the Sand Island Beneficial Use Area. This project is being commissioned by the U.S. Army Corps of Engineers, Mobile District, and is federally funded. Work is scheduled to begin in the fourth quarter of 2024 and is expected to be completed in spring 2025.
The Port Everglades Sand Bypass Project, which was on backorder at the end of the second quarter, provides a sustainable beach replenishment strategy in Broward County, Florida, using a renewable local sand source. The project involves constructing a sand trap on the north side of the port entrance to collect sand that would otherwise be lost to erosion and offshore transportation. The accumulated sand can then be harvested for future beach replenishment. The client for this project is Broward County, Florida, and it is funded by state and local funds. Work is scheduled to begin in the second half of 2025 and is expected to be completed in 2026.
The Barnegat Inlet to Little Egg Inlet Beach Restoration Project, Long Beach Island, which had low bids outstanding at the end of the second quarter, involves the replenishment of beach areas to repair the dune and berm system along the Atlantic coast of Long Beach Island, New Jersey. This project has approximately $63.8 million in potential options outstanding. This project is being contracted by the U.S. Army Corps of Engineers, Philadelphia District, and is federally funded. Work is scheduled to begin in the fourth quarter of 2024 and is expected to be completed in the third quarter of 2025.
The Fire Island Inlet Dredging Project, won and awarded in the third quarter, includes emergency beach filling and shoreline protection for several communities along Fire Island, New York. This project is being commissioned by the U.S. Army Corps of Engineers, New York District, and is state-funded. Work is scheduled to begin in the fourth quarter of 2024 and is expected to be completed in the first half of 2025.
The North Wildwood, New Jersey Emergency Beach Restoration Project aims to supply much-needed sand to North Wildwood beaches to protect coastal areas and ensure a safer shoreline for residents and visitors. This subcontract is awarded by the New Jersey Department of Transportation and work was awarded, performed and completed in the second quarter of 2024.
The first quarter backlogged St. Lucie Inlet maintenance dredging project includes maintenance dredging of the entrance channel and reservoir. This project is contracted by the U.S. Army Corps of Engineers, Jacksonville District, and is state funded. Work began in July 2024 and is expected to be completed in the third quarter of 2024.
Lasse Petterson, President and CEO, commented, “These important projects, which include capital, coastal protection and maintenance work, enable Great Lakes to contribute to the overall improvement and resilience of our nation’s environment, coastlines and infrastructure. In addition to the awarded projects noted above, Great Lakes has approximately $318 million in low bidders and options awaiting award, including two contracts where we submitted the lowest bid this month, bringing our potential backlog to over $1.2 billion.”
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 executing significant international projects. The Company employs experienced civil, marine and mechanical engineering personnel in its estimating, production and project management departments. In its over 134-year history, the Company has never missed a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, consisting of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experience-based performance as they advance in the Company’s operations. The Company’s accident and injury-free work® (IIF®) Safety Management Program is integrated into all aspects of the corporate culture. The company’s commitment to the IIF® Culture promotes a work environment where employee safety comes first.
Cautionary note regarding forward-looking statements
Certain statements in this press release may constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in filings of the Securities and Exchange Commission (the “SEC”), all of which may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical facts are forward-looking statements. These cautionary statements are made pursuant to the Exchange Act and the PSLRA with the intent to take advantage 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 indications of future events.
Although Great Lakes believes that the plans, intentions and expectations reflected in this press release are reasonable, actual events may differ materially. The forward-looking statements contained in this press release speak only as of the date of this press release and Great Lakes undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by law.
For further information please contact:
Tina Baginski
Director, Investor Relations
630-574-3024
