Great Lakes Announces Receipt of $177 Million in Awarded Work; Dredging Backlog at Approximately $1.1 Billion to Date
19 September 2023 - 11:05PM
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 dredging awards totaling $177 million.
The awarded work includes:
- Orange Beach, Gulf State Park, Gulf Shores Engineered Beach
Renourishment Project (Coastal Protection, Alabama, $32.8
million)
- Fire Island Inlet to Montauk Inlet, PL 84-99 Rehabilitation
Project (Coastal Protection, New York, $27.1 million)
- Mississippi River, Baton Rouge to Gulf of Mexico, Southwest
Pass Maintenance Dredging Project (Maintenance, Louisiana, $22.1
million)
- Atchafalaya River Maintenance Dredging Project (Maintenance,
Louisiana, $20.6 million)
- Naval Submarine Base Kings Bay – Entrance Channel, Maintenance
Dredging Project (Maintenance, Florida, $18.6 million)
- Beach Nourishment of Cape May Inlet to Lower Township Project
(Coastal Protection, New Jersey, $16.2 million)
- Mississippi River Southwest Pass and
Calcasieu River Bar Channel Dredging Project (Maintenance, Texas,
$16.1 million)
- Other capital and maintenance projects
totaling $23.5 million
The Orange Beach, Gulf State Park, Gulf Shores Engineered Beach
Renourishment Project is designated to rectify the extensive damage
inflicted on the city's beaches by Hurricane Nate and Hurricane
Sally. The initiative not only seeks to protect the city's
infrastructure and provide more expansive recreational beaches and
space, but also to contribute to the conservation of local
wildlife, including shorebirds, the Alabama beach mouse, and sea
turtles. This project is privately funded with support from
FEMA and will commence in the fourth quarter of 2023 with estimated
completion in the first quarter of 2024.
The Fire Island Inlet to Montauk Inlet, PL 84-99 Rehabilitation
Project entails dredging sand from an existing offshore Atlantic
Ocean Borrow Area for beach placement from Saltaire to Seaview in
Suffolk County, New York. The base contract for $27.1 million was
awarded but the project still has $11.3 million in open options
pending award for further beach placement. The client on this
project is the U.S. Army Corps of Engineers, New York District, and
is funded by the appropriations for Fiscal Year 2010 Disaster
Relief. Work is expected to commence in the fourth quarter of 2023
with estimated completion in the first quarter of 2024.
The Mississippi River, Baton Rouge to Gulf of Mexico, Southwest
Pass Maintenance Dredging Project entails dredging material in the
Southwest Pass to maintain the operating depths of the ship
channel. The base contract for $22.1 million was awarded but the
project still has $17.7 million in open options pending award. The
client on this project is the U.S. Army Corps of Engineers, New
Orleans District, and is federally funded. Base work is expected to
commence in the third quarter and be completed in the fourth
quarter of 2023.
The Atchafalaya River Maintenance Dredging Project work consists
of the removal of shoal material excavated from within the Bar
Channel with disposal at a designated adjacent government furnished
disposal area. The client on this project is the U.S. Army Corps of
Engineers, New Orleans District, and is federally funded. Work is
expected to commence and be completed in the fourth quarter of
2023.
The Naval Submarine Base Kings Bay – Entrance Channel,
Maintenance Dredging Project entails dredging material in the Kings
Bay Entrance Channel with excavated material either being used to
renourish neighboring beaches or be distributed to designated
disposal areas. The client on this federally funded project is the
U.S. Army Corps of Engineers, Jacksonville District, and the U.S.
Navy. Work is expected to commence in December 2023, with expected
completion in the first quarter of 2024.
The Beach Nourishment of Cape May Inlet to Lower Township
Project entails the placement of sand from a designated borrow area
onto the designated beach for shoreline protection. The client on
this project is the US Army Corps of Engineers, Philadelphia
District, and is federally funded. Work is expected to commence and
be completed in the fourth quarter of 2023.
The Mississippi River Southwest Pass and Calcasieu River Bar
Channel Dredging Project includes dredging designated areas to
maintain operating depths for the ship channels. The base contract
for $16.1 million was awarded but the project still has $11.2
million in open options pending award. The client on this project
is the U.S. Army Corps of Engineers, New Orleans District, and is
federally funded. Work is expected to commence in the first quarter
of 2024 with estimated completion in the third quarter of 2024.
Lasse Petterson, President and Chief Executive Officer
commented, “These projects bring dredging backlog to
approximately $1.1 billion to date. Great Lakes is pleased to add
these important projects to our 2023 backlog of capital, coastal
protection and maintenance work. Working on these projects allows
Great Lakes to help 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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