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Great Lakes Announces $93 Million in Domestic Dredging Awards Plus an Additional $6 Million in Project Options

Posted on July 25, 2016

Great Lakes Dredge & Dock Corporation (“Great Lakes”) (NASDAQ:GLDD), the largest provider of dredging services in the United States and a provider of environmental and infrastructure services, announced today that it was recently awarded four contracts with an approximate value of $93 million.

Great Lakes received two awards for coastal protection work required along the East Coast as a result of the extensive damage caused by Super Storm Sandy in 2012 and other more recent storms. The first award is a $30 million contract that involves sand replenishment and dune building from Kismet to Seaview on Fire Island, New York. Approximately 1.3 million cubic yards of sand will be dredged and pumped onto the beach. This barrier island helps protect back-bay communities along Great South Bay and Moriches Bay. Work is expected to be complete by December 2016.

The second award is a $29 million modification to an existing award and includes pumping an additional 1.8 million cubic yards of sand from Barnegat Inlet to Little Egg Inlet on Long Beach Island in New Jersey. Work is ongoing on this project, with an estimated completion date of by the end of the first quarter 2017.

The Company was also recently awarded a $14 million Duval County Shore Protection construction contract that will involve placing 650,000 cubic yards of sand on approximately seven miles of eroded beaches, including Jacksonville, Neptune and a portion of Atlantic Beach in Florida. Work is expected to be completed by year’s end.

A fourth coastal projection contract valued at $12 million was awarded to the Company to replenish approximately 2.5 miles of the coast, spanning from Rehoboth Beach to Dewey Beach, Delaware. Work will include pumping approximately 1.7 million cubic yards of sand to reconstruct the beach and build dunes to protect infrastructure. Work is expected to be completed by the end of the first quarter 2017.

Finally, the Company was awarded the $7.9 million base contract with a potential $6.1 million option for rental work on the Mississippi River. The awarded base scope includes use of the dredge, Iowa, for approximately 165 dredging days, commencing in early August. The option, if awarded, would utilize the dredge for approximately 140 dredging days, commencing next summer.

President of Dredging, David Simonelli, stated, “Great Lakes is pleased to have been awarded these coastal protection projects along the East Coast which provide high utilization for our hopper dredge fleet. Rebuilding and fortifying the beaches will help mitigate the risk of incurring damage – to property, infrastructure, and the economy – from a future storm. We also look forward to performing maintenance dredging on the Mississippi River – one of the Nation’s most important transportation “highways” for trade.”

Source: Globe Newswire

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