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Great Lakes Announces Award of Approximately $58 Million in Dredging

Posted on February 22, 2016

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of dredging services in the United States and a major provider of environmental and remediation services, announced today the receipt of three awards with an approximate value of $58 million.

Valued at approximately $34.5 million, the first award is for the construction of a protective beach berm along the Chesapeake Bay near Norfolk, VA. This project includes dredging portions of the Auxiliary Channels of the Thimble Shoal Federal Navigation Channel and the placement of the beach-quality dredged material along the Chesapeake Bay shoreline of the City of Norfolk, VA. Utilizing several hopper dredges, approximately 1.2 million cubic yards of material will be dredged and pumped ashore. The 80 foot wide shoreline berm is being constructed to mitigate potential damage from coastal storms, and work on this project is expected to commence later this year.

The Company was also awarded a $15.8 million modification to an existing contract at Great Egg Harbor Inlet, NJ. Major winter storms caused significant erosion to this portion of the coastline. The dredge Illinois is presently executing work on this project modification.

Finally, we will mobilize a dredge and attendant equipment, including 35,000 feet of pipeline, to perform emergency maintenance dredging on four small boat channels in Ocean County, NJ. Work on this rivers and lakes project will commence later this year. The value of this award is approximately $9 million.

Federal funding for these projects is provided by the Disaster Relief Appropriations Act of 2013, which was signed into law in response to the catastrophic damages to the Atlantic coastline caused by Hurricane Sandy in October 2012.

President of Dredging Operations David Simonelli stated, “We are pleased to be awarded projects that are vital for the protection of the residents and businesses along the coasts of New Jersey and Virginia. We look forward to working with the U.S. Army Corps of Engineers, in addition to the New Jersey Department of Environmental Protection, City of Norfolk, local sponsors and municipalities, as we place this much needed coastal protection.”

The Company

Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States and the only U.S. dredging company with significant international operations. The Company is also a significant provider of environmental and remediation services on land and water. The Company employs civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its 125-year history, the Company has never failed to complete a marine project. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. Great Lakes also owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of over 200 specialized vessels.

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