Posted on September 25, 2020
OAK BROOK, Ill., Sept. 25, 2020 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of dredging services in the United States announced today the receipt of a $105 million Base and Option B contract award on the Jacksonville Harbor Construction Dredging, 47-Foot Contract C Cut-42 Project. Great Lakes expects the U.S. Army Corps of Engineers to award additional option work items on the contract by mid-2021 with a value of $11.5 million, resulting in a total contract award of $116.5 million. Dredging is expected to commence in the fourth quarter of 2020 with estimated completion of both base contract and all options in the second quarter of 2022.
The Jacksonville Harbor Deepening Contract C Project involves new work construction dredging in Duval County, Jacksonville, of approximately 4.1 million cubic yards of unclassified material from approximately 1.7 nautical miles (Cut-42) of the St. John’s River. The project will deepen and widen the channel, expand the turning basin and deepen berths at Jacksonville Port Authority Blount Island Marine Terminal to an authorized 47-foot depth to increase navigable depth and improve shipping channel safety and efficiency. The Jacksonville Harbor 47-foot depth is essential to accommodate the world’s larger deep draft ships capable of transporting more import and export cargo to and from destinations throughout Asia and other world markets through both the Panama and Suez canals. All excavated sand, gravel and rock soils will be transported and placed in designated areas within the Jacksonville Ocean Dredged Material Disposal Site. David Simonelli, Chief Operating Officer commented, “Great Lakes’ fleet of mechanical dredges including the largest clamshell and backhoe dredges in the U.S. market, the Dredge 58 and Dredge New York, will efficiently excavate the consolidated soils and rock present in the Jacksonville River. Our goal is to conduct dredging operations in strict compliance with environmental water quality limits, and we intend to implement measures to ensure protected species are not endangered.”
Lasse Petterson, President and Chief Executive Officer of Great Lakes commented, “The RFP tendering process involved an extensive evaluation of the competing contractors’ past port deepening experience, execution methods, equipment capabilities and safe work methods in addition to price, rather than a standard lowest price bid award. We thank the Jacksonville District Army Corps of Engineers for the award of this important contract and are pleased to add this work to our extensive list of port deepening projects. After successfully completing Jacksonville Contract B ahead of schedule, we look forward to continuing to support the Port of Jacksonville and believe this significant investment will deliver long standing benefits to the local economy and local workers. We look forward to begin dredging operations and executing this project safely, on time and within budget.”
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, 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 130-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 over 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.
For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024
