Posted on September 16, 2015
Great Lakes Dredge & Dock Corporation GLDD, +1.14% the largest provider of dredging services in the United States and a major provider of environmental and remediation services, today announced that its Board of Directors has approved a share repurchase program authorizing the Company to repurchase up to $15 million of its common stock. Under the authorization, the Company may purchase common stock from time to time in the open market or in privately negotiated transactions.
The amount and timing of any purchases will depend upon a number of factors, including the price and availability of the Company’s shares, trading volume and general market conditions. As of July 31, 2015, the Company had 60,521,274 shares of common stock outstanding.
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.