Posted on January 4, 2019
By Carl Surran, Seeking Alpha
Great Lakes Dredge & Dock (NASDAQ:GLDD) is awarded the first contractby the U.S. Army Corps of Engineers in a $326M project to deepen and widen the Corpus Christi Ship Channel in Texas.
GLDD says it won a $93M contract award for the project and expects to begin dredging to deepen the entrance channel during Q2 2019 with completion in early 2020.
The dredging project involves deepening the entire ship channel to 54 ft. from 45 ft. and widening it to 520 ft. from 400 ft; the overall effort will be comprised of multiple phases, expected to be competitively bid and worked over the next five years.
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