Great Lakes Dredge & Dock Corporation (the “Company” or “Great
Lakes”) (NASDAQ:GLDD), the largest provider of dredging services in
the United States and a major provider of environmental and
remediation services, today announced that Lawrence R. Dickerson
and D. Michael Steuert have been appointed to the Board of
Director’s 2019 director class, effective January 24, 2017. Mr.
Dickerson has been appointed to the Compensation Committee, and Mr.
Steuert has been appointed to the Audit Committee. With the
addition of Messrs. Dickerson and Steuert, the Board will expand to
nine members. The Board is expected to be reduced to eight
members as of the 2017 Annual Meeting.
The Company also announced today that current Board
Member Peter Deutsch has elected to withdraw his name from
consideration for the 2017 slate of nominees. Mr. Deutsch is
a Member of the Audit Committee and a Member of the Nominating and
Corporate Governance Committee.
Mr. Dickerson spent 34 years at Diamond Offshore
Drilling, Inc. (NYSE:DO), a deepwater oil and gas drilling
contractor, where he served as President and Chief Executive
Officer from 2008 until his retirement in 2014. Prior to his
service as President and Chief Executive Officer, Mr. Dickerson
served as Chief Financial Officer (CFO), during which he helped
take the company public, and Chief Operating Officer, during which
he gained substantial operating and commercial
experience.
In addition to being a seasoned executive, Mr.
Dickerson has significant board experience. He has been a
Member of the Board of Directors on the boards of Murphy Oil
Corporation (MUR), a gas exploration and production company, and
Oil States International (NYSE:OIS), an oilfield equipment services
company, since 2014. Mr. Dickerson is on the Audit and
Nominating and Governance Committees at Murphy Oil Corporation and
on the Audit Committee at Oil States International. He was
Chairman of the Board of Directors at Hercules Offshore, Inc. from
2015 to 2016, an offshore drilling company, and he was a director
of on the Board of Directors Global Industries, Ltd. from 2008 -
2012, a subsea construction company that was sold to Technip in
2011.
Mr. Steuert served as senior vice president (SVP)
and CFO of Fluor Corporation (NYSE:FLR), one of the world’s largest
publicly traded engineering, procurement, construction,
maintenance, and project management companies, from 2001 until his
retirement in 2012. Prior to his service at Fluor, Mr.
Steuert served as SVP and CFO of Litton Industries Inc., a defense
contractor acquired by Northrop Grumman Corporation in 2001, and as
SVP and CFO of GenCorp Inc., now Aerojet Rocketdyne, a
technology-based aerospace and defense company, from 1990 to
1999. Mr. Steuert started his career at TRW Inc.
In addition to his extensive executive leadership
experience, Mr. Steuert has substantial board experience. He
has been a Member of the Board of Directors of LNG Ltd. (ASX:LNG)
since 2015 and is a member of the Board’s Audit Committee and
Chairman of its Risk Committee. He has been a Member of the
Board of Directors of Weyerhaeuser Co. (NYSE:WY) since 2004 and is
Chairman and Financial expert of the Audit Committee and is a
member of the Corporate Responsibility and Governance
Committee.
Robert B. Uhler, P.E., Chairman of the Board,
commented, “Larry and Mike bring a wealth of relevant valuable
experience to the GLDD Board. I am confident each will
contribute to the GLDD Board and to management’s goal of delivering
long-term shareholder value for the Company. On behalf of the
Board, I welcome both of them and look forward to working with
them.”
Mr. Uhler continued, “These appointments follow our
previous announcements that Lasse Petterson and Ryan Levenson
joined the Great Lakes Board in late December. The addition of
these new directors reflects our commitment to Board refreshment
and further strengthens our Board of Directors. Finally, on
behalf of the Board, I’d like to extend our sincere gratitude to
Mr. Deutsch for his service and commitment to the Board over the
past several years.”
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 over 126-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.
Cautionary Note Regarding Forward-Looking
Statements Certain statements in this press release may
constitute "forward-looking" statements as defined in Section 21E
of the Securities Exchange Act of 1934 (the "Exchange Act"), the
Private Securities Litigation Reform Act of 1995 (the "PSLRA") or
in releases made by the Securities and Exchange Commission (the
"SEC"), all as may be amended from time to time. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the
actual results, performance or achievements of Great Lakes and its
subsidiaries, or industry results, to differ materially from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Statements that are not historical
fact are forward-looking statements. Forward-looking statements can
be identified by, among other things, the use of forward-looking
language, such as the words "plan," "believe," "expect,"
"anticipate," "intend," "estimate," "project," "may," "would,"
"could," "should," "seeks," or "scheduled to," or other similar
words, or the negative of these terms or other variations of these
terms or comparable language, or by discussion of strategy or
intentions. These cautionary statements are being made pursuant to
the Exchange Act and the PSLRA with the intention of obtaining the
benefits of the "safe harbor" provisions of such laws. Great Lakes
cautions investors that any forward-looking statements made by
Great Lakes are not guarantees or indicative of future performance.
Important assumptions and other important factors that could cause
actual results to differ materially from those forward-looking
statements with respect to Great Lakes, include, but are not
limited to: our ability to obtain federal government dredging and
other contracts; our ability to qualify as an eligible bidder under
government contract criteria and to compete successfully against
other qualified bidders; risks associated with cost over-runs,
operating cost inflation and potential claims for liquidated
damages, particularly with respect to our fixed cost contracts; the
timing of our performance on contracts; significant liabilities
that could be imposed were we to fail to comply with government
contracting regulations; risks related to international dredging
operations, including instability in the Middle East; a significant
negative change to large, single customer contracts from which a
significant portion of our international revenue is derived;
changes in previously-recorded revenue and profit due to our use of
the percentage-of-completion method of accounting; consequences of
any lapse in disclosure controls and procedures or internal control
over financial reporting; changes in the amount of our estimated
backlog; our ability to obtain bonding or letters of credit;
increasing costs to operate and maintain aging vessels; equipment
or mechanical failures; acquisition integration and consolidation
risks; liabilities related to our historical demolition business;
impacts of legal and regulatory proceedings; unforeseen delays and
cost overruns related to the construction of new vessels; our
becoming liable for the obligations of joint ventures, partners and
subcontractors; capital and operational costs due to environmental
regulations; unionized labor force work stoppages; maintaining an
adequate level of insurance coverage; information technology
security breaches; our substantial amount of indebtedness;
restrictions imposed by financing covenants; the impact of adverse
capital and credit market conditions; limitations on our hedging
strategy imposed by new statutory and regulatory requirements for
derivative transactions; foreign exchange risks; changes in
macroeconomic indicators and the overall business climate; and
losses attributable to our investments in privately financed
projects. For additional information on these and other risks and
uncertainties, please see Item 1A. "Risk Factors" of Great Lakes'
Annual Report on Form 10-K for the year ended December 31, 2015,
and in other securities filings by Great Lakes with the SEC.
Although Great Lakes believes that its plans,
intentions and expectations reflected in or suggested by such
forward-looking statements are reasonable, actual results could
differ materially from a projection or assumption in any
forward-looking statements. Great Lakes' future financial condition
and results of operations, as well as any forward-looking
statements, are subject to change and inherent risks and
uncertainties. The forward-looking statements contained in this
press release are made only as of the date hereof and Great Lakes
does not have or undertake any obligation to update or revise any
forward-looking statements whether as a result of new information,
subsequent events or otherwise, unless otherwise required by
law.
Source: Great Lakes Dredge & Dock
Corporation
GLDD CORP
For further information contact:
Mary Morrissey, Investor Relations
630-574-3467
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