Great Lakes Announces Receipt of $70 Million San Jacinto Award
July 12 2018 - 4:02PM
Great Lakes Dredge & Dock Corporation ("Great Lakes")
(NASDAQ:GLDD), the largest provider of dredging services
in the United States and a major provider of
environmental and infrastructure services announced today the
receipt of a $69.8 million award on the San Jacinto River in
Houston, Texas.
This unique and challenging project is the first major
Houston-area flood-control project after Hurricane Harvey and will
restore a 2 mile-long stretch of the San Jacinto River to its
pre-Harvey state. After the storm passed and flooding
subsided, a sandbar remained blocking an important drainage route.
The State of Texas requested emergency assistance from FEMA which
then chose to use the expertise of the United States Army Corps of
Engineers Galveston District to manage the project. This
project is one step in the local, state and federal governments’
efforts to reduce the risk of flooding in this community.
With a long history of working in Texas, Great Lakes is proud to
be chosen to execute this project. Great Lakes’ Rivers and Lakes
division will work with the Galveston District to dredge
approximately 1.8 million cubic yards of material and has already
begun mobilizing for this high priority project which will feature
multiple portable dredges and booster pumps as well as 10 miles of
slurry pipelines. Great Lakes will partner with Callan Marine of
Galveston which will provide one of the dredges for the
project.
David Simonelli, President Dredging commented,
“We are excited to work with the Galveston District and Callan
Marine on this important project to improve the San Jacinto River
capacity after the devastation brought by Hurricane Harvey and the
corresponding flooding. This project is ideally suited for our
Rivers and Lakes division and will keep our equipment busy into the
second quarter of 2019. In addition to the recent awards announced
last week, this project helps us to maintain our position as the
nation’s leading dredging contractor.”
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 experienced
civil, ocean and mechanical engineering staff in its estimating,
production and project management functions. In its over
128-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. 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. 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. 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 events.
Although Great Lakes believes that its plans,
intentions and expectations reflected in this press release are
reasonable, actual events could differ materially. 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.
GLDD PROJ
For further information
contact: Abby Sullivan, Investor
Relations 630-574-3024
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