Great Lakes Dredge & Dock Boosts Portfolio with $134 Million Awards
Great Lakes Dredge & Dock Corporation Receives Major Work Awards
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), renowned as the premier provider of dredging services in the United States, has recently secured a monumental contract package worth over $134 million. This development underscores the company's prominent role in providing essential dredging and coastal services.
Overview of Awarded Projects
The newly awarded contracts comprise seven significant projects that will bolster the diverse portfolio of Great Lakes. These projects reflect the company's longstanding commitment to enhancing the nation's waterways and coastlines while addressing critical environmental needs.
Key Winners of the Contracts
The awarded projects include notable undertakings such as:
- Mississippi River Project: Encompassing maintenance operations from Baton Rouge to the Gulf, this project is valued at approximately $27.9 million.
- South Atlantic Division (SAD) Regional Harbor Project: With a maintenance cost of about $26.9 million, this contract focuses on harbor dredging.
- Baltimore Harbor and Channels Project: This maintenance operation, totaling $25.5 million, is aimed at improving channel navigation near Chesapeake Bay.
- Delray Beach Renourishment: A significant coastal protection initiative in Florida costing $19.2 million.
- East Rockaway Inlet: A maintenance endeavor based in New York, valued at $14.0 million.
- McLellan-Kerr Arkansas River Project: A maintenance project for the navigation system, with funds of $11.7 million.
- Indian River Inlet North Beach Project: A crucial coastal protection project in Delaware worth approximately $8.7 million.
Project Details and Expectations
Each new initiative is set to launch in the upcoming months, specifically targeting the fourth quarter for project advancements. The Mississippi River project, for instance, focuses on dredging previously maintained materials, which will play a pivotal role in marsh development alongside a federal component funded by the U.S. Army Corps of Engineers. Engineered to enhance natural waterway functions, these projects are essential to the country’s environmental sustainability.
Additionally, the SAD Regional Harbor project will entail detailed dredging operations at strategic navigation channels, ensuring that access to these vital water routes remains unimpeded. Its successful completion will further solidify Great Lakes' reputation within the sector.
Commitment to Sustainability and Safety
Lasse Petterson, President and Chief Executive Officer of Great Lakes, emphasizes the company's dedication to sustainable practices. He stated that these projects play a crucial role in protecting the environment and boosting infrastructure resilience across coastal areas. This commitment to eco-friendly practices aligns with the company’s objectives, reaffirming its position as a key contributor to both local and national projects.
Uninterrupted Operations Amid Challenges
Petterson also addressed the current government shutdown, reassuring stakeholders that operations will proceed without disruption. Great Lakes has ensured that all awarded projects are fully funded and supported, maintaining its operational integrity during uncertain times.
The Future for Great Lakes Dredge & Dock
With a rich history spanning over 135 years, the company has established a strong precedent in completing marine projects without fail. Great Lakes not only dominates the dredging industry domestically but is also expanding its influence within the offshore energy sector. The company boasts an impressive fleet of around 200 specialized vessels, enabling efficient project management and execution.
Furthermore, the organization maintains a robust training program for its engineers, fostering a culture of safety through initiatives like the Incident-and Injury-Free® (IIF®) safety management program, which is embedded in the company's framework.
Frequently Asked Questions
What is the total value of the awarded contracts by Great Lakes?
The total value of the awarded contracts is over $134 million.
What types of projects has Great Lakes secured?
The projects include maintenance dredging and coastal protection initiatives in various states.
When are the projects scheduled to start?
The majority of the projects are expected to commence in the fourth quarter of the year.
How does Great Lakes ensure safety in its operations?
Great Lakes employs the Incident-and Injury-Free® (IIF®) safety management program to maintain a safety-first culture.
Who can be contacted for further information regarding Great Lakes?
For more information, Eric Birge, Vice President of Investor Relations, can be contacted at 313-220-3053.
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