Great Lakes Announces $256.2 Million in New Dredging Awards
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, has revealed that it has received several dredging awards amounting to $256.2 million.
Overview of Awarded Projects
The projects awarded will play a crucial role in enhancing coastal protection and improving navigation. Here are the details:
Mobile Harbor Deepening and Widening Project
The Mobile Harbor Deepening and Widening Project in Alabama aims to deepen the channel by six feet, which will improve navigation for larger vessels. This initiative will also repurpose materials for beneficial use in the Sand Island Beneficial Use Area. The U.S. Army Corps of Engineers is the client for this project.
Port Everglades Sand Bypass Dredging Project
The Port Everglades Sand Bypass Dredging Project offers a sustainable approach to beach renourishment by using locally sourced sand. This project includes the construction of a sand trap on the northern side of the Port inlet, designed to prevent sand loss due to erosion and offshore transport.
Barnegat Inlet to Little Egg Inlet Beach Renourishment
This initiative focuses on beach nourishment to restore the dune and berm systems along the Atlantic Ocean coastline. Managed by the U.S. Army Corps of Engineers, this significant project has pending options estimated at around $63.8 million.
Fire Island Inlet Dredging Project
The Fire Island Inlet Dredging Project is essential for providing emergency beach fill and shore protection for communities along Fire Island. This federally funded effort highlights the importance of maintaining critical coastal infrastructure.
Ongoing Projects and Future Pipeline
Great Lakes is dedicated to strengthening coastal resilience and enhancing the nation’s infrastructure through these newly awarded projects. In addition to the recently announced $256.2 million, the Company has about $318 million in low bids and options pending award, bringing the total work pipeline to over $1.2 billion.
North Wildwood Emergency Beach Renourishment Project
This project is designed to supply essential sand to the North Wildwood beaches, helping to protect properties and create a safer shoreline for both residents and visitors.
St. Lucie Inlet Maintenance Dredging Project
This federally funded project focuses on maintaining the entrance channel and impoundment basin, which is vital for preserving marine access. Its anticipated completion will enhance navigational safety and meet environmental standards.
Company Overview
Great Lakes Dredge & Dock Corporation is not only the leading provider of dredging services in the United States but is also expanding its reach into the offshore wind energy sector. With a rich history spanning over 134 years, the Company operates a diverse fleet of around 200 specialized vessels, ensuring it remains a leader in the industry. Great Lakes takes pride in its track record of completing marine projects while adhering to high safety and performance standards.
The Company has implemented a rigorous training program for engineers that fosters employee development and operational excellence. Their commitment to an Incident-and Injury-Free (IIF) safety management program is fundamental to their corporate culture, creating an environment where employee safety is the highest priority.
Frequently Asked Questions
What is the total amount of awarded work announced by Great Lakes?
The total amount of awarded work announced by Great Lakes is $256.2 million.
What types of projects are included in the recent awards?
The awards encompass capital dredging projects, beach renourishment initiatives, and maintenance dredging responsibilities.
Who are the primary clients for these projects?
The primary clients include the U.S. Army Corps of Engineers and various local government agencies.
How many projects does Great Lakes currently have pending?
Great Lakes has approximately $318 million in low bids and options that are awaiting award.
What is the significance of the Incident-and Injury-Free culture?
The Incident-and Injury-Free culture emphasizes a work environment that prioritizes employee safety and adheres to strict operational standards, ensuring the well-being of all staff involved in projects.
