Great Lakes Secures $256.2 Million in New Dredging Projects
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Great Lakes Dredge & Dock Corporation Announces New Awards
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, has announced the receipt of several dredging awards totaling $256.2 million. This significant influx of awarded work will enhance the Company’s projects aimed at coastal protection and infrastructure development.
Details of Awarded Projects
The awarded projects encompass a range of dredging and coastal protection initiatives, which include:
Mobile Harbor Dredging Project
The Mobile Harbor, Alabama Deepening and Widening – Phase 2A dredging project involves deepening the channel by six feet. This effort is designed to improve navigation for deeper draft vessels and to facilitate the reuse of dredged material for beneficial uses, specifically in the Sand Island Beneficial Use Area. The U.S. Army Corps of Engineers, Mobile District oversees this federally funded project, with work expected to commence in late 2024 and concluding in the spring of 2025.
Port Everglades Sand Bypass Project
Another vital project is the Port Everglades Sand Bypass Dredging Project, valued at $59.8 million. This initiative is focused on creating a sustainable strategy for beach renourishment along the coastline of Broward County. By constructing a sand trap at the port inlet, the project aims to collect sand lost through erosion for future beach placement. Broward County, Florida will fund the project, projected to start in the latter half of 2025 and complete by 2026.
Long Beach Island Beach Renourishment
The Barnegat Inlet to Little Egg Inlet, Long Beach Island Beach Renourishment Project, estimated at $54.4 million, focuses on replenishing beach fill to restore the dune and berm systems along New Jersey's coastline. With the U.S. Army Corps of Engineers, Philadelphia District in charge, this federally funded project is anticipated to begin in the fourth quarter of 2024 and wrap up by the third quarter of 2025.
Fire Island Inlet Dredging
Additionally, the Fire Island Inlet Dredging Project, awarded in the third quarter, aims to address emergency beach fill and shore protection for communities along Fire Island, New York. Managed by the U.S. Army Corps of Engineers, New York District and federally funded, the project is slated to start in late 2024 and finish in the first half of 2025.
Emergency Beach Renourishment in North Wildwood
The North Wildwood, New Jersey Emergency Beach Renourishment Project is designed to address the urgent need for sand to protect shore properties and ensure safety for residents and visitors. This project has already been awarded and completed in the second quarter of 2024, underscoring Great Lakes' ability to quickly respond to urgent local needs.
Maintenance Dredging at St. Lucie Inlet
The St. Lucie Inlet Maintenance Dredging Project involves the maintenance of the entrance channel and impoundment basin, funded federally and managed by the U.S. Army Corps of Engineers, Jacksonville District. Work on the project commenced earlier in 2024, with completion anticipated later in the third quarter of 2024.
Company Commitments and Future Prospects
Lasse Petterson, President and Chief Executive Officer, stated, “These important projects, which include capital, coastal protection, and maintenance work, allow Great Lakes to help support the overall improvement and resiliency of our country’s environment, coastlines, and infrastructure. In addition to the awarded projects, Great Lakes has approximately $318 million in low bids and options pending award, which includes two jobs we were the low bidder on this month. This brings our total pipeline of potential work to over $1.2 billion.”
About Great Lakes Dredge & Dock Corporation
Great Lakes Dredge & Dock Corporation is the leading provider of dredging services in the United States, and it is actively expanding into the offshore wind energy sector. With over 134 years of experience, the company has consistently completed international projects while maintaining a commitment to safety through its Incident-and Injury-Free (IIF) safety management program. Great Lakes operates the largest and most diverse fleet in the U.S. dredging industry, consisting of around 200 specialized vessels, and has a robust training program for its engineers.
Frequently Asked Questions
What is the total value of the awarded projects?
The total value of the awarded projects announced by Great Lakes Dredge & Dock Corporation is $256.2 million.
Who manages the Mobile Harbor Dredging Project?
The Mobile Harbor Dredging Project is managed by the U.S. Army Corps of Engineers, Mobile District.
When is the expected completion date for the Port Everglades Sand Bypass Project?
The Port Everglades Sand Bypass Project is expected to be completed in 2026.
What initiatives are included in Great Lakes' total pipeline?
Great Lakes has a total pipeline of potential work exceeding $1.2 billion, which includes around $318 million in low bids and options pending award.
How long has Great Lakes been in operation?
Great Lakes Dredge & Dock Corporation has been operating for over 134 years, with a strong track record of completing marine projects.
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