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 that it has secured several dredging awards totaling $256.2 million. This substantial influx of awarded work will bolster the Company’s initiatives focused on coastal protection and infrastructure development.
Details of Awarded Projects
The awarded projects cover a variety of dredging and coastal protection efforts, which include:
Mobile Harbor Dredging Project
The Mobile Harbor, Alabama Deepening and Widening – Phase 2A dredging project aims to deepen the channel by six feet. This enhancement is intended to improve navigation for larger vessels and to enable the beneficial reuse of dredged materials, particularly in the Sand Island Beneficial Use Area. The U.S. Army Corps of Engineers, Mobile District is overseeing this federally funded project, with work expected to begin in late 2024 and conclude in the spring of 2025.
Port Everglades Sand Bypass Project
Another significant initiative is the Port Everglades Sand Bypass Dredging Project, valued at $59.8 million. This project focuses on establishing a sustainable approach to beach renourishment along Broward County's coastline. By constructing a sand trap at the port inlet, the aim is to collect sand lost due to erosion for future beach restoration. Funding for this project will come from Broward County, Florida, with work anticipated to start in the latter half of 2025 and be completed 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, is dedicated to replenishing beach fill to restore the dune and berm systems along New Jersey's coastline. Managed by the U.S. Army Corps of Engineers, Philadelphia District, this federally funded project is expected to commence in the fourth quarter of 2024 and finish by the third quarter of 2025.
Fire Island Inlet Dredging
Additionally, the Fire Island Inlet Dredging Project, awarded in the third quarter, is focused on emergency beach fill and shore protection for communities along Fire Island, New York. This project is managed by the U.S. Army Corps of Engineers, New York District, and is federally funded. It is scheduled to begin in late 2024 and wrap up in the first half of 2025.
Emergency Beach Renourishment in North Wildwood
The North Wildwood, New Jersey Emergency Beach Renourishment Project has been initiated to address the critical need for sand to safeguard shore properties and ensure the safety of residents and visitors. This project was awarded and completed in the second quarter of 2024, highlighting Great Lakes' capability to respond swiftly to urgent local demands.
Maintenance Dredging at St. Lucie Inlet
The St. Lucie Inlet Maintenance Dredging Project focuses on maintaining the entrance channel and impoundment basin. This project is federally funded and managed by the U.S. Army Corps of Engineers, Jacksonville District. Work began earlier in 2024, with completion expected later in the third quarter of 2024.
Company Commitments and Future Prospects
Lasse Petterson, President and Chief Executive Officer, remarked, “These significant projects, which encompass capital, coastal protection, and maintenance work, enable Great Lakes to contribute to the overall enhancement and resilience of our nation’s environment, coastlines, and infrastructure. In addition to the awarded projects, we have around $318 million in low bids and options pending award, including two jobs where we were the low bidder 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 is actively expanding into the offshore wind energy sector. With more than 134 years of experience, the company has successfully completed international projects while maintaining a strong 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 offers 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.
