Great Lakes Secures $256.2 Million in Dredging Projects
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Great Lakes Announces Receipt of $256.2 Million in Awarded Work
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 multiple dredging awards totaling $256.2 million.
Details of the Awarded Projects
The awarded work encompasses various significant projects, aiding in coastal protection and navigation improvements. The details are as follows:
Mobile Harbor Deepening and Widening Project
The Mobile Harbor, Alabama Deepening and Widening Project involves deepening the channel by six feet, thereby enhancing navigation for deeper draft vessels. This project will reutilize material for beneficial use in the Sand Island Beneficial Use Area. The client on this initiative is the U.S. Army Corps of Engineers.
Port Everglades Sand Bypass Dredging Project
The Port Everglades Sand Bypass Dredging Project provides a sustainable solution for beach renourishment utilizing a local source of sand. This initiative involves constructing a sand trap on the northern side of the Port inlet, aimed at preventing sand loss from erosion and offshore transport.
Barnegat Inlet to Little Egg Inlet Beach Renourishment
This project focuses on beach nourishment to repair the dune and berm systems along the Atlantic Ocean coastline. The U.S. Army Corps of Engineers oversees this key initiative, which has potential options pending of approximately $63.8 million.
Fire Island Inlet Dredging Project
The Fire Island Inlet Dredging Project is crucial for emergency beach fill and shore protection for communities along Fire Island. This federally funded project underscores the necessity of maintaining vital coastal infrastructure.
Additional Projects and Pipeline
Great Lakes is actively engaged in enhancing coastal resilience and improving the nation’s infrastructure through these awarded projects. Beyond the $256.2 million recently announced, the Company has approximately $318 million in low bids and options awaiting award, positioning the total pipeline of work over $1.2 billion.
North Wildwood Emergency Beach Renourishment Project
This project aims to provide essential sand supplies on the North Wildwood beaches to protect properties and ensure a safer shoreline for residents and visitors.
St. Lucie Inlet Maintenance Dredging Project
Aimed at maintaining the entrance channel and impoundment basin, this federally funded project continues to play a vital role in preserving marine access. The anticipated completion will enhance navigational safety and 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 operations into the offshore wind energy sector. With a history of over 134 years, the Company boasts a diverse fleet of approximately 200 specialized vessels, ensuring they remain at the forefront of the industry. The company prides itself on never failing to complete a marine project while upholding high standards of safety and performance.
The Company implements a disciplined training program for engineers that supports employee development and operational excellence. Their commitment to an Incident-and Injury-Free (IIF) safety management program is a cornerstone of their corporate culture, fostering an environment where employee safety is paramount.
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 include 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 local government agencies.
How many projects does Great Lakes currently have pending?
Great Lakes has approximately $318 million in low bids and options pending award.
What is the significance of the Incident-and Injury-Free culture?
The Incident-and Injury-Free culture promotes a work environment focused on employee safety and rigorous operational standards, ensuring the well-being of all staff involved in projects.
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