Great Lakes Dredge and Dock names new CEO

Lasse Petterson Lasse Petterson

DECEMBER 28, 2016 — The board of dredging giant Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) has selected Lasse Petterson to be the company's CEO and has appointed him to the board.

Mr, Petterson served as Chief Operating Officer (COO) and Executive Vice President at Chicago Bridge and Iron (CB&I) from 2009 to 2013. Reporting directly to the CEO, he was responsible for all of CB&I's engineering, procurement and construction project operations and sales. Most recently, he has been serving as a private consultant to clients in the oil & gas sector.

Mr. Petterson will join Great Lakes board immediately and assume the role of Chief Executive Officer once his application for U.S. citizenship, as required by the Jones Act, is finalized, which is expected to occur in first quarter 2017. During this time, Mr. Petterson and current CEO Jonathan Berger will be working closely to ensure a seamless transition.

Chairman of the Board Michael J. Walsh said, "After a thorough and comprehensive search process, I am confident that the Board identified the right candidate to lead this Company. With a wealth of experience in the engineering, construction and maritime industries, as well as extensive executive management and operational skills, we believe Lasse is ideally suited for this position and will enhance value for shareholders."

Prior to CB&I, Mr. Petterson was CEO of bulk carrier owner and operator Gearbulk, Ltd., a privately held company that owns and operates gantry craned open hatch bulk vessels in the world. He was also President and COO of AMEC Inc. Americas, a subsidiary of AMEC plc, a British multinational consulting, engineering and project management company.

Before joining AMEC, Mr. Petterson served in various executive and operational positions for Aker Maritime, Inc., the deepwater division of Aker Maritime ASA of Norway over the course of 20 years. He spent the first nine years of his career in various positions at Norwegian Contractors, an offshore oil & gas platform contractor.

Mr. Petterson holds both master's and bachelor's degrees from the Norwegian University of Technology.

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