Great Lakes Dredge and Dock books contracts worth $87.3 million

SEPTEMBER 15, 2017 — Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) reports that it has been awarded for contracts worth a combined $87.3 million — including the $47.2 million award for the post 45 foot Charleston entrance channel maintenance and new work dredging – Contract 1 Project.

The scope of work includes excavation of approximately 6.1 million cubic yards of material to deepen a portion of the Charleston, South Carolina Harbor Entrance Channel. Work is expected to commence later this year and be completed by March 2020.

The other three projects are:

• Baltimore Harbor Dredging, Cape Henry Channel, Virginia Beach, Virginia ($14.5 million)
• Flood Control and Coastal Emergencies Repair; Great Egg Harbor Inlet and Peck Beach ($13.7 million)
• Beach Renourishment; City of Isle of Palms, South Carolina ($11.9 million).

Work on these three projects will begin in Fall 2017 and be completed in Summer 2018.

David Simonelli, President of Dredging Operations commented, “The Charleston I deepening project is an important win for the company representing the start of the overall massive Charleston Port Deepening works. We are pleased to see the Corps of Engineers, State of South Carolina and South Carolina Port Authority moving this crucial work forward on an expedited basis to improve neo-Panamax vessel access to Charleston.”

The Cape Henry maintenance dredging and Great Egg Harbor and Isle of Palms coastal protection work will employ one hopper dredge and two cutter dredges