Great Lakes Announces the Award of Scofield Island Restoration in Louisiana for $46.5 Million
OAK BROOK, Ill.--(BUSINESS WIRE)--
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest
provider of dredging services in the United States and a major provider
of commercial and industrial demolition and remediation services, today
announced the award of a $46.5 million contract to restore and reinforce
the existing shoreline of Scofield Island, located along the barrier
shoreline in Plaquemines Parish, Louisiana. Since Hurricane Lili made
landfall in October 2002, which caused a breach in the shoreline, the
island has experienced accelerated erosion. Other development factors
have also caused substantial loss of wetlands, dune, and swale habitats
within the project area.
GLDD is contracted to reclaim riverine sand from sources in the
Mississippi River to restore the shoreline dune system lost due to
erosion. In addition, an intertidal back barrier marsh area will be
constructed behind the dune system from materials reclaimed from
offshore sources. This contract is the second coastal restoration
project the Company was awarded in the last 12 months. The first was
Pelican Island in September for $43 million. These awards show the
importance of coastal restoration to the state of Louisiana and Gulf
coast area. The Company currently anticipates more contracts being let
to bid in the coming months.
The project is contracted by the State of Louisiana Coastal Protection
and Restoration Authority. Construction is expected to commence in the
second quarter of 2012 and will be completed in 2013.
The Company
Great Lakes Dredge & Dock Corporation is the largest provider of
dredging services in the United States and the only U.S. dredging
company with significant international operations. The Company is also
one of the largest U.S. providers of commercial and industrial
demolition services primarily in the Northeast. The Company owns a 50%
interest in a marine sand mining operation in New Jersey that supplies
sand and aggregate for road and building construction and a 50% interest
in an environmental service operation with the ability to remediate soil
and dredged sediment treatment. Great Lakes employs over 150 degreed
engineers, most specializing in civil and mechanical engineering, which
contributes to its 122-year history of never failing to complete a
marine project. Great Lakes has a disciplined training program for
engineers that ensures experienced-based performance as they advance
through Company operations. Great Lakes also owns and operates the
largest and most diverse fleet in the U.S. industry, comprised of over
200 specialized vessels.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements in this press release may constitute
"forward-looking" statements as defined in Section 27A of the Securities
Act of 1933 (the "Securities Act"), Section 21E of the Securities
Exchange Act of 1934 (the "Exchange Act"), the Private Securities
Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the
Securities and Exchange Commission ("SEC"), all as may be amended from
time to time. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause the
actual results, performance or achievements of Great Lakes and its
subsidiaries, or industry results, to differ materially from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Statements that are not historical fact are
forward-looking statements. Forward-looking statements can be identified
by, among other things, the use of forward-looking language, such as the
words "plan," "believe," "expect," "anticipate," "intend," "estimate,"
"project," "may," "would," "could," "should," "seeks," or "scheduled
to," or other similar words, or the negative of these terms or other
variations of these terms or comparable language, or by discussion of
strategy or intentions. These cautionary statements are being made
pursuant to the Securities Act, the Exchange Act and the PSLRA with the
intention of obtaining the benefits of the "safe harbor" provisions of
such laws. Great Lakes cautions investors that any forward-looking
statements made by Great Lakes are not guarantees or indicative of
future performance. Important assumptions and other important factors
that could cause actual results to differ materially from those
forward-looking statements with respect to Great Lakes, include, but are
not limited to, risks associated with Great Lakes' leverage, fixed price
contracts, dependence on government contracts and funding, bonding
requirements and obligations, international operations, government
regulation, restrictive debt covenants and fluctuations in quarterly
operations, and those factors, risks and uncertainties that are
described in Item 1A of its Annual Report on Form 10-K for the year
ended December 31, 2011, and in other securities filings by Great Lakes
with the SEC.
Although Great Lakes believes that its plans, intentions and
expectations reflected in or suggested by such forward-looking
statements are reasonable, actual results could differ materially from a
projection or assumption in any forward-looking statements. Great Lakes'
future financial condition and results of operations, as well as any
forward-looking statements, are subject to change and inherent risks and
uncertainties. The forward-looking statements contained in this press
release are made only as of the date hereof and Great Lakes does not
have or undertake any obligation to update or revise any forward-looking
statements whether as a result of new information, subsequent events or
otherwise, unless otherwise required by law.
Great Lakes Dredge & Dock Corporation
Katie Hayes,
Investor Relations @ 630-574-3772
Source: Great Lakes Dredge & Dock Corporation
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