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, announced
the receipt of ‘Option B' for the Miami Harbor Deepening Project. The
$31.6 million option, which was awarded by the U.S. Army Corps of
Engineers - Jacksonville District, brings the total value of GLDD's
contract to more than $205.7 million.
The two-year project commenced dredging operations in November 2013 and
will deepen the port to a depth of 50/52 feet to accommodate the
post-Panamax cargo ships that will start to pass through the expanded
Panama Canal in 2015. According to Miami-Dade County, the expansion will
double the volume of cargo that passes through the port annually and
will increase the port's annual economic impact to more than $34 billion.
‘Option B,' which is the final option for the PortMiami contract, calls
for the dredging of one million cubic yards of material from Fisher
Island Turning Basin to Fisherman's Channel which deepens the channel
and berthing area from 42 feet to 50 feet.
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 and remediation services primarily in the Northeast and
Midwest. 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 123-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 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 (the "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 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 and uncertainties that are described in Item 1A. "Risk Factors" of
Great Lakes' Annual Report on Form 10-K for the year ended December 31,
2012, 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
630-574-3012
Source: Great Lakes Dredge & Dock Corporation
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