OAK BROOK, Ill.--(BUSINESS WIRE)--
Great Lakes Dredge & Dock Company, (NASDAQ:GLDD), the largest provider
of dredging services in the United States, announced today receipt of an
award for a $134.5 million contract to deepen the Savannah Harbor
federal shipping channel.
The project involves deepening the entrance channel to a depth of 47
feet and represents the first step in deepening the 40 mile long
shipping channel and harbor. It is part of the Savannah Harbor Expansion
Project (SHEP), a major port improvement project with an estimated cost
of $706 million, of which the State of Georgia has committed $266
million. Great Lakes plans on using a mix of cutter suction and hopper
dredges to perform the work. Dredging operations are expected to
commence later this year and be completed by Summer 2018.
Similar to the PortMiami deepening project that is on schedule to be
completed this year, deepening the Port of Savannah will enable the port
to accommodate the next generation post-Panamax vessels that will
transport cargo through the expanded Panama Canal once completed in 2016.
Great Lakes' President of Dredging, David Simonelli stated, "We are
pleased to participate in Savannah Harbor's historic expansion project
and look forward to partnering with the U.S. Army Corps' Savannah
District, the Georgia Ports Authority and the local community on this
monumental project. As always, we will be committed to the safety of the
public and our crew, as well as protecting the surrounding environment
and marine habitat, while we deepen the shipping channel."
Jonathan Berger, Chief Executive Officer, added, "As the Panama Canal
deepening continues to progress, it is critical for U.S. ports along the
Eastern Seaboard and Gulf Coast to accommodate post-Panamax vessels.
With its significant investment in the SHEP, the state of Georgia
clearly appreciates the economic implications that this improvement to
its infrastructure will have. The economic impact of the port deepening
stretches far beyond Savannah or Georgia - it will be beneficial to the
entire nation. I am proud of our work on the PortMiami deepening, and I
am confident that we will execute well on this next major port deepening
project that is essential to maintaining the United States' dominance in
the global economy."
Great Lakes Dredge & Dock Corporation ("Great Lakes" or the "Company")
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 a significant provider of environmental
and remediation services. Great Lakes employs over 150 degreed
engineers, most of whom specialize in civil and mechanical engineering,
which contributes to its 124-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. dredging industry, comprised
of over 200 specialized vessels.
Cautionary Note Regarding Forward-Looking
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,
2013, 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
Source: Great Lakes Dredge & Dock Corporation
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