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TheStreet Open House

Great Lakes Announces Participation In Dredging Subcontract For Wheatstone LNG Project In Western Australia

Stocks in this article: GLDD

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 its participation with DEME in the Wheatstone LNG Project dredging works in Australia.

Dredging International (Australia) Pty Ltd, a member of the DEME Group, has been awarded a subcontract to dredge the approach channel, the maneuvering area and the berths for the Chevron-operated Wheatstone Project near the town of Onslow, located along the Australian north-west coast. The subcontract was awarded by Bechtel Australia Pty Ltd to Dredging International (Australia) Pty Ltd and will be executed in cooperation with Great Lakes. The work includes dredging more than 26 million cubic meters of material and the work will be executed under strict environmental conditions.

The total subcontract represents a value at today’s currency exchange rates of about AUD 1.13 billion (about $1.21 billion), of which Great Lakes will perform mechanical dredging on the project. Great Lakes currently expects to realize approximately $180 million in revenue on this project with the potential for greater income once we finalize our participation.

The subcontract will create more than 350 jobs at peak, including 70 in Western Australia, 40 in Pilbara region and 90 throughout Australia. It will also involve business based in Onslow.

The Chevron-operated Wheatstone Project involves the construction of two liquefied natural gas (LNG) trains and a domestic gas plant 12 km west of Onslow on the Pilbara coast. Gas will be transported via a pipeline from an offshore processing platform 225 km off the coast to the onshore facilities. First LNG shipments are planned for 2016.

The project has undergone a rigorous and thorough environmental assessment. The environmental requirements that all contractors on the projects are obligated to meet will result in reduced environmental impacts, consistent with Chevron’s commitment to environmental management and stewardship.

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