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Great Lakes Announces The Award Of Scofield Island Restoration In Louisiana For $46.5 Million

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 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.

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