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Great Lakes Announces Progress On Maritime Funding Authorizations In Congress

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 commented on legislative progress in the House of Representatives.

On April 18 th, 2012 the House of Representatives approved passage of H.R. 4348 (Surface Transportation Extension Act of 2012, Part II). Included in this Congressional Bill are two important sections that, if ultimately passed, will have a positive impact on maritime commerce and restoring the Gulf Coast.

The first is Section 401, Funding for Harbor Maintenance Programs, the modified RAMP Act. This Section includes a guarantee that the total budget resources to be spent on harbor maintenance for a fiscal year will be equal to the level of receipts collected from commercial use of the ports and will be deposited into the Harbor Maintenance Trust Fund.

Jon Berger, Chief Executive Officer of Great Lakes stated, “Although we are far from assured that in conference the Senate and House can come to resolution on a final Highway Bill this is an important positive step for maritime commerce and transparency in federal spending. Maintaining the U.S ports and waters is critical to our economic recovery and growth. Great Lakes would like to applaud the many members of Congress who allocated time from their busy schedules to understand the economic benefits and importance of the bill. I also want to acknowledge the extraordinary and dedicated leadership Congressman Charles Boustany (R-LA) demonstrated in supporting this important legislation.”

The second important section of the bill is Section 302, the Gulf Coast Restoration Trust Fund. This section establishes the Gulf Coast Restoration Trust Fund and requires 80 percent of all administrative, civil, and criminal penalties paid by a responsible party in connection with the Deepwater Horizon oil spill, to be deposited into that fund, together with any additional appropriations provided by law.

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