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 receipt of an award of a $15.6 million contract for beach re-nourishment for Brigantine Island and Great Egg Harbor Inlet and Peck Beach in New Jersey. There are additional options that may be awarded under the contract, potentially adding another $5.6 million to the contract. This project will provide coastal protection from natural erosion and storm damage along these beaches. This work was awarded to GLDD by the Army Corps of Engineers Philadelphia District. Work is planned to begin before year-end to be done by the hydraulic dredge Illinois.
By investing in coastal protection projects like this, the Corps of Engineers saves the U.S. taxpayer billions of dollars in damages resulting from storms and natural erosion. As a secondary benefit, beaches in New Jersey generate billions of dollars in tax revenues to the local and national economy as a result of recreational users. Coastal environments that are maintained also provide sustainable habitat for many diverse species of wildlife. GLDD developed much of the original technology and construction methodology to make projects like this possible and continues to safely innovate and lead the industry in a constantly evolving and complex market.
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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