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TheStreet Open House

Great Lakes Announces The Award Of The Arthur Kill Channel Deepening Project

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 $41.4 million contract for the deepening of the Arthur Kill channel in the Ports of New York and New Jersey. This project was awarded to GLDD by the Army Corps of Engineers New York District and involves the excavation of silt, glacial till and seabed material requiring subaqueous drilling and blasting. Work is expected to begin before the end of the first quarter. Another $27.3 million in work on this contract is expected to be awarded this year.

This project is the last phase of a comprehensive plan by the Army Corps of Engineers to deepen the Port of New York and New Jersey, the largest port on the East Coast, to 50 feet. Great Lakes has been a key part of that effort, winning or participating in more than 13 of projects since the plan to deepen to 50 feet began. Great Lakes has proudly played a major role in the development of the Port of New York and New Jersey since 1910.

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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