Great Lakes Dredge & Dock Awarded Dredging Contracts Worth At Least $143 Million

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced Wednesday the receipt of several major dredging awards totaling $143.5 million with open options pending award of $102.9 million.

Projects include:

• South Atlantic Division Regional Harbor Dredging 2023 Project (Maintenance, Georgia, North Carolina and South Carolina, $26.6 million)
• Fire Island Inlet to Montauk Point, Contract 2 Project (Coastal Protection, New York, $24.5 million)
• Great Egg Harbor Inlet and Peck Beach Ocean City Beach Renourishment Project (Coastal Protection, New Jersey, $21.5 million)
• Houston Ship Channel, Redfish to Beacon 78 and Bayport Flare Dredging Project (Maintenance, Texas, $20.0 million)
• Naval Submarine Base Kings Bay Entrance Channel Maintenance Dredging Project (Maintenance, Georgia and Florida, $16.4 million)
• Gulf Coast Regional Hopper Dredge Rental Contract (Maintenance, Louisiana and Mississippi, $14.8 million)
• Mobile Harbor Dredging Project (Maintenance, Alabama, $12.2 million)
• McLellan-Kerr Arkansas River Navigation System Station Dredging Project (Maintenance, Arkansas and Oklahoma, $7.5 million)

“We have seen the U.S. Army Corps of Engineers bidding gain momentum in the third quarter after a significant delayed first half of the year,” says Lasse Petterson, President and Chief Executive Officer. “Although the bid market was recovering in the third quarter, the commencement of this work due to delayed bidding will mostly be worked in 2023. This unanticipated and atypical delay will continue to impact our fourth quarter.

“Despite the bid market challenges, Great Lakes is pleased to add the above projects to our backlog of coastal protection and maintenance dredging projects which will predominantly contribute to our 2023 performance, which is expected to be stronger than 2022. Sever weather, like Hurricane Ian, continues to batter our coasts, so there is a great need for above listed projects and similar projects to continue to support the overall improvement and resiliency of our country’s environment, coastlines and infrastructure,” adds Petterson.

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