Great Lakes Announces Receipt of $173.7 Million in Awarded Work

HOUSTON, Dec. 28, 2023 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation ("Great Lakes" or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced today the receipt of several dredging awards totaling $173.7 million.

The awarded work includes:

• Sabine-Neches Waterway Channel Improvement Project-Phase 1 (Capital, Texas, $62.8 million)
  
  
• Great Egg Harbor Inlet Beach Renourishment Project (Coastal Protection, New Jersey, $33.8 million)
  
  
• St. Augustine Shore Protection Project (Coastal Protection, Florida, $33.6 million)
  
  
• Duval County Shore Protection Beach Renourishment Project (Coastal Protection, Florida, $32.4 million)
  
  
• Atchafalaya Bay and Bar Maintenance Dredging Project (Maintenance, Louisiana, $11.1 million)
  

The Sabine-Neches Waterway Channel Improvement Project-Phase 1 includes dredging for channel deepening along the Sabine-Neches Waterway from Sabine Bank Channel to Sabine Pass Channel. The construction of the Sabine-Neches Waterway will generate widespread economic benefits for Southeast Texas, the state of Texas, and the United States for overall business activity and gross product within our port systems. The deepening droject will increase U.S. competitiveness in global markets primarily through energy exports. The client on this project is the Sabine-Neches Navigation District and is federally and privately funded. Work is expected to commence in the first quarter of 2024 with estimated completion in the fourth quarter of 2024.

The Great Egg Harbor Inlet Beach Renourishment Project entails coastal protection by dredging inlet and offshore borrow areas with disposal on Ocean City, Upper Township and Sea Isle beaches. The client on this project is the U.S. Army Corps of Engineers, Philadelphia District and is federally and state funded. Work has commenced and is expected to be completed in the second quarter of 2024.

The St. Augustine Shore Protection Project, awarded in the third quarter, entails beach renourishment to provide shore protection and improve recreational beach area for tourism. The client on this project is the U.S. Army Corps of Engineers, Jacksonville District and is federally funded. Work is expected to commence and be completed in the first quarter of 2024.

The Duval County Shore Protection Beach Renourishment Project entails approximately nine miles beach renourishment in Duval County. This project protects local infrastructure and supports local tourism. The client on this project is the U.S. Army Corps of Engineers, Jacksonville District and is federally funded. Work is expected to commence in the second quarter of 2024 with estimated completion in the third quarter of 2024.