Great Lakes Dredge & Dock Corporation Begins Work on First Sand Berm off the Louisiana CoastOAK BROOK, Ill.--(BUSINESS WIRE)--Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) - reported today that it has been engaged as a subcontractor to Shaw Environmental and Infrastructure Group ("Shaw") to provide dredging services relating to the construction of sand berms off the Louisiana coast. Shaw has been retained by the State of Louisiana to construct the berms. The sand berms are intended to act as a barrier to reduce the amount of oil reaching the State's fragile coastal wetlands and marshes as a result of the Deepwater Horizon oil spill. The berm construction process involves dredging the sand and delivering it to a designated berm location.
"We at Great Lakes are proud to have the opportunity to assist with the clean-up effort of this environmental disaster and welcome the opportunity to commit additional assets to the project."
On June 14, 2010, Great Lakes' cutter suction dredge, the California, began pumping sand at the Chandeleur Islands for delivery to berm construction locations. On June 15, 2010, Shaw requested Great Lakes to mobilize its cutter suctions dredges Texas and Alaska, its hopper dredge Liberty Island and other ancillary equipment to work on the creation of these berms. Additionally, Great Lakes has submitted proposals to Shaw for an additional three dredges and ancillary support equipment to be used in the berm construction project. Should Great Lakes proposals be accepted, the total scope of work contracted to Great Lakes could range from four to seven dredges and other ancillary equipment. BP has committed $360 million to the State of Louisiana for this project.
Douglas B. Mackie, President and Chief Executive Officer, said, "We at Great Lakes are proud to have the opportunity to assist with the clean-up effort of this environmental disaster and welcome the opportunity to commit additional assets to the project."
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, averaging 30% of its dredging revenues over the last three years. The Company is also one of the largest U.S. providers of commercial and industrial demolition services. Additionally, the Company owns a 50% interest in a marine sand mining operation in New Jersey which supplies sand and aggregate used for road and building construction. Great Lakes has a 120-year history of never failing to complete a marine project and owns the largest and most diverse fleet in the U.S. industry, comprised of over 180 specialized vessels.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933 (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission ("SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "expect," "anticipate," "intend," "estimate," "project," "may," "will," "would," "could," "should," "seeks," or "scheduled to," or other similar words or comparable language, or by discussion of strategy or intentions. These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. Great Lakes cautions that actual results may differ materially from those contained in any forward-looking statements herein, including, but not limited to, as a result of the factors, risks and uncertainties described in other securities filings of Great Lakes with the SEC, such as its most recent Annual Report on Form 10-K. You should not place undue reliance on these forward looking statements. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law. All forward-looking statements are qualified in their entirety by this cautionary statement.
Posted: June 17, 2010
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