Great Lakes Awarded $213 Mln Dredging Contract

Great Lakes expects the U.S. Army Corps of Engineers to award the Option work items of the contract within 120 days. This additional work consists of the excavation of 5.5 million cubic yards of soil valued at $65.1 million to complete the deepening of the entrance channel, resulting in a total contract amount of $278.4 million, totaling 13.5 million cubic yards of excavation which will be completed by the end of 2020.

David Simonelli, President, Dredging Division commented, “The Charleston 2 deepening project is an important win for the Company representing the largest dredging contract ever awarded by the U.S. Army Corps of Engineer. Combined with the $47.2 million Charleston 1 deepening project Great Lakes won in August, our hopper and cutter dredges will excavate over 20 million cubic yards of material to deepen the 18 mile Charleston Entrance Channel. We are pleased to see the U.S. Corps of Engineers, State of South Carolina and South Carolina Port Authority moving this crucial work forward on an expedited basis to create neo-Panamax vessel access to Charleston.”

Lasse Petterson, Chief Executive Officer concluded, “Great Lakes looks forward to successfully working both Charleston 1 and 2 in the coming years. This historic award adds to Great Lakes’ already strong position in the market for deepening projects, having completed the PortMiami Deepening project in 2015 and with work currently taking place on the Savannah Harbor Deepening. Our history with these types of projects, our current diverse fleet and the addition of the Ellis Island, position us well to compete on the expected additional upcoming port deepening bids at Boston and Jacksonville.”