Fantastic Lakes Announces Receipt of $261.3 Million in Awarded Operate

HOUSTON, Sept. 13, 2021 (World NEWSWIRE) — Fantastic Lakes Dredge & Dock Corporation (“Good Lakes”) (NASDAQ: GLDD), the most significant service provider of dredging solutions in the United States introduced now the receipt of several major dredging awards totaling $261.3 million.

The awarded function incorporates:

  • Fire Island Inlet to Montauk Point Phase 1 Beach front Task (Coastal Protection, New York, $47.5 million)

  • Mississippi River, Baton Rouge to Gulf of Mexico, Southwest Move Hopper Dredge Rental Project (Servicing, Louisiana, $24.3 million)

The Corpus Christi Higher Bay Arrive at Channel Advancement Task is to complete the 3rd phase of the four stage Corpus Christi deepening job. Great Lakes effectively accomplished the initially stage of the channel deepening in March of 2020. Operate on this section entails increasing the channel depth within the Higher Bay Attain from 47 feet to 54 toes, and widening the channel to 530 toes with an supplemental 400 ft of barge lanes. This task will permit for more substantial vessels and much more productive entry to the Port of Corpus Christi together with two-way targeted visitors in the course of superior site visitors durations. The award includes the base award for $139 million with open up possibilities remaining to be awarded of $12.9 million bringing the total of the venture to $151.9 million. The consumer on this challenge is the US Army Corps of Engineers, Galveston District. This task is funded by the federal government and the Port of Corpus Christi. Perform is expected to begin in the fourth quarter of 2021 with estimated completion in the to start with quarter of 2023.

The Fireplace Island Inlet to Montauk Stage Beach Undertaking involves the dredging of the Hearth Island Inlet and effective use of dredge product for sand placement at Gilgo Seaside and Robert Moses Point out Park. Placement of sand will improve shoreline security from detrimental storms and dredging get the job done will profit inlet navigation for the Coast Guard and the public. Open selections of $6.2 million to nourish Tobay Seaside are however to be awarded. The shopper on this job is the US Military Corps of Engineers, New York District, and the bulk is federally funded. Get the job done is predicted to commence in the fourth quarter of 2021 with estimated completion in the first quarter of 2022.

The Thimble Shoal East Deepening Job involves dredging portions of the Thimble Shoal Federal Navigation Channel with some effective use of dredged content for beach front nourishment at the Ocean View seaside area of Norfolk, Virginia and Ocean Park region of Virginia Beach front. The customer on this challenge is the Virginia Port Authority and is funded by the State of Virginia, the City of Norfolk and the Town of Virginia Seashore. Get the job done is anticipated to commence in the Spring of 2022 with believed completion in August 2022.

The Mississippi River, Baton Rouge to Gulf of Mexico, Southwest Move Hopper Dredge Rental Venture, awarded in the next quarter, consists of furnishing a fully crewed and geared up self-propelled trailing suction hopper dredge to accomplish routine maintenance work in the Mississippi River Southwest Go and Calcasieu River. This is a foundation contract award with $14 million in open up selections. The consumer on this challenge is the US Military Corps of Engineers, New Orleans District, and is federally funded. Work is predicted to begin in the fourth quarter on 2021 with estimated completion in the very first quarter of 2022.

The Cape May Inlet Beach Renourishment Project entails the placement of sand from a specified borrow place onto two beach spots at the Cape Could Inlet. The client on this job is the US Army Corps of Engineers, Philadelphia District, and is federally funded. Perform is expected to start in the third quarter of 2021 with believed completion just before the conclude of the yr.

David Simonelli, Main Working Officer commented, “Great Lakes is happy to increase these jobs to our backlog of deepening, coastal defense, and routine maintenance dredging projects that will add to our 2021 general performance and placement us perfectly for 2022. Great Lakes fourth quarter start out of the Corpus Christi Higher Bay Task Section 3 restarts the Port and Corps channel deepening efforts right after completion of Period 1. These projects support the overall advancement and resiliency of our country’s surroundings, coastlines and infrastructure.”

The Enterprise

Excellent Lakes Dredge & Dock Company (“Great Lakes” or the “Company”) is the most significant provider of dredging solutions in the United States. In addition, the Firm has a long background of carrying out sizeable worldwide projects. The Firm employs knowledgeable civil, ocean and mechanical engineering employees in its estimating, output and task management capabilities. In its in excess of 131-12 months record, the Company has under no circumstances unsuccessful to complete a marine task. Fantastic Lakes owns and operates the premier and most assorted fleet in the U.S. dredging market, comprising over 200 specialised vessels. Great Lakes has a disciplined education application for engineers that assures expert-centered general performance as they advance as a result of Firm operations. The Company’s Incident-and Harm-Free® (IIF®) basic safety administration system is built-in into all factors of the Company’s tradition. The Company’s motivation to the IIF® tradition promotes a function atmosphere where by employee security is paramount.

Cautionary Notice Concerning Forward-Hunting Statements
Selected statements in this press release may well constitute “forward-seeking” statements as defined in Section 21E of the Securities Trade Act of 1934 (the “Exchange Act”), the Personal Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Trade Fee (the “SEC”), all as may well be amended from time to time. These ahead-wanting statements contain known and unknown hazards, uncertainties and other crucial things that could trigger the actual results, functionality or achievements of Excellent Lakes and its subsidiaries, or sector success, to vary materially from any long run outcomes, performance or achievements expressed or implied by these types of ahead-on the lookout statements. Statements that are not historic simple fact are forward-searching statements. These cautionary statements are becoming designed pursuant to the Exchange Act and the PSLRA with the intention of getting the rewards of the “protected harbor” provisions of such laws. Fantastic Lakes cautions buyers that any forward-on the lookout statements manufactured by Fantastic Lakes are not ensures or indicative of foreseeable future occasions.

Even though Wonderful Lakes believes that its programs, intentions and anticipations reflected in this press release are reasonable, actual gatherings could differ materially. The ahead-looking statements contained in this press release are made only as of the date hereof and Terrific Lakes does not have or undertake any obligation to update or revise any ahead-hunting statements regardless of whether as a end result of new info, subsequent gatherings or in any other case, except or else needed by law.

For additional details get in touch with:
Tina Baginskis
Director, Investor Relations