USA - Great Lakes Announces Receipt of $90.3 Million in Awarded Work
Great Lakes Dredge & Dock Corporation ("Great Lakes") (NASDAQ: GLDD), the largest provider of dredging services in the United States announced today the receipt of several major dredging awards totaling $90.3 million.
The awarded work includes:
- Boston Harbor Navigation Improvement Project-Phase 3 (Capital, Massachusetts, $61.8 million)
- Rehabilitation Effort for the Panama City Beaches Coastal Storm Risk Management Project (Coastal Protection, Florida, $28.5 million)
The Boston Harbor Navigation Improvement Project- Phase 3 work will provide navigational improvements that will allow larger tankers to access the various terminals and reduce transportation costs. Boston Harbor is New England’s largest port serving as the principal distribution point for the export and import of commerce for Massachusetts, New Hampshire and Vermont. This final phase of the Boston harbor deepening project involves the excavation of hard rock and will greatly improve navigational access to Boston’s shipping terminals. The client on this project is the U.S. Army Corps of Engineers, New England District, and the project is federally funded. The drilling, blasting and dredging work is expected to commence in the second quarter of 2021 with anticipated completion by the end of the year.
The Rehabilitation Effort for the Panama City Beaches Coastal Storm Risk Management Project work entails the placement of sand from a designated borrow area to the Panama City Beaches that were significantly eroded over the past several years due to general environmental impacts and hurricane events. The client on this project is the U.S. Army Corps of Engineers, Mobile District, and the majority of the project is federally funded. Hopper dredging work is expected to commence in the third quarter of 2021 with anticipated completion by the end of the year.