GLDD Confirms Dredging Deals

Great Lakes Dredge & Dock Corporation confirmed today that the company has won three dredging contracts with an approximate aggregate value of $99 million for projects along the Delaware River.

Valued at $77 million, the Delaware River Rock Reach award is a capital project that includes dredging approximately 320,000 cubic yards of rock and gravel material, which will deepen the main channel of the Delaware River.

The Rock Reach project is the most difficult section of the river to deepen due to the hard rock areas within the dredging template. Work on this project is expected to start at the end of the year and will be completed by December 31, 2017.

The second award, valued at $17 million, involves dredging approximately 200,000 cubic yards of material and removal of approximately 10,000 tons of debris at the Philadelphia Naval Reserve Basin on the Delaware River. Work on this capital project will begin in 2016 and will be completed within the year.

Finally, a $5 million award involves maintenance dredging of approximately 127,000 cubic yards along a portion of the Delaware River between Philadelphia, PA and Trenton, NJ.

The U.S. Army Corps of Engineers, Philadelphia District, issued these awards to Great Lakes during the third quarter and therefore will be included in the Company’s backlog as of September 30, 2015. Great Lakes will utilize a drilling and blasting barge to pretreat the seabed rock formations in the river and mechanical and hydraulic dredges to complete these projects.

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