Great Lakes Announce Exercise – GuruFocus.com

HOUSTON, June 7, 2022 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (GLDD, Financial), the largest provider of dredging services in the United States, today announced it has exercised its contract option to build a second 6,500 cubic meter capacity trailing suction hopper dredge with Conrad Shipyard (“Conrad”) in Amelia, Louisiana. With expected delivery in the first quarter of 2025, the new ship will be a sister ship to the Galveston Islandcurrently under construction with delivery in early 2023.

The Great Lakes hopper dredger fleet, including the ATB tugboat Douglas B Mackie and a barge with a capacity of 15,000 cubic meters Ellis Island and the Galveston, Liberty, Terrapin, Dodge and Padre Islandscomprise the largest hopper fleet in the US dredging industry.

Lasse Petterson, President and Chief Executive Officer, commented, “As a leader in the US dredging industry, Great Lakes continues to make strategic investments in its fleet of dredging. This highly automated new build vessel is well suited for multi-purpose applications on different project types. It is used for channel deepening, maintenance dredging, beach fill and coastal rehabilitation projects to meet our nations maritime infrastructure needs. This vessel reinforces our commitment to the US Army Corps of Engineers and the robust US dredger market.

Construction of Galveston Island at Conrad progressed according to plan and budget. We are very happy with the build quality and our strong partnership with Conrad.”

This new build supports the ongoing modernization and diversification of Great Lakes’ fleet. The excavator is identical to that Galveston Island and will feature twin 800mm draft tubes and be capable of dredging to depths of up to 100 feet, with main dimensions of approximately 346 feet long, 69 feet wide, 23 feet deep and 16,500 installed horsepower.

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The dredger will be equipped with high-capacity direct-onshore pumping, dredging system automation, dynamic positioning and tracking, US EPA Tier IV compliant engines, and additional features to minimize the environmental impact of its dredging process. The Tier 4 compliant engines significantly reduce the ship’s carbon footprint, while other onboard features minimize turbidity and marine life entrainment. First-class accommodation includes individual cabins, a workout room and an innovative raised seating cinema that doubles as a training facility.

The enterprise

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is working hard to expand its core business into the rapidly evolving offshore wind energy industry. The company has a long history of executing significant international projects. The company employs experienced construction, marine and engineering professionals in its estimation, production and project management functions. In its more than 132-year history, the company has never missed a marine project. Great Lakes owns and operates the largest and most diverse fleet in the US dredging industry, consisting of approximately 200 specialized vessels. Great Lakes has a disciplined engineering training program that ensures experience-based performance as they progress through the operations of the company. The company’s Incident-and-Injury-Free® (IIF®) safety management program is integrated into all aspects of the company culture. The company’s commitment to the IIF® culture promotes a work environment that puts employee safety first.

For more information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

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