Great Lakes Dredge & Dock Corporation Begins Work on First Sand Berm off the Louisiana Coast

Business & Finance

Great Lakes Dredge & Dock Corporation reported today that it has been engaged as a subcontractor to Shaw Environmental and Infrastructure Group (“Shaw”) to provide dredging services relating to the construction of sand berms off the Louisiana coast. Shaw has been retained by the State of Louisiana to construct the berms. The sand berms are intended to act as a barrier to reduce the amount of oil reaching the State’s fragile coastal wetlands and marshes as a result of the Deepwater Horizon oil spill. The berm construction process involves dredging the sand and delivering it to a designated berm location.

On June 14, 2010, Great Lakes’ cutter suction dredge, the California, began pumping sand at the Chandeleur Islands for delivery to berm construction locations. On June 15, 2010, Shaw requested Great Lakes to mobilize its cutter suctions dredges Texas and Alaska, its hopper dredge Liberty Island and other ancillary equipment to work on the creation of these berms. Additionally, Great Lakes has submitted proposals to Shaw for an additional three dredges and ancillary support equipment to be used in the berm construction project. Should Great Lakes proposals be accepted, the total scope of work contracted to Great Lakes could range from four to seven dredges and other ancillary equipment. BP has committed $360 million to the State of Louisiana for this project.

Douglas B. Mackie, President and Chief Executive Officer, said, “We at Great Lakes are proud to have the opportunity to assist with the clean-up effort of this environmental disaster and welcome the opportunity to commit additional assets to the project.”

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and the only U.S. dredging company with significant international operations, averaging 30% of its dredging revenues over the last three years. The Company is also one of the largest U.S. providers of commercial and industrial demolition services. Additionally, the Company owns a 50% interest in a marine sand mining operation in New Jersey which supplies sand and aggregate used for road and building construction. Great Lakes has a 120-year history of never failing to complete a marine project and owns the largest and most diverse fleet in the U.S. industry, comprised of over 180 specialized vessels.

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Source: GLDD, June 17, 2010