OAK BROOK, Ill. - Great Lakes Dredge & Dock Corporation ("Great Lakes") (NASDAQ:GLDD), the largest provider of dredging services in the United States and a major provider of environmental and infrastructure services announced today the receipt of a $48 million base contract award on the Big Bend Channel of the Port of Tampa Bay. Great Lakes expects the United States Army Corps of Engineers (“USACE”) to award additional option work items on the contract by early-2019 with a value of $25 million, resulting in a total contract award of $74 million. Dredging is expected to commence in the fourth quarter of 2018 with completion of both base contract and expected options in the third quarter of 2019.
Port Tampa Bay is Florida’s largest and most diverse seaport, supporting liquid and dry bulk raw materials, container cargo and one million plus cruise passengers each year. Expanding the Big Bend Channel, which connects to the main channel in Tampa’s harbor, will allow for larger vessels to dock along the channel and ease the movement of goods through the port to the Interstate 4 corridor. This project is sponsored by the USACE Jacksonville District, the Tampa Bay Port Authority, the Florida Department of Transportation and two of the port’s largest tenants. This unique public/private partnership has allowed this significant expansion of the port and is expected to have major economic benefits and employment opportunities for both Tampa Bay and the State of Florida.
Lasse Petterson, Chief Executive Officer of Great Lakes, commented, “We are proud to partner with the USACE, Jacksonville District and local officials in executing this important infrastructure project. This complex deepening work is well suited to our proven special experience and expertise in sand, clays and hard rock and solidifies our position as the leading contractor for difficult port deepening projects. This project award adds to our growing backlog which positions us well for 2019. We thank the USACE for their confidence in our ability to execute on this important project and look forward to a successful outcome, on time and on budget.”
David Simonelli, President Dredging, commented, “Great Lakes is pleased to add the Big Bend Terminal project to our growing backlog. We will employ several cutter suction dredges to perform the excavation and in bay island disposal of over 4.1 million cubic yards of material. Great Lakes’ fleet of dredges is well suited to perform the difficult soil excavation required for port deepening projects.”
