GLDD - Great Lakes Dredge & Dock bags two major dredging awards for total value of $186.6M

2023-06-01 09:28:28 ET

• Great Lakes Dredge & Dock ( NASDAQ: GLDD ) on Thursday have received two major dredging awards totaling $186.6 million.
• The awarded work includes: The Freeport Harbor Channel Improvement Project of $157.4 million, entails deepening the channel to authorized depths of 51 to 56 feet, which will make Port of Freeport the deepest port in Texas.
• The project will open the state to larger ships and is the third largest domestic award in Great Lakes’ history.
• The client on this project is the U.S. Army Corps of Engineers, Galveston District and is federally funded.
• Work is expected to commence in the second half of 2023 with estimated completion in the fourth quarter of 2025.
• Second, from The Galveston Entrance Channel and Houston Ship Channel (Bolivar to Redfish) Dredging Project which includes maintenance dredging to maintain associated channel depths.
• The client on this project is the U.S. Army Corps of Engineers, Galveston District and is federally funded.
• Work is expected to commence in the second half of 2023 with estimated completion in the first quarter of 2024.

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