Great Lakes wins $35 million land reclamation contract in Bahrain
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 remediation services, announced the award of a contract valued at approximately $35 million with the Ministry of Works in Bahrain, the Company said in a press release.
The contract encompasses phases one and two of a development project within Hidd Port. Under this contract, Great Lakes will dredge 5.8 million cubic meters to build a 156 acre footprint on which a factory and additional facilities will be built.
Great Lakes has worked closely with both the Government of Bahrain and investors over the last 15 years to successfully deliver many significant projects in Bahrain. The company is looking forward to being involved in another strategic project for the Government. "We appreciate the opportunity to work with the Ministry of Works on this land reclamation project. We recognize the importance of this project to Bahrain as it will contribute to further economic growth in the country and are pleased to be a part of the endeavor," John O'Brien, Vice President, International Operations stated.
Great Lakes plans to use three hoppers and one hydraulic dredge to complete the project on an expedited timeframe. Phase one of the project has a target completion date of late fall 2014 while phase two will be completed by the end of the first quarter in 2015. Great Lakes will mobilize immediately to commence work on this 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. The Company is also a significant provider of environmental and remediation services. The Company owns a 50% interest in a marine sand mining operation in New Jersey that supplies sand and aggregate for road and building construction and a 50% interest in an environmental service operation with the ability to remediate soil and dredged sediment treatment. Great Lakes employs over 150 degreed engineers, most specializing in civil and mechanical engineering, which contributes to its 124-year history of never failing to complete a marine project. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. Great Lakes also owns and operates the largest and most diverse fleet in the U.S. industry, comprised of over 200 specialized vessels.
