Great Lakes Announces Receipt of $182 Million in Awarded Work
Great Lakes Dredge & Dock (NASDAQ: GLDD) has secured multiple dredging contracts totaling $182 million. The awards include four major coastal protection projects: $73.6 million for Manasquan Inlet to Barnegat Inlet in New Jersey, $72.3 million for Myrtle Beach in South Carolina, $19.6 million for Sagaponack and Bridgehampton Beach in New York, and $16.5 million for Phipps Ocean Park in Florida.
The projects focus on beach renourishment and coastal storm damage reduction, with work schedules spanning from late 2024 through early 2026. The New Jersey project includes additional $41.4 million in pending options. Most projects are federally funded through the U.S. Army Corps of Engineers, with some receiving state and local funding.
Great Lakes Dredge & Dock (NASDAQ: GLDD) ha ottenuto diversi contratti di dragaggio per un totale di $182 milioni. I premi includono quattro importanti progetti di protezione costiera: $73,6 milioni per l'ingresso di Manasquan all'ingresso di Barnegat nel New Jersey, $72,3 milioni per Myrtle Beach nella Carolina del Sud, $19,6 milioni per Sagaponack e Bridgehampton Beach a New York, e $16,5 milioni per Phipps Ocean Park in Florida.
I progetti si concentrano sul ripascimento delle spiagge e sulla riduzione dei danni causati dalle tempeste costiere, con programmi di lavoro che vanno dalla fine del 2024 all'inizio del 2026. Il progetto nel New Jersey include ulteriori $41,4 milioni in opzioni in sospeso. La maggior parte dei progetti è finanziata a livello federale attraverso il Corpo degli Ingegneri dell'Esercito degli Stati Uniti, con alcuni che ricevono finanziamenti statali e locali.
Great Lakes Dredge & Dock (NASDAQ: GLDD) ha asegurado varios contratos de dragado con un total de $182 millones. Los premios incluyen cuatro importantes proyectos de protección costera: $73,6 millones para el acceso de Manasquan a Barnegat en Nueva Jersey, $72,3 millones para Myrtle Beach en Carolina del Sur, $19,6 millones para Sagaponack y Bridgehampton Beach en Nueva York, y $16,5 millones para Phipps Ocean Park en Florida.
Los proyectos se centran en la renovación de playas y la reducción de daños por tormentas costeras, con horarios de trabajo que se extienden desde finales de 2024 hasta principios de 2026. El proyecto en Nueva Jersey incluye $41,4 millones adicionales en opciones pendientes. La mayoría de los proyectos está financiada a nivel federal a través del Cuerpo de Ingenieros del Ejército de EE. UU., con algunos recibiendo financiamiento estatal y local.
그레이트 레이크스 드레지 & 독 (NASDAQ: GLDD)가 총 $182백만에 달하는 여러 드레지 계약을 체결했습니다. 이 계약에는 네 개의 주요 해안 보호 프로젝트가 포함되어 있습니다: $73.6백만은 뉴저지의 마나스쿼안 인렛에서 바네가트 인렛까지, $72.3백만은 사우스 캐롤라이나의 머틀 비치, $19.6백만은 뉴욕의 사가포낙 및 브리지햄튼 비치, $16.5백만은 플로리다의 피핍스 오션 파크를 위한 것입니다.
이 프로젝트들은 해변 재조성 및 해안 폭풍 피해 감소에 중점을 두며, 작업 일정은 2024년 말부터 2026년 초까지 진행됩니다. 뉴저지 프로젝트에는 추가로 $41.4백만의 옵션이 대기 중입니다. 대부분의 프로젝트는 미국 육군 공병대의 연방 자금으로 지원되며, 일부는 주 및 지방 자금을 받습니다.
Great Lakes Dredge & Dock (NASDAQ: GLDD) a obtenu plusieurs contrats de dragage totalisant $182 millions. Les attributions comprennent quatre grands projets de protection côtière : $73,6 millions pour l'entrée de Manasquan à l'entrée de Barnegat dans le New Jersey, $72,3 millions pour Myrtle Beach en Caroline du Sud, $19,6 millions pour Sagaponack et Bridgehampton Beach à New York, et $16,5 millions pour Phipps Ocean Park en Floride.
Les projets se concentrent sur le renouvellement des plages et la réduction des dommages causés par les tempêtes côtières, avec des calendriers de travail s'étendant de la fin de 2024 au début de 2026. Le projet du New Jersey comprend $41,4 millions supplémentaires en options en attente. La plupart des projets sont financés par des fonds fédéraux via le Corps des ingénieurs de l'armée américaine, certains recevant également des financements d'État et locaux.
Great Lakes Dredge & Dock (NASDAQ: GLDD) hat mehrere Baggerverträge mit einem Gesamtvolumen von $182 Millionen gesichert. Die Auszeichnungen umfassen vier bedeutende Küstenschutzprojekte: $73,6 Millionen für den Manasquan Inlet bis Barnegat Inlet in New Jersey, $72,3 Millionen für Myrtle Beach in South Carolina, $19,6 Millionen für Sagaponack und Bridgehampton Beach in New York und $16,5 Millionen für Phipps Ocean Park in Florida.
Die Projekte konzentrieren sich auf die Auffüllung von Stränden und die Reduzierung von Sturmschäden an der Küste, wobei die Arbeitspläne von Ende 2024 bis Anfang 2026 reichen. Das Projekt in New Jersey umfasst zusätzliche $41,4 Millionen in ausstehenden Optionen. Die meisten Projekte werden föderal über den U.S. Army Corps of Engineers finanziert, wobei einige staatliche und lokale Mittel erhalten.
- Secured $182 million in new dredging contracts
- Additional $41.4 million in pending options for New Jersey project
- Expanding backlog of work for 2025
- Projects distributed across multiple states reducing geographic concentration risk
- None.
Insights
This
The federal funding backing major projects like Manasquan and Myrtle Beach provides stable, low-risk revenue streams. This federal backing, combined with state and local funding for smaller projects, creates a diversified revenue mix that helps insulate against funding uncertainties. The timing of project executions is well-distributed, supporting steady utilization of GLDD's specialized fleet throughout 2025.
With a market cap of
These coastal protection projects reflect an accelerating trend in climate change adaptation infrastructure spending. The geographic diversity - spanning New Jersey, South Carolina, New York and Florida - highlights the widespread need for shoreline reinforcement against rising sea levels and intensifying storms. The projects' scope goes beyond simple beach restoration, incorporating engineered solutions for long-term coastal resilience.
The technical specifications, particularly in the 13-mile Manasquan project, demonstrate the complexity and scale of modern coastal protection work. GLDD's repeat engagement in Myrtle Beach (2007, 2018 and now 2025) indicates their technical expertise in maintaining long-term coastal protection solutions. The combination of dune reconstruction and offshore borrow area utilization in the Phipps Ocean Park project showcases advanced coastal engineering approaches essential for climate resilience.
The timing of these awards positions GLDD to capitalize on increasing coastal infrastructure spending. Climate-related coastal damage is driving higher investment in shoreline protection, with federal infrastructure initiatives providing sustained funding support. The mix of federal, state and local funding sources indicates broad-based demand growth in the coastal protection sector.
GLDD's market leadership in U.S. dredging services, backed by their specialized fleet of 200 vessels, creates significant barriers to entry. The company's track record of completing complex marine projects over 134 years strengthens their competitive position for future contract awards. This
HOUSTON, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation ("Great Lakes" or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced today the receipt of several dredging awards totaling
The awarded work includes:
- Manasquan Inlet to Barnegat Inlet Ocean City Beach Renourishment Project (Coastal Protection, New Jersey,
$73.6 million ) - Myrtle Beach Renourishment Project (Coastal Protection, South Carolina,
$72.3 million ) - Sagaponack and Bridgehampton Beach Erosion Control District Nourishment Project (Coastal Protection, New York,
$19.6 million ) - Phipps Ocean Park Beach Nourishment Project (Coastal Protection, Florida,
$16.5 million )
The Manasquan Inlet to Barnegat Inlet Ocean City Beach Renourishment Project, which was included in the third quarter 2024 low bids pending award, will provide coastal storm damage reduction by maintaining an engineered beach throughout the Manasquan Inlet to Barnegat Inlet project area. The project is located along the Atlantic Ocean coastline of Ocean County, New Jersey, between Manasquan Inlet and Barnegat Inlet. The project area encompasses a total of 13 miles of ocean shoreline which includes the contiguous municipalities of Point Pleasant Beach, Bay Head, Mantoloking, Brick Township, Toms River Township, Lavallette, Seaside Heights, Seaside Park, and Berkeley Township. The project also includes an additional
The Myrtle Beach Renourishment Project, which was included in the third quarter 2024 low bids pending award, involves placement of dredged material on Myrtle, Garden City and Surfside beaches. The client on this project is the U.S. Army Corps of Engineers, Charleston District and is federally funded. Great Lakes performed similar work in these areas in 2007 and 2018. Work is expected to start in fourth quarter of 2025 with estimated completion in the first quarter of 2026.
The Sagaponack and Bridgehampton Beach Erosion Control District Nourishment Project, which was included in the third quarter 2024 low bids pending award, entails renourishing the Sagaponack and Bridgehampton beaches to repair the dunes and infrastructure damage that has been impacted by beach erosion. This project is locally funded. Work is expected to start in the first quarter of 2025 with estimated completion in the second quarter of 2025.
The Phipps Ocean Park Beach Project, which was included in the third quarter 2024 low bids pending award, involves beach renourishment in Phipps Ocean Park and adjacent areas that were damaged by Hurricanes Ian and Nicole and includes dredging sand from an offshore borrow area and placed on the dunes to nourish the beach and provide additional coastal protection. The client on this project is the Town of Palm Beach and is state and locally funded. Work is expected to start at the end of 2024 with estimated completion in the first quarter of 2025.
Lasse Petterson, President and Chief Executive Officer commented, “Our coastlines are facing ongoing damage from storm, rising water levels, and broader impacts of climate change. These coastal protection projects will support revitalizing and enhancing shoreline protections which is a critical infrastructure priority in the United States. These important projects add to our expanding record backlog of work for 2025.”
The Company
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 134-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking" statements as defined in Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission (the "SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.
Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.
For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024
This press release was published by a CLEAR® Verified individual.
FAQ
What is the total value of new contracts awarded to GLDD in December 2024?
When will GLDD begin work on the Manasquan Inlet project in New Jersey?
How much is the Myrtle Beach Renourishment Project worth to GLDD?
What is the timeline for GLDD's Phipps Ocean Park Beach Project in Florida?
How many miles of shoreline does GLDD's New Jersey project cover?
