Great Lakes announces receipt of $342.3 million in awarded work

Great Lakes Dredge & Dock Corporation ("Great Lakes" or the “Company”), the largest provider of dredging services in the United States, announced today the receipt of several dredging awards totaling $342.3 million.

The awarded work includes:

• Sabine-Neches Waterway Channel Improvement, Contract 6 Project (Capital, Texas, $219.1 million)
• Canaveral Harbor Sand Bypass Project 5 (Coastal Protection, Florida, $40.6 million)
• Brigantine Inlet to Great Egg Harbor Inlet, Absecon Island Beach Renourishment Project (Coastal Protection, New Jersey, $38.2 million)
• Captiva Island Beach Renourishment Project (Coastal Protection, Florida, $26.7 million)
• Cape Cod Canal and Sandwich Beaches Renourishment Project (Coastal Protection, Massachusetts, $8.9 million)
• Brazos Island Harbor, Texas Entrance and Jetty Channels Dredging Project (Maintenance, Texas, $8.8 million)

The Sabine-Neches Waterway Channel Improvement, Contract Project 6 involves the deepening of the channel to accommodate larger vessels, reduce transportation costs, enhance channel efficiency and improve safety for local port stakeholders. This project has approximately $16 million of options pending. The client on this project is the U.S. Army Corps of Engineers, Galveston District and is federally funded. Work is expected to start mid-2025 with estimated completion in late 2026.

The Canaveral Harbor Sand Bypass Project 5 involves maintenance dredging of beach compatible sand from the beach at the Sand Bypass Dredging Area and transporting the excavated sand to two beaches located south of the Cape Canaveral south jetty. The client on this project is the U.S. Army Corps of Engineers, Jacksonville District and is federally funded. Work is expected to start and complete in the first quarter of 2025.

The Brigantine Inlet to Great Egg Harbor Inlet, Absecon Island Beach Renourishment Project involves the placement of beachfill material along the Atlantic Ocean coastline of Absecon Island, New Jersey. This project also has $29.2 million in options pending for additional beachfill in areas outside the above-mentioned location. The client on this project is the U.S. Army Corps of Engineers, Philadelphia District and is federally funded. Work is expected to start in the fourth quarter 2024 with estimated completion in the first quarter of 2025.

The Captiva Island Beach Renourishment Project involves beach renourishment from an offshore borrow area where sand will be placed over approximately five miles of beach on Captiva Island that has been eroded from storm activity. Great Lakes has previously renourished this beach in 2013 and 2021. The client on this project is the Captiva Erosion Prevention District and is locally funded. Work is expected to start in the third quarter of 2025 with estimated completion later that same year.

The Cape Cod Canal and Sandwich Beaches Renourishment Project involves replenishing the beaches that have been eroded by storms. The client on this project is the U.S. Army Corps of Engineers, New England District and is federally funded. Work is expected to start in the fall of 2024 with estimated completion in the winter of 2024.

The Brazos Island Harbor, Texas Entrance and Jetty Channels Dredging Project involves dredging to maintain operating depths for the channel and beneficial reuse of the material on a nearby beach. The client on this project is the U.S. Army Corps of Engineers, Galveston District and is federally funded with some additional state funding. Work is expected to start and be completed in the fourth quarter of 2024.

Lasse Petterson, President and Chief Executive Officer commented, “So far 2024 has seen a robust bid market featuring a large number of capital and coastal protection projects. The above listed new project awards further enhance our backlog giving Great Lakes clear revenue visibility well into 2026. In addition to the above awarded projects, Great Lakes has approximately $350 million in low bids and options pending award, which includes three jobs that we were low bidder on in the past two months bringing our potential total pipeline of work to over $1.5 billion. Our robust backlog of projects enables Great Lakes to contribute to the overall improvement and resiliency of our country’s environment, coastlines, and infrastructure.”