Great Lakes Dredge & Dock Corporation Declares a Special Dividend of $0.25

  Great Lakes Dredge & Dock Corporation Declares a Special Dividend of $0.25

Business Wire

OAK BROOK, Ill. -- December 12, 2012

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) announces that its Board
of Directors (“the Board”) has declared a special dividend on its common
stock.The Board approved a $0.25 per share special dividend, to be paid on
December 28, 2012 to the shareholders of record of the Company at the close of
business on December 21, 2012. Future dividend payments remain subject to the
discretion of the Board and depend on the Company's results of operations,
financial position, cash flow generation and other business factors deemed
relevant by the Board of Directors.

“Due to the uncertainty in Washington around taxation of dividends and our
outlook for cash generation in the coming year we wanted to take this
opportunity to provide this special dividend to our existing shareholders.
This dividend represents quarterly dividends that the Board likely would have
declared in fourth quarter 2012 as well as the acceleration of dividends for
four quarters of 2013 plus an additional return of capital. The Board believes
that this special dividend recognizes the support of our long-time
shareholders while prudently addressing tax law changes that are currently
scheduled to affect dividends paid next year. Based upon the outcome of tax
reform the Board will address the Company’s future approach to dividends,”
said Jonathan Berger, Chief Executive Officer.

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 one of the largest
U.S. providers of commercial and industrial demolition services primarily in
the Northeast. 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 122-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.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking”
statements as defined in Section 27A of the Securities Act of 1933 (the
“Securities Act”), 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
(“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. Forward-looking statements can be identified by,
among other things, the use of forward-looking language, such as the words
“plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,”
“may,” “would,” “could,” “should,” “seeks,” or “scheduled to,” or other
similar words, or the negative of these terms or other variations of these
terms or comparable language, or by discussion of strategy or intentions.
These cautionary statements are being made pursuant to the Securities Act, 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 performance. Important assumptions and other important
factors that could cause actual results to differ materially from those
forward-looking statements with respect to Great Lakes, include, but are not
limited to, risks associated with Great Lakes’ leverage, fixed price
contracts, dependence on government contracts and funding, bonding
requirements and obligations, international operations, backlog, severe
weather related costs, uncertainty related to pending litigation, government
regulation, restrictive debt covenants and fluctuations in quarterly
operations, and those factors, risks and uncertainties that are described in
Item 1A “Risk Factors” of Great Lakes’ Annual Report on Form 10-K for the year
ended December 31, 2011, and in other securities filings by Great Lakes with
the SEC.

Contact:

Great Lakes Dredge & Dock Corporation
Katie Hayes, Investor Relations @ 630-574-3012