Great Lakes Announces the Award of the Arthur Kill Channel Deepening Project

  Great Lakes Announces the Award of the Arthur Kill Channel Deepening Project

Business Wire

OAK BROOK, Ill. -- February 6, 2013

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of
dredging services in the United States and a major provider of commercial and
industrial demolition and remediation services, today announced receipt of an
award of a $41.4 million contract for the deepening of the Arthur Kill channel
in the Ports of New York and New Jersey. This project was awarded to GLDD by
the Army Corps of Engineers New York District and involves the excavation of
silt, glacial till and seabed material requiring subaqueous drilling and
blasting. Work is expected to begin before the end of the first quarter.
Another $27.3 million in work on this contract is expected to be awarded this
year.

This project is the last phase of a comprehensive plan by the Army Corps of
Engineers to deepen the Port of New York and New Jersey, the largest port on
the East Coast, to 50 feet. Great Lakes has been a key part of that effort,
winning or participating in more than 13 of projects since the plan to deepen
to 50 feet began. Great Lakes has proudly played a major role in the
development of the Port of New York and New Jersey since 1910.

The Company

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 the Company’s Annual Report on Form 10-K for the
year ended December 31, 2011, and in other securities filings by Great Lakes
with the SEC.

Although Great Lakes believes that its plans, intentions and expectations
reflected in or suggested by such forward-looking statements are reasonable,
actual results could differ materially from a projection or assumption in any
forward-looking statements. Great Lakes' future financial condition and
results of operations, as well as any forward-looking statements, are subject
to change and inherent risks and uncertainties. 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.

Contact:

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