Great Lakes Dredge & Dock Confirms Commitment to Construction of ATB
Trailing Suction Hopper Dredge
OAK BROOK, Ill. -- April 17, 2013
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced today that it
remains committed to construction of its Articulated Tug & Barge (ATB)
Trailing Suction Hopper Dredge.
As announced on August 3, 2012, GLDD contracted with a shipyard to perform the
functional design drawings, detailed design drawings and follow on
construction of a new ATB Trailing Suction Hopper Dredge based on GLDD’s
patent pending concept design and performance specification. Major components
and steel have been ordered in preparation for commencement of vessel
construction. As disclosed in GLDD’s annual report, GLDD previously notified
the shipyard of its intent to terminate the contract if certain defaults were
not timely cured. On April 3, 2013, GLDD terminated the shipyard. GLDD intends
to pursue all rights and remedies available to it under the contract. GLDD is
in discussions with other shipyards to proceed with construction of the
GLDD remains committed to building its innovative and proprietary tug-barge
hopper dredge. When combined with the optimized tug and barge hull design, the
ATB Hopper Dredge is expected to provide ship-like productivity and efficiency
at the lower operating cost of an ATB.
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 123-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 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. 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 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 our ability to enter into a contract on
terms reasonably satisfactory to us with a new shipyard regarding the
construction of the ATB Trailing Suction Hopper Dredge 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, 2012, 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.
Great Lakes Dredge & Dock Corporation
Katie Hayes, Investor Relations @ 630-574-3012
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