MAY 16, 2013 — Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of dredging services in the United States, today reported it has won a $122 million contract for deepening of the Miami Harbor. Dredging on this project is scheduled to begin in the fourth quarter and will deepen the Port of Miami channel to minus 50 feet, allowing the port to accommodate the next generation post-Panamax vessels that will transport cargo through the expanded Panama Canal starting in early 2015.

Rock cutter suction dredge Texas

The U.S. Army Corps of Engineers (the "Corps") awarded the base work for this project which encompasses excavation of the offshore entrance channel to the Port. Option work involving the deepening of the inner channels, which is necessary to provide access to the Port's berthing areas, is expected to be awarded by January 31, 2014. These options, if awarded, will bring the value of the project to $206 million.  

The Miami deepening project will take place in the environmentally sensitive waters of one of the busiest ports in the United States. Seagrass and coral resource health monitoring and water quality and sedimentation measurement activities are important components of the project. Great Lakes and its environmental partners will implement project specific procedures to ensure the safety of the public, crews employed on the project, vessel traffic and the environment.

Great Lakes will be working under contract and supervision of the Corps, and collaborating with other project stakeholders including the Port of Miami and the Florida Department of Environmental Protection to monitor the marine environment before, during and after the dredging operations.

David Simonelli, President of Dredging Operations for Great Lakes said, "We are ready to undertake this next phase of deepening the Port of Miami. We have a long and successful history of dredging in Miami dating back to the 1970's.

"We will employ the heavy-duty rock cutter suction dredge Texas specifically designed for excavating the hard limestone found in Miami and other East Coast ports. This is one of the most powerful vessels in its class. We have assembled a team of world class environmental partners to assist in the seagrass and coral mitigation components of the project as well as the extensive daily environmental monitoring. We expect to employ over 300 crew and staff in the execution of this project.

"We are committed to maintaining the safety of our employees and protecting the surrounding environment. We look forward to partnering with our client, the Corps, as well as the Port of Miami and State of Florida to successfully complete one of the most challenging dredging projects in U.S. history. Improving our nation's port facilities to meet the growing needs of international trade is a critical component in the development and growth of the Port of Miami and the surrounding economy."

Jonathan Berger, Chief Executive Officer concluded, "We are extremely pleased the Corps has selected Great Lakes to execute this challenging project. As the nation's leading dredging contractor we have the people, equipment and systems to deliver this deepening on schedule and on budget."