OAK BROOK, Ill.–(BUSINESS WIRE)– Great Lakes Dredge & Dock Corporation (“Great Lakes”) (NASDAQ:GLDD), the largest provider of dredging services in the United States and a major provider of environmental and remediation services, announced today the receipt of two awards for projects along the New Jersey shore with an aggregate value of over $185 million, with additional options still to be awarded valued at over $25 million, and a deepening project in the Arthur Kill Channel located between New Jersey and Staten Island valued at over $25 million.
The New Jersey shore projects will provide risk reduction to coastal regions and reduce impacts from future storms. The projects are being funded by the Super Storm Sandy Supplemental Appropriations Bill that was signed into law in the wake of 2012 Super Storm Sandy, which was one of the costliest coastal storms in United States history.
The Great Egg Harbor Inlet to Townsends Inlet, NJ award, valued at $58 million with potential options still to be awarded of $10 million, includes dredging 1.6 million cubic yards of sand from an offshore borrow area and pumping it to shore to create berms and dunes along 10 miles of beach. This stretch of the coast includes Ocean City, Uppertownship and Sea Isle. The second award, Long Beach Island / Barnegat Inlet to Little Egg Harbor Inlet, includes dredging over 8.0 million cubic yards of sand to build berms and dunes across a 12.5 mile stretch of coastline. This award is valued at $128 million, with over $15 million in options still to be awarded. Great Lakes will mobilize multiple dredging vessels to complete these projects.
The $25 million award for the Arthur Kill Channel Navigation project involves deepening the channel between Staten Island, New York and Union County, New Jersey from its existing 35 feet depth to a depth of 40 feet. The work involves the excavation of silt, glacial till and red shale rock requiring subaqueous drilling and blasting.