Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the U.S., announced it has secured several new dredging contracts totaling $342.3 million.
Overview of the $342.3 Million Dredging Projects
The awarded dredging contracts encompass a variety of capital, coastal protection, and maintenance dredging projects aimed at enhancing navigational safety, reducing erosion, and supporting essential infrastructure. The projects are distributed across several states, showcasing the company’s nationwide reach and capabilities.
Major Awarded Dredging Projects
Sabine-Neches Waterway Channel Improvement – Contract 6 (Texas)
Project Value: $219.1 Million
Project Type: Capital Dredging
The Sabine-Neches Waterway Channel Improvement Project involves deepening the channel to accommodate larger vessels, lower shipping costs, and improve safety for local port stakeholders. The U.S. Army Corps of Engineers, Galveston District, is overseeing the federally funded project, with around $16 million in optional work pending. The project will kick off in mid-2025 and is slated for completion by late 2026.
Canaveral Harbor Sand Bypass Project 5 (Florida)
Project Value: $40.6 Million
Project Type: Coastal Protection
The Canaveral Harbor Sand Bypass Project focuses on maintaining and transporting beach-quality sand from the Sand Bypass Dredging Area to two beaches south of the Cape Canaveral south jetty. This federally funded project, managed by the U.S. Army Corps of Engineers, Jacksonville District, is scheduled to start and finish in the first quarter of 2025.
Key Coastal Protection Initiatives
Brigantine Inlet to Great Egg Harbor Inlet Beach Renourishment (New Jersey)
Project Value: $38.2 Million
Project Type: Coastal Protection
The Brigantine Inlet to Great Egg Harbor Inlet Project aims to restore the Atlantic Ocean coastline of Absecon Island, New Jersey, by placing beachfill material along the shoreline. This federally funded initiative has an additional $29.2 million in potential options for further beach replenishment outside the initially targeted areas. Overseen by the U.S. Army Corps of Engineers, Philadelphia District, the project will begin in late 2024, with completion expected in early 2025.
Captiva Island Beach Renourishment (Florida)
Project Value: $26.7 Million
Project Type: Coastal Protection
For the Captiva Island Beach Renourishment, sand from an offshore borrow area will be used to restore approximately five miles of beach affected by storm erosion. Great Lakes has previously completed similar projects on Captiva Island in 2013 and 2021. The work is set to commence in the third quarter of 2025 and finish later that year, with funding provided by the Captiva Erosion Prevention District.
Cape Cod Canal and Sandwich Beaches Renourishment (Massachusetts)
Project Value: $8.9 Million
Project Type: Coastal Protection
This project involves replenishing the beaches near the Cape Cod Canal that have suffered erosion from recent storms. The U.S. Army Corps of Engineers, New England District, will oversee this federally funded project, which is expected to start in the fall of 2024 and be completed by winter 2024.
Essential Maintenance Dredging Projects
Brazos Island Harbor, Texas Entrance and Jetty Channels Dredging
Project Value: $8.8 Million
Project Type: Maintenance Dredging
The Brazos Island Harbor Project focuses on maintaining navigational depths in the channel, with the dredged material being repurposed for beach replenishment. The U.S. Army Corps of Engineers, Galveston District, is managing the project, which is funded by federal and state sources. Work is expected to begin and conclude in the fourth quarter of 2024.
Benefits of Great Lakes’ New Dredging Contracts
The newly awarded contracts reflect Great Lakes’ strong position in the U.S. dredging market, allowing the company to continue playing a crucial role in coastal protection, channel maintenance, and capital dredging projects. These projects will not only enhance navigational safety but also protect coastal areas from erosion and storms.
Great Lakes’ Commitment to Coastal and Navigational Safety
Great Lakes Dredge & Dock Corporation’s extensive experience and proven track record in dredging projects underscore its commitment to delivering reliable, high-quality dredging services. With a diverse portfolio of contracts, the company is poised to strengthen its leadership in the industry while meeting the evolving needs of clients and communities.
Project Timeline and Execution
- Sabine-Neches Waterway Channel Improvement: Mid-2025 to late 2026
- Canaveral Harbor Sand Bypass: Q1 2025
- Brigantine Inlet to Great Egg Harbor Inlet: Late 2024 to early 2025
- Captiva Island Beach Renourishment: Q3 2025 to late 2025
- Cape Cod Canal and Sandwich Beaches: Fall 2024 to winter 2024
- Brazos Island Harbor Dredging: Q4 2024
About Great Lakes Dredge & Dock Corporation
As the largest provider of dredging services in the United States, Great Lakes Dredge & Dock Corporation has a long-standing reputation for excellence in capital, coastal protection, and maintenance dredging projects. The company’s extensive experience ensures that it continues to meet and exceed industry standards while providing critical infrastructure and environmental protection.