Overview of the Announcement by GLDD
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) has announced the receipt of Notice to Proceed to perform essential improvements to the Brownsville Ship Channel for NextDecade Corporation’s (NASDAQ: NEXT) Rio Grande LNG (RGLNG) project.
Importance of the Project for Rio Grande LNG
The work includes deepening the entrance channel to the western end of the RGLNG property, also known as Phase 1 of the Brazos Island Harbor Channel Improvements. This also includes the development of two ship berths and turning basin for the Rio Grande LNG facility. This project will enhance commercial navigation into and out of the Port of Brownsville and ensure LNG carriers’ safe and reliable access to the Rio Grande LNG facility. Great Lakes is expected to start this project later this year.
Lasse Petterson, Great Lakes’ President and Chief Executive Officer, said, “This exciting milestone project is the largest undertaken by Great Lakes in its 133-year history. We look forward to working with NextDecade and other stakeholders, including the U.S. Army Corps of Engineers and the Port of Brownsville, on this important improvement project that will benefit the navigation interests and allows for future development of the Port of Brownsville. Our proven performance and safety culture allows us to support the growth of LNG export in the U.S., which is a necessity in balancing affordability for energy and overall sustainability.”