Great Lakes Dredge & Dock Corp (GLDD)

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$GLDD
Great Lakes Announces Receipt of $134.5 Million Award for Savannah Harbor Expansion Project
8:00a ET March 5, 2015 (Business Wire) Print

Great Lakes Dredge & Dock Company, (NASDAQ:GLDD), the largest provider of dredging services in the United States, announced today receipt of an award for a $134.5 million contract to deepen the Savannah Harbor federal shipping channel.

The project involves deepening the entrance channel to a depth of 47 feet and represents the first step in deepening the 40 mile long shipping channel and harbor. It is part of the Savannah Harbor Expansion Project (SHEP), a major port improvement project with an estimated cost of $706 million, of which the State of Georgia has committed $266 million. Great Lakes plans on using a mix of cutter suction and hopper dredges to perform the work. Dredging operations are expected to commence later this year and be completed by Summer 2018.