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GLDD--6.52----GREAT LAKES DREDGE& DOCK

Great Lakes Dredging Vessel Sustains Damage after Being Struck by Tanker Vessel
1/28/2008

OAK BROOK, Ill., Jan 28, 2008 (BUSINESS WIRE) --
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) - the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition services today reported the status of its Dredge New York that was struck in the approach channel to Port Newark, New Jersey.

At approximately 2:00 p.m. Eastern time on Thursday, January 24, 2008, the Dredge New York was struck by an orange juice tanker, the Orange Sun, in the approach channel. There were no injuries as a result of this collision. The Orange Sun is owned by Arctic Reefer Corporation of Monrovia, Liberia. The Orange Sun had a local pilot on board at the time of the incident and a local tug on its port side. Visibility in the channel was more than one mile and the weather was partly sunny.

The Dredge New York is a hydraulic backhoe dredge built in 1997 for the New York market. It is the biggest and most powerful vessel of its kind in the world. Since it began operations it has earned over $300 million of dredging revenue and is currently committed on two contracts for the Army Corps of Engineers in the Channels of Port Jersey and Newark Bay. At the time of the collision the Dredge New York had commenced dredging on the Newark Bay project in the 1,700 foot wide channel.

As a result of the collision, the Dredge New York sustained extensive damage including a large rupture in its port side. The Dredge New York was secured 36 hours after the incident as a result of the efforts of Great Lakes' personnel, the Randive Company and Don Jon Marine salvors. Once a permanent patch is secured in the port side hold, the Dredge New York will be towed to a shipyard in Brooklyn and is estimated to arrive Wednesday, January 30th. Repairs are expected to commence immediately. It is unknown at this point how long the Dredge New York will be out of service.

The owners of the Orange Sun have provided to Great Lakes appropriate security including proof of coverage related to this incident under its Protection and Indemnity (P&I) insurance. The Orange Sun will also provide documents, records and produce depositions from crew members in the next ten days. In addition, the Dredge New York is fully insured for hull, collision and pollution exposures under the insurance coverage of Great Lakes. The degree of the impact on the financial results of Great Lakes can not be assessed at this time. The incident with the Dredge New York will be discussed during our February 26th fourth quarter and 2007 year end earnings release and conference call.

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and the only U.S. dredging company with significant international operations, averaging 23% of its dredging revenues over the last three years. Great Lakes also owns an 85% interest in North American Site Developers, Inc., one of the largest U.S. providers of commercial and industrial demolition services. Additionally, the Company owns a 50% interest in a marine sand mining operation in New Jersey which supplies sand and aggregate used for road and building construction. Great Lakes has a 117-year history of never failing to complete a marine project and owns the largest and most diverse fleet in the industry, comprising over 180 specialized vessels.