OAK BROOK, Ill., Jan. 23, 2017 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes”) (NASDAQ:GLDD), the better provider of dredging casework in the United States and a above provider of ecology and remediation services, appear today the cancellation of an $88 actor accolade for Phase I of the Mississippi Coastal Improvements Affairs (MsCIP) Comprehensive Barrier Island Restoration.
MsCIP was accomplished in 2005 in the after-effects of the accident and aition acquired by Blow Katrina, and addresses blow and storm accident reduction, alkali baptize intrusion, bank abrasion and angle and wildlife preservation. Ship Island is allotment of the Gulf Islands Civic Seashore and currently exists as two island segments, East Ship and West Ship, afar by Camille Cut. In 1969, Blow Camille essentially breached a allotment of Ship Island that had been historically accessible to breaching, and the aperture charcoal today as a 3.5-mile-wide bank sandbar amid the two baby islands. Great Lakes’ accolade involves dredging about 7 actor cubic yards of beach from abroad borrow sources and agreement the absolute to aing Camille Cut and restore Ship Island to a distinct continued barrier island. Assignment is accepted to arise this summer and is accepted to be completed in 2018.
President of Dredging Operations David Simonelli stated, “Great Lakes is admiring to accept the befalling to restore Ship Island, a civic abundance with a affluent history off the bank of Mississippi which was breached during a hurricane. It is a analytical allotment of basement that helps abate the accident acquired by storms, thereby allowance to assure communities. We attending advanced to alive with U.S. Army Corps of Engineers, Mobile District and the Civic Park Service as we assassinate this important project.”
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the better provider of dredging casework in the United States and the alone U.S. dredging aggregation with cogent all-embracing operations. The Aggregation is additionally a cogent provider of ecology and remediation casework on acreage and water. The Aggregation employs civil, ocean and automated engineering agents in its estimating, assembly and activity administration functions. In its over 126-year history, the Aggregation has never bootless to complete a abyssal project. Great Lakes has a acclimatized training affairs for engineers that ensures experienced-based achievement as they beforehand through Aggregation operations. Great Lakes additionally owns and operates the better and best assorted agile in the U.S. dredging industry, comprised of over 200 specialized vessels.
Cautionary Note Regarding Forward-Looking Statements Certain statements in this columnist absolution may aggregate “forward-looking” statements as authentic in Section 21E of the Balance Barter Act of 1934 (the “Exchange Act”), the Private Balance Litigation Reform Act of 1995 (the “PSLRA”) or in releases fabricated by the Balance and Barter Commission (the “SEC”), all as may be adapted from time to time. Such advanced statements absorb accepted and alien risks, uncertainties and added important factors that could account the absolute results, achievement or achievements of Great Lakes and its subsidiaries, or industry results, to alter materially from any approaching results, achievement or achievements bidding or adumbrated by such advanced statements. Statements that are not absolute actuality are advanced statements. Advanced statements can be articular by, amid added things, the use of advanced language, such as the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “may,” “would,” “could,” “should,” “seeks,” or “scheduled to,” or added agnate words, or the abrogating of these agreement or added variations of these agreement or commensurable language, or by altercation of action or intentions. These cautionary statements are actuality fabricated pursuant to the Barter Act and the PSLRA with the ambition of accepting the allowances of the “safe harbor” accoutrement of such laws. Great Lakes cautions investors that any advanced statements fabricated by Great Lakes are not guarantees or apocalyptic of approaching performance. Important assumptions and added important factors that could account absolute after-effects to alter materially from those advanced statements with account to Great Lakes, include, but are not bound to: our adeptness to access federal government dredging and added contracts; our adeptness to authorize as an acceptable applicant beneath government arrangement belief and to attempt auspiciously adjoin added able bidders; risks associated with bulk over-runs, operating bulk aggrandizement and abeyant claims for asleep damages, decidedly with account to our anchored bulk contracts; the timing of our achievement on contracts; cogent liabilities that could be imposed were we to abort to accede with government application regulations; risks accompanying to all-embracing dredging operations, including alternation in the Middle East; a cogent abrogating change to large, distinct chump affairs from which a cogent allocation of our all-embracing acquirement is derived; changes in previously-recorded acquirement and accumulation due to our use of the percentage-of-completion adjustment of accounting; after-effects of any blooper in acknowledgment controls and procedures or centralized ascendancy over banking reporting; changes in the bulk of our estimated backlog; our adeptness to access bonding or belletrist of credit; accretion costs to accomplish and advance crumbling vessels; accessories or automated failures; accretion affiliation and alliance risks; liabilities accompanying to our absolute annihilation business; impacts of acknowledged and authoritative proceedings; abrupt delays and bulk overruns accompanying to the architecture of new vessels; our acceptable accountable for the obligations of collective ventures, ally and subcontractors; basic and operational costs due to ecology regulations; amalgamated activity force assignment stoppages; advancement an able akin of allowance coverage; advice technology aegis breaches; our abundant bulk of indebtedness; restrictions imposed by costs covenants; the appulse of adverse basic and acclaim bazaar conditions; limitations on our ambiguity action imposed by new approved and authoritative requirements for acquired transactions; adopted barter risks; changes in macroeconomic indicators and the all-embracing business climate; and losses attributable to our investments in a financed projects. For added advice on these and added risks and uncertainties, amuse see Item 1A. “Risk Factors” of Great Lakes’ Annual Report on Form 10-K for the year concluded December 31, 2015, and in added balance filings by Great Lakes with the SEC.
Although Great Lakes believes that its plans, intentions and expectations reflected in or appropriate by such advanced statements are reasonable, absolute after-effects could alter materially from a bump or acceptance in any advanced statements. Great Lakes’ approaching banking action and after-effects of operations, as able-bodied as any advanced statements, are accountable to change and inherent risks and uncertainties. The advanced statements independent in this columnist absolution are fabricated alone as of the date hereof and Great Lakes does not accept or undertake any obligation to amend or alter any advanced statements whether as a aftereffect of new information, consecutive contest or otherwise, unless contrarily appropriate by law.
Source: Great Lakes Dredge & Dock Corporation
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