Great Lakes Dredge & Dock Corporation Upgrades Dredging Fleet

  
    
  
  
    
      Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD)(NASDAQ:GLDDW) – 
      the largest provider of dredging services in the United States and a 
      major provider of commercial and industrial demolition services, today 
      announced that it has signed a definitive agreement to purchase dredging 
      equipment from Weeks Marine, Inc. (“Weeks”). 
      Weeks, a Cranford, New Jersey Company, is a major provider of dredging 
      services, marine construction and stevedoring activities.
    
    
      The terms of the agreement with Weeks provide for Great Lakes Dredge & 
      Dock Company, LLC, (“Great Lakes”), 
      a subsidiary of Great Lakes Dredge & Dock Corporation, to purchase from 
      Weeks the “Beachbuilder”, 
      a large hydraulic dredge, for $13.3 million. Concurrently, the Company 
      will assign to Weeks the Asset Purchase Agreement dated April 10, 2007 
      between Great Lakes and Bean Meridian L.L.C., an affiliate of C.F. Bean 
      L.L.C. (“Bean”) 
      pursuant to which Great Lakes has the right to purchase the hydraulic 
      dredge “Meridian” 
      and its attendant plant (the “Bean Deal”). 
      This exchange of dredges is advantageous to Great Lakes because the 
      Beachbuilder’s larger size will allow the 
      Company to modify this vessel to create a world class hydraulic 
      cutterhead dredge well suited for capital and offshore beach nourishment 
      work. The acquisitions of the Eagle I from Bean and the Beachbuilder 
      from Weeks, as well as the modifications to the Beachbuilder will be 
      accomplished within the total amount of funds of approximately $64.5 
      million previously disclosed related to the Bean Deal. The acquisitions 
      and modifications are expected to be financed through a combination of 
      long term lease financing and a new senior credit facility.
    
    
      Douglas B. Mackie, President & Chief Executive Officer, said “We 
      are excited that the exchange of these two dredges will enhance the 
      Company’s competitive strength in capital and 
      beach dredging. With the increase in capacity Great Lakes will be able 
      to take on additional domestic and foreign work. It is our intention to 
      employ both the Eagle I and the Beachbuilder in 2007. The Beachbuilder 
      will operate while the new fabrications for this dredge are being 
      constructed.”
    
    
      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 18% 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.
    
    
      The matters discussed in this news release may constitute 
      forward-looking statements within the meaning of the Private Securities 
      Litigation Reform Act of 1995. Certain forward-looking statements can be 
      identified by the use of forward-looking terminology, such as ‘believes’, 
      ‘expects’, ‘may’, 
      ‘will’, ‘could’, 
      ‘should’, ‘seeks’, 
      ‘approximately’, ‘intends’, 
      ‘plans’, ‘estimates’, 
      or ‘anticipates’, 
      or the negative thereof or other comparable terminology, or by 
      discussions of strategy, plans or intentions. In particular, any 
      statements, express or implied, concerning future operating results or 
      ability to generate revenues, income or cash flow to service debt are 
      forward-looking statements. Forward-looking statements involve risks and 
      uncertainties that could cause actual results to differ materially from 
      those projected. These include risks associated with Great Lakes’ 
      substantial leverage, fixed price contracts, dependence on government 
      contracts and funding, bonding requirements and obligations, 
      international operations, government regulation, restrictive debt 
      covenants and fluctuations in quarterly operations. In light of these 
      and other uncertainties, the inclusion of forward-looking statements in 
      this news release should not be regarded as a representation by Great 
      Lakes that Great Lakes’ plans and objectives 
      will be achieved. Readers are cautioned not to place undue reliance on 
      these forward-looking statements, which speak only as of the date 
      hereof. Great Lakes assumes no obligation to update information 
      contained in this news release.
    
    
      (GLDD-G)