Great Lakes Dredge & Dock Corporation to Expand 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 definitive agreements to purchase dredging 
      equipment from affiliates of C.F. Bean LLC (“Bean”). 
      Bean is a major provider of dredging services.
    
    
      The terms of the agreements call for Great Lakes Dredge & Dock 
      Corporation (“Great Lakes”) 
      to purchase from Bean, the “Eagle I”, 
      a 6,400 cubic yard hopper dredge and the “Meridian”, 
      a hydraulic dredge, along with attendant plant, for an aggregate 
      purchase price of $52.5 million. It is the Company’s 
      intention to invest approximately $12 million of additional funds to 
      upgrade and outfit certain equipment.
    
    
      Douglas B. Mackie, President and Chief Executive Officer, said, “We 
      are delighted for the opportunity to purchase these two vessels, 
      currently operating in the U.S. market, which will strengthen the Company’s 
      competitive position. Our recent merger with Aldabra provided the 
      financial flexibility to accomplish an accretive transaction for the 
      Company.”
    
    
      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)