Great Lakes Dredge & Dock Corporation to Redeem All Outstanding Warrants

  
    
  
  
    
      Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) and (NASDAQ:GLDDW) 
      ("Great Lakes" or the "Company") today announced that it will redeem all 
      of the issued and outstanding warrants to purchase the Company’s 
      common stock. The warrants were originally issued by Aldabra Acquisition 
      Corporation ("Aldabra") and became exercisable for shares of common 
      stock of Great Lakes in connection with the merger of Great Lakes and 
      Aldabra on December 26, 2006.
    
    
      Great Lakes has the right to redeem these warrants upon not less than 30 
      days' prior written notice of redemption to the registered holder of the 
      warrants, provided that the last sales price of the common stock has 
      been at least $8.50 per share for at least 20 trading days within any 30 
      trading day period ending on the third business day prior to the date on 
      which the notice of redemption is given. The last trading price of the 
      common stock was at least $8.50 per share for the required period, and 
      closed today at $9.50. Therefore, in accordance with the Warrant 
      Agreement, the Company will be sending out a redemption notice to the 
      registered holder of the warrants within three business days. The final 
      redemption date for the warrants will be July 19, 2007.
    
    
      Prior to July 19, 2007, holders of the warrants may exercise them for 
      common stock of Great Lakes by sending the warrants together with 
      payment in full of $5.00 per warrant to the Company's stock transfer 
      agent, Continental Stock Transfer & Trust Company. After the redemption 
      date, holders of warrants who have not exercised their warrants will be 
      paid $.01 per warrant, and the warrant will be extinguished.
    
    
      About Great Lakes Dredge & Dock Corporation
    
    
      Great Lakes 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.