Movers and SHAKERS
Great Lakes Dredge & Dock (GLDD)
New Award, Plea Agreement Reached and Multi Cats Added
Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only's operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
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USACE award announced. Last week, GLDD was low bidder on a project related to maintenance dredging in Louisiana. A fully crewed and equipped hopper dredge will be leased out for $24.3 million for work that should be completed in early 4Q2022.
Environmental litigation will cost up to $3 million. In mid-June, GLDD agreed to plea guilty to a single misdemeanor for violating the Clean Water Act in connection with an oil spill in 2016. A fine of $1 million will be paid and a fund of up to $2 million will be established to pay added restitution as determined at future hearings. While the oil spill was caused by a sub contractor, GLDD was faulted for failing to properly supervise the work. While the guilty plea could jeopardize...
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