Great Lakes Announces the Award of a New Jersey Beach Project for $15.6 Million
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services, today announced receipt of an award of a $15.6 million contract for beach re-nourishment for Brigantine Island and Great Egg Harbor Inlet and Peck Beach in New Jersey. There are additional options that may be awarded under the contract, potentially adding another $5.6 million to the contract. This project will provide coastal protection from natural erosion and storm damage along these beaches. This work was awarded to GLDD by the Army Corps of Engineers Philadelphia District. Work is planned to begin before year-end to be done by the hydraulic dredge Illinois.
By investing in coastal protection projects like this, the Corps of Engineers saves the U.S. taxpayer billions of dollars in damages resulting from storms and natural erosion. As a secondary benefit, beaches in New Jersey generate billions of dollars in tax revenues to the local and national economy as a result of recreational users. Coastal environments that are maintained also provide sustainable habitat for many diverse species of wildlife. GLDD developed much of the original technology and construction methodology to make projects like this possible and continues to safely innovate and lead the industry in a constantly evolving and complex market.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.