Great Lakes Dredge & Dock Corporation to Expand Dredging Fleet
11 4월 2007 - 12:15AM
Business Wire
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)
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