GLDDW Great Lakes Dredge Docp Wrt (MM)

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.