Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) remains committed to construction of its Articulated Tug & Barge (ATB) Trailing Suction Hopper Dredge, the Company's press release said.
As announced on August 3, 2012, GLDD contracted with a shipyard to perform the functional design drawings, detailed design drawings and follow on construction of a new ATB Trailing Suction Hopper Dredge based on GLDD's patent pending concept design and performance specification. Major components and steel have been ordered in preparation for commencement of vessel construction. As disclosed in GLDD's annual report, GLDD previously notified the shipyard of its intent to terminate the contract if certain defaults were not timely cured. On April 3, 2013, GLDD terminated the shipyard. GLDD intends to pursue all rights and remedies available to it under the contract. GLDD is in discussions with other shipyards to proceed with construction of the vessel.
GLDD remains committed to building its innovative and proprietary tug-barge hopper dredge. When combined with the optimized tug and barge hull design, the ATB Hopper Dredge is expected to provide ship-like productivity and efficiency at the lower operating cost of an ATB.
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. The Company is also one of the largest U.S. providers of commercial and industrial demolition services primarily in the Northeast. The Company owns a 50% interest in a marine sand mining operation in New Jersey that supplies sand and aggregate for road and building construction and a 50% interest in an environmental service operation with the ability to remediate soil and dredged sediment treatment. Great Lakes employs over 150 degreed engineers, most specializing in civil and mechanical engineering, which contributes to its 123-year history of never failing to complete a marine project. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. Great Lakes also owns and operates the largest and most diverse fleet in the U.S. industry, comprised of over 200 specialized vessels.
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