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Great Lakes Dredge & Dock declares commitment to construct ATB Trailing Suction Hopper Dredge.

M2 EQUITYBITES-April 18, 2013-Great Lakes Dredge & Dock declares commitment to construct ATB Trailing Suction Hopper Dredge(C)2013 M2 COMMUNICATIONS http://www.m2.com

Great Lakes Dredge & Dock Corporation (GLDD) (NASDAQ:GLDD), a provider of dredging services, remains committed to constructing its Articulated Tug & Barge (ATB) Trailing Suction Hopper Dredge, it disclosed on Wednesday.

The company said it has contracted a shipyard for the functional design drawings, detailed design drawings and follow on construction of the Dredge, based on its patent pending concept design and performance specification, adding that the major components and steel were ordered for the construction to begin when it terminated the shipyard's contract on 3 April 2013, due to certain defaults.

Additionally, GLDD mentioned that it will pursue all rights and remedies available to it under the contract, and it is also in discussions with other shipyards to proceed with the vessel's construction.

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Publication:M2 EquityBites (EQB)
Date:Apr 18, 2013
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