Great Lakes Dredge & Dock Enters Joint Venture with ERH

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced on July 20 that it had entered into a joint venture with Environmental Remediation Holding Inc. (ERH) a subsidiary of DEC of Belgium.

DEC is an international environmental specialist/contractor and holds DEC process licenses for soil remediation and dredged sediment treatment. The joint venture will provide water and land-based environmental services in the area of clean up and remediation of sediments soil and groundwater for both marine and land based projects.

DEC has been engaged in environmental services for more than 20 years providing through patented technologies recycling techniques landfill techniques environmental dredging and the redevelopment of brownfield sites. The joint venture was established to capitalize on each other’s expertise in environmental cleanup. As equal partners in the venture each party has agreed to commit equally to startup and operating capital requirements.

Chief Executive Officer Jonathan Berger stated “We anticipate bidding projects ranging from smaller dredge sediment and soil treatment remediation up to projects that could exceed $100 million in value such as environmental work on the Hudson and Fox Rivers.

“This is a great opportunity for Great Lakes to expand upon its dredging capabilities by offering services in new complimentary markets while increasing utilization of our dredging and demolition fleet and expertise. The joint venture will provide new opportunities for Great Lakes in the area of sediment treatment soil treatment groundwater treatment and special waste treatment in the water and on land. It will enable Great Lakes to expand the services it offers in dredging demolition and brownfield redevelopment as well as enter into new markets.

“Great Lakes is pleased to enter into this joint venture with ERH expanding its successful relationship with this prominent Belgian contractor. This new venture will serve as environmental contractors focusing on complex sediment soil and groundwater remediation projects. Our combined talents will enable us to deliver a seamless service derived from our internal multidisciplinary experts. Our team will work collaboratively with our clients and their partners including government and state regulatory agencies design teams and external parties” Berger said.