Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) today announced its participation with DEME in the Wheatstone LNG Project dredging works in Australia.
Dredging International (Australia) Pty. Ltd. a member of the DEME Group has been awarded a subcontract to dredge the approach channel the maneuvering area and the berths for the Chevron-operated Wheatstone Project near the town of Onslow on Australia’s northwest coast. The subcontract was awarded by Bechtel Australia Pty Ltd to Dredging International (Australia) Pty. Ltd. and it will be executed in cooperation with Great Lakes. The work includes dredging more than 26 million cubic meters of material and the work will be executed under strict environmental conditions.
The total subcontract represents a value at today’s currency exchange rates of about AUD 1.13 billion (about $1.21 billion) of which Great Lakes will perform mechanical dredging on the project.
“Great Lakes expects to realize approximately $180 million in revenue on this project with the potential for greater income once we finalize our participation” said a company news release.