On August 3 Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced the execution of definitive contracts for the construction of a 15000-cubic-yard-capacity trailing suction hopper barge and 14000-horsepower tug. When delivered in the second quarter of 2014 these vessels will function as an articulated tug & barge (ATB) trailing suction hopper dredge.
GLDD has contracted the design and build project with Signal International Inc. which has shipyards in Orange Texas; Mobile Alabama and Pascagoula Mississippi. Signal was also given an option to build an additional dredge if warranted by domestic or international market conditions warrant.
Signal International will perform the detail design and construct the dredge in Orange Texas based on a patent pending engineered design and performance specification provided by Great Lakes. The aggregate cost of the initial dredge is expected to be approximately $94 million and Signal expects the project to create 125 jobs.