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2006 ANNUAL REPORT FROM BALTIMORE  DREDGE ENTERPRISES

For Immediate Release
22 March 2007

Baltimore Dredge Enterprises (BDE), the largest U.S.-based cutter dredge manufacturer, has issued its report on its 2006 performance.

Dredge Sales:
In 2006 the Company and its operating entities, Ellicott® Dredges, Mud Cat™, Liquid Waste Technology (LWT), IMS Versi-Dredge™, and United Marine International delivered just under 60 dredges, compared to 50 in 2005.  These included five contracts for multiple units, including with the Government of Iraq.  The customer list this past year included ten repeat customers, including DuPont Chemicals, New York State and the State of Ohio, and Hillsboro Inlet in  Florida. Ellicott® enjoyed a mix of orders for custom-designed dredges as well as for its standard line of portable “Dragon® “ series dredges.  Over the last 12 months, BDE companies have received orders for new dredges worth more than $50mm.

Notable Contracts: 

Series 1380 'Dragon' on the Erie Canal
Series 1380 "Dragon®" on the Erie Canal
IMS Versi-Dredge at Iraq Naval Base
IMS Versi-Dredge™ at Iraq Naval Base
ENEL dredge by LWT
ENEL dredge by LWT

Ellicott® Dredges delivered a Series 1380 "Dragon®" dredge to New York State for the New York State Canal (Erie Canal.). This dredge will supplement an Ellicott® unit built in the 1970's. Ellicott® has carved a niche for “Dragon®” dredges for coastal applications, with appropriate features like high freeboard and rugged built that enable locally-run regional dredge programs to succeed. Recent examples include the State of  Delaware and Hillsboro Inlet (FLA) which use their dredges for ongoing navigation needs frequently coupled with beach nourishment.  


Ellicott® Dredges is also working on a 50 ft digging depth electric dredge for sand and gravel mining for Hanson Aggregates which is distinguished by a unique jet assist design for deep digging that obviates the need for a ladder pump.

New "Super-Dragon®"
Since the end of 2006, Ellicott® has received an order for a new Series 4170, a 4000 HP/3000KW 24" (610mm) cutter dredge for real estate and luxury resort development in the Middle East, to be delivered in 2008.

IMS delivered a Versi-Dredge™ to the Iraq Navy for maintenance of a patrol boat ship lift facility.  The British officer in charge of the project said "The IMS team provided a first-class service and has directly assisted us in our efforts (with)…the Iraqi Navy."  Another interesting IMS order was from Beard Technologies for a follow-on dredge for processing coal fines.


LWT delivered a remote controlled dredge to ENEL, the leading European power utility, for its operations in Central America and a special remote controlled electric dredge to Dow Chemical in Brazil for a calcium sludge reclamation application.


United Marine International will soon be delivering a new TrashCat™ trash skimmer to the City of Baltimore. This skimmer will be the 6th unit in Baltimore's fleet, all from United Marine. United Marine also delivered a WeedCat™ aquatic plant harvester to Gabon, Africa.

Baltimore Dredge Enterprises' companies delivered dredges to over 15 countries and served over 25 governmental entities in the U.S. and abroad. Management was particularly pleased with multiple dredge sales to Europe.

The Company and its customers received valuable financing assistance from the U.S. Export-Import Bank, the U.S. Small Business Administration, and the Overseas Private Investment Corporation (OPIC.)

New Products: 
Swinging Ladder Dredge/New Weed Excavator/ Robotic Crawler Dredge/Sand & Gravel Dredge/Positioning Systems

Ellicott® and LWT have together successfully introduced a new generation of swinging ladder dredges, including both a heavy duty, state-of-the-art 10” version, and a highly portable economical 8” version. Branded as the "Swinging Dragon®", they received multiple orders in 2006.  Most recently Howell Township of New Jersey bought the 8" version. Another sale went for PCB remediation in Wisconsin. Ellicott® developed the industry’s first swinging ladder dredges back in the 1940's. The Company is now building swinging ladder dredges for stock inventory, and invites inquiries from interested parties.

Other technical innovations besides the jet assist sand and gravel dredge mentioned above for Hanson include new multi-purpose excavators good for weeds as well as sediment, and a new underwater robotic crawler dredge (operates on crawler tracks) under construction for an Asian client.

BDE initiated an exclusive arrangement with Hypack to be the only dredge manufacturer authorized to distribute and install their products and services for dredge positioning systems and hydrographic surveys, and completed several successful installations.

New Plant for Building Dredgers: 
To help meet customers’ needs and a growing backlog, BDE has committed to erect a new greenfield plant in New Richmond, Wisconsin, USA. The $5mm facility will include a 50,000 ft2 (4,700m2) building under roof located on 15 acres (6 hectares.)  Scheduled for completion by January 2008, it will feature a dredge test pond and facilities for operator training and education, and will have room for future additional expansion.

Awards--for Exports/Manufacturing Excellence/Dredge Safety : 

2006 Export Achievement Award
Ellicott® Dredges Receives 2006 Export Achievement Award

The U.S. Commerce Department issued Ellicott® Dredges its 2006 Export Achievement Award at a ceremony in Baltimore.  US Senator Ben Cardin and Commerce Deputy Assistant Secretary  Colleen Litkenhaus, together with other Commerce Department officials, presented the award.   Bill Burwell of the Commerce Dept. said "Ellicott® earned the award for its outstanding track record over the past several years in increasing its exports dramatically, entering new export markets, and creating local manufacturing jobs as a result."

The World Trade Center Institute in Baltimore, together with the Regional Manufacturing Institute, featured Ellicott® Dredges at a recent seminar which was part of its "Inside Series" focusing on corporate best practices.

The US Army Corps of Engineers gave Ellicott®'s client Dredge America, Inc. two safety awards for its accident-free execution of a project near Mobile, Alabama using its Ellicott® Series 370 dredge, the"Liberty."

Backlog: 
The Company has a record backlog of over $25MM, and expects 2007 to be even better than 2006.  The Company is benefiting from strong demand based on its products' reputation for rugged construction, longevity, and technology appropriate for the intended applications whether mining, or marinas, or navigation, or wastewater treatment.

 

For more information, contact:
Peter A. Bowe 
Email – pabowe@dredge.com
Phone: 410-545-0205 • Fax:  410-545-0200


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