GE: Phase 2 of Hudson River Dredging Project

(Press Release)
Thursday, December 23, 2010

GE announced today that it has advised the U.S. Environmental Protection Agency (EPA) that it will perform the second and final phase of the Hudson River dredging project. “We engaged in intensive and constructive discussions with EPA, and the Agency’s decision reflects our discussions and many of our proposals,” said Ann R. Klee, GE’s Vice President of Corporate Environmental Programs. “GE has consistently said it wanted to complete the dredging and now looks forward to doing so under terms that achieve the scientific objectives of dredging in a practical and
cost-effective way,” Klee said. “We are proud of having met each and every one of our many commitments to EPA on this project, and we will continue to do so.”
GE also said it will take an after-tax charge of about $500 million in the fourth quarter of 2010 to help fund the remainder of the project. As discussed on December 14 with securities analysts, GE expects that positive items, including a favorable tax settlement, will offset this charge. GE expects this step will resolve future uncertainty regarding Hudson dredging liabilities.
GE’s goal is to resume dredging in late Spring 2011. The company’s dredging team already has begun to refine the engineering design for Phase 2, based on technical discussions with EPA and the recommendations of the panel of independent scientists who evaluated the first phase of dredging. GE expects to submit the plans to EPA for review and approval in February.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Dredging

Korea Plans Big for Busan Port

Port of Busan aims to handle 13 million TEU of trans-shipment cargo by 2020 ranking it number two in the world.    A long-term vision and strategy to develop

NMDC Completes New Suez Canal

National Marine Dredging Company (NMDC), the UAE's leading dredging and marine construction company, has announced the completion of the New Suez Canal project

Shippers Demand Probe of Abandoned Calabar Port Dredging

The Nigerian Shippers Council (NSC) in Cross River State has urged President Muhammadu Buhari to probe the N20 billion contract awarded to Calabar Channel Management

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1171 sec (9 req/sec)