Leading market position. We are the largest provider of dredging services in the United States, winning approximately 42% of our bid market over the last four years. Our consistent #1 position in the domestic dredging market has provided us with industry leading operational expertise, allowing us to capitalize on significant market growth opportunities and pursue adjacent markets which leverage our core competencies.

Favorable competitive dynamics. We benefit from numerous federal statutes, including the Merchant Marine Act of 1920 (commonly known as the “Jones Act”) and the Foreign Dredging Act of 1906, which effectively block foreign competitors from entering the domestic dredging market, while limiting industry overcapacity and allowing us to maintain high utilization rates. In addition, high capital costs and fleet expansion time serve as impediments to new competitors entering the market or existing competitors wanting to quickly expand their fleets.

Highly fragmented inland and river dredging and demolition markets. The competitive landscape in these areas is highly fragmented. In addition, the demolition market is typically regionally defined with many privately held businesses operating within each region. As our key markets consolidate, we are well-positioned to potentially acquire smaller privately-held operators at favorable prices.

Largest and most diverse U.S. dredging fleet. Our fleet consists of 26 dredges, 21 material transportation barges, and over 130 other specialized support vessels strategically positioned around the world. Our fleet has an estimated replacement cost of approximately $1.5 billion. This does not include the assets purchased pursuant to the Matteson acquisition. Few competitors maintain a fleet of our size and diversity. The sophisticated software and technical capabilities installed in our vessels help further drive our market leadership.

Proprietary and proven project costing methodologies. We have assembled an extensive database of dredging production projects and past bidding results, which has resulted in proprietary costing methodologies, providing us with a clear advantage in estimating and more precisely bidding on new work. On average, our operating leadership has over 28 years of experience analyzing, budgeting and bidding for new projects.

International exposure. We are the only U.S. dredger with a significant foreign presence, providing us with a positive natural hedge against cyclicality in domestic markets. Historically, we have operated in the Middle East, Africa, India, the Caribbean and Central America. Most recently, we have focused our efforts on opportunities in the Middle East and Brazil. As a percentage of revenues, foreign operations have ranged from 13% to 36% from 2007 to 2010. Since the majority of our fleet is U.S. flagged, we have the ability to efficiently redeploy vessels across the globe as demand fluctuates between U.S. and foreign markets.

Strong and stable backlog. Our substantial backlog of uncompleted dredging and demolition work provides us with visibility into our future performance. As of December 31, 2010, our aggregate contracted backlog totaled approximately $360 million, including Matteson’s backlog. This level of backlog is consistent with historical levels. We believe the backlog figures are firm, subject only to cancellation provisions contained in the various contracts. Historically, we have not experienced any meaningful dredging project cancellations. In certain circumstances (e.g., weather related, multi-staged contractor situations, etc.) projects can be delayed, however, in these circumstances the contract typically rolls forward and the revenue remains on the backlog until the project begins.

New management team. Our new management team has a focused strategy aimed at leveraging our competitive strengths, enhancing operational performance and pursuing new areas of growth. This new management team is led by Jonathan Berger, our Chief Executive Officer, and Bruce Biemeck, our President and Chief Financial Officer. Both Mr. Berger and Mr. Biemeck were members of our Board of Directors prior to joining our senior management team. The average industry experience level of our senior management team is over 20 years.

Build upon our preeminent position in the U.S. dredging market. Since 2006, we have deployed approximately $125 million in growth capital expenditures and are well-positioned to cost-effectively bid on most upcoming dredging projects. We will continue to both defend this existing market position and seek to improve upon it by effectively winning new contract awards and deploying our fleet in a cost-effective manner. We may continue to expand capacity depending on market conditions.

Enhance our operating capabilities via prudent and cost-effective investments and asset management. We continue to improve proprietary costing, technical, and vessel construction and retrofitting capabilities, which have in the past resulted in increased efficiencies of dredging assets. Our practice of retrofitting our vessels has allowed us to cost-effectively improve the useful life of our fleet. In addition, many of our vessels which are stationed abroad are U.S. flagged which allows them to be redeployed to the domestic market providing us with ample flexibility as we manage our global resources.

Capitalize on adjacent market opportunities in our domestic markets. We are focused on leveraging our operational and technical capabilities to further develop our domestic dredging service offering into inland dredging, environmental dredging and further expansion into the Gulf region. In addition, we see significant opportunities in the U.S. levee system repair and maintenance market; these levees are critical in protecting highly populated cities and regions across the country.

Expand our presence in foreign markets. In international markets, we target opportunities that are well suited for our equipment and where we can be competitive and profitable. Although we have experience operating in many regions of the world, we are currently focused on opportunities in the Middle East and Brazil. We believe that both of these regions offer significant growth potential and we have dedicated personnel to expand our reach within each market.

Pursue growth opportunities in the commercial and industrial demolition market. We see potential for further integration of our dredging and demolition businesses and continually evaluate bridge, dock, off-shore platform and other marine service related demolition opportunities. We recently expanded our geographic reach beyond New England with our first bridge demolition project in Louisiana. We have identified other upcoming projects which our management team is currently evaluating and we plan to actively pursue additional projects where we believe we can profitably expand our service offering.