Shimmick reaches $97M GGB Project settlement

Shimmick (SHIM) announced a settlement in its Golden Gate Bridge Project, the GGB Project. The litigation associated with this project was notably the Company’s last major outstanding legal claim that related to its legacy projects. Under the terms of the settlement and through its joint venture with Danny’s Construction Co. LLC, Shimmick/Danny’s Joint Venture, SDJV, Shimmick will receive $97 million before the end of 2024 as reimbursement for costs incurred on the GGB Project. In addition, the outstanding scope of work will be reduced by approximately $6.0 million.