Exhibit 10.2

AMENDMENT NO. 5

TO CREDIT AGREEMENT

THIS AMENDMENT NO. 5 TO CREDIT AGREEMENT (this “Amendment”), dated as of
November 14, 2011, is made by and among Great Lakes Dredge & Dock Corporation
(the “Borrower”), the other “Loan Parties” from time to time party to the Credit
Agreement referred to and defined below (together with the Borrower, the “Loan
Parties”), the Lenders (as defined below) signatory hereto and Bank of America,
N.A. (successor by merger to LaSalle Bank National Association) as Swing Line
Lender, Issuing Lender and Administrative Agent (in such capacity, the
“Administrative Agent”). Capitalized terms used herein and not otherwise defined
herein shall have the meanings ascribed to such terms in the Credit Agreement
referred to and defined below.

W I T N E S S E T H:

WHEREAS, the Borrower, the other Loan Parties, the financial institutions from
time to time party thereto (collectively, the “Lenders”), the Administrative
Agent and the Issuing Lender have entered into that certain Credit Agreement,
dated as of June 12, 2007 (as amended, restated, supplemented or otherwise
modified prior to the date hereof, the “Credit Agreement”), pursuant to which,
among other things, the Lenders have agreed to provide, subject to the terms and
conditions contained therein, certain loans and other financial accommodations
to the Borrower;

WHEREAS, the Borrower has requested that the Lenders, and subject to the terms
and conditions set forth herein, the Lenders have agreed to, amend certain
provisions of the Credit Agreement;

NOW, THEREFORE, in consideration of the foregoing premises, the terms and
conditions stated herein and other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the Borrower, the other Loan
Parties, the Lenders and the Administrative Agent, such parties hereby agree as
follows:

1. Amendments to Credit Agreement. Subject to the satisfaction of each of the
conditions set forth in Section 3 of this Amendment, the Credit Agreement is
hereby amended as follows:

(a) The last sentence appearing in Section 3.1 of the Credit Agreement is hereby
amended and restated in its entirety as follows:

Each Letter of Credit shall expire no later than the earlier of (x) the fourth
anniversary of its date of issuance and (y) December 31, 2012; provided that
(1) any Letter of Credit with a one-year term may provide for renewal thereof
for additional one-year periods (which shall in no event extend beyond the date
referred to in clause (y) above) and (2) no later than five (5) days prior to
the

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scheduled Revolving Commitment Termination Date, the Borrower shall Cash
Collateralize each Letter of Credit, if any, with an expiration date after such
Revolving Commitment Termination Date in an amount equal to 105% of the Letter
of Credit Obligations with respect to such Letters of Credit.

(b) The definition of “Financial Letter of Credit Sublimit” set forth in
Schedule I to the Credit Agreement is hereby amended and restated in its
entirety as follows:

“Financial Letter of Credit Sublimit” means $40,000,000.

2. Ratification of Lender Participations in Letters of Credit. Subject to the
satisfaction of each of the conditions set forth in Section 3 of this Amendment,
each Lender party hereto hereby (a) acknowledges and agrees that each Letter of
Credit set forth on Annex I attached hereto constitutes a Financial Letter of
Credit, (b) acknowledges that each Letter of Credit set forth on Annex II
attached hereto has an expiration date on or after the Revolving Commitment
Termination Date and (c) acknowledges and agrees that it is obligated to
participate in each such Letter of Credit, and hereby confirms such
participation, in a Dollar Equivalent amount equal to such Lender’s Revolving
Credit Percentage in accordance with Section 3.4 or otherwise pursuant to the
Credit Agreement. Upon satisfaction of each of the conditions set forth in
Section 3 of this Amendment, the Lenders hereby waive any violation of the
Credit Agreement (and resulting Event of Default) caused by any of the foregoing
Financial Letters of Credit heretofore exceeding the Financial Letter of Credit
Sublimit, or any of the foregoing Letters of Credit heretofore having expiry
dates later than the Revolving Commitment Termination Date, in each case, prior
to giving effect to the amendment contemplated by this Amendment.

3. Effectiveness of this Amendment; Conditions Precedent. The provisions of
Sections 1 and 2 of this Amendment shall be deemed to have become effective as
of the date first written above (the “Effective Date”), but such effectiveness
shall be expressly conditioned upon the Administrative Agent’s receipt of
counterparts of this Amendment executed by Authorized Officers of the Borrower,
the other Loan Parties and each of the Lenders.

4. Representations and Warranties.

(a) The Borrower and each other Loan Party hereby represents and warrants that
this Amendment and the Credit Agreement as amended hereby (collectively, the
“Amendment Documents”) constitute legal, valid and binding obligations of the
Borrower and the other Loan Parties enforceable against the Borrower and the
other Loan Parties in accordance with their terms.

(b) The Borrower and each other Loan Party hereby represents and warrants that
its execution and delivery of this Amendment, and the performance of the
Amendment Documents, have been duly authorized by all proper corporate or
limited liability company action, do not violate any provision of its
organizational documents, will not violate any law, regulation, court order or
writ applicable to it, and will not require the approval or consent of any
governmental agency, or of any other third party under the terms of any contract
or agreement to which it or any of its Affiliates is bound (which has not been
previously obtained), including without limitation, the Bonding Agreement, the
Wells Fargo Documents and the Indenture, dated as of January 28, 2011, among
Wells Fargo Bank, National Association, as trustee, the Borrower and the
Subsidiary Guarantors.

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(c) The Borrower and each other Loan Party hereby represents and warrants that,
after giving effect to the provisions of this Amendment, (i) no Default or Event
of Default has occurred and is continuing or will have occurred and be
continuing and (ii) all of the representations and warranties of the Borrower
and each other Loan Party contained in the Credit Agreement and in each other
Loan Document (other than representations and warranties which, in accordance
with their express terms, are made only as of an earlier specified date) are,
and will be, true and correct as of the date of its execution and delivery
hereof or thereof in all material respects as though made on and as of such
date.

5. Reaffirmation, Ratification and Acknowledgment. The Borrower and each other
Loan Party hereby (a) ratifies and reaffirms all of its payment and performance
obligations, contingent or otherwise, and each grant of security interests and
liens in favor of the Administrative Agent, under each Loan Document to which it
is a party, (b) agrees and acknowledges that such ratification and reaffirmation
is not a condition to the continued effectiveness of such Loan Documents and
(c) agrees that neither such ratification and reaffirmation, nor the
Administrative Agent’s, or any Lender’s solicitation of such ratification and
reaffirmation, constitutes a course of dealing giving rise to any obligation or
condition requiring a similar or any other ratification or reaffirmation from
the Borrower or such other Loan Parties with respect to any subsequent
modifications to the Credit Agreement or the other Loan Documents. As modified
hereby, the Credit Agreement is in all respects ratified and confirmed, and the
Credit Agreement as modified by this Amendment shall be read, taken and so
construed as one and the same instrument. Each of the Loan Documents shall
remain in full force and effect and are hereby ratified and confirmed. Except as
expressly provided in Section 2 of this Amendment, neither the execution,
delivery nor effectiveness of this Amendment shall operate as a waiver of any
right, power or remedy of the Administrative Agent or the Lenders, or of any
Default or Event of Default (whether or not known to the Administrative Agent or
the Lenders), under any of the Loan Documents. From and after the effectiveness
of this Amendment, (x) each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean
and be a reference to the Credit Agreement, as amended hereby and (y) all
references to the Credit Agreement appearing in any other Loan Document, or any
other document, instrument or agreement executed and/or delivered in connection
therewith, shall mean and be a reference to the Credit Agreement, as amended
hereby.

6. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS
CONFLICTS OF LAW PRINCIPLES (OTHER THAN THE PROVISIONS OF 5-1401 AND 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW).

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7. Administrative Agent’s Expenses. The Borrower hereby agrees to promptly
reimburse the Administrative Agent for all of the reasonable out-of-pocket
expenses, including, without limitation, attorneys’ and paralegals’ fees, it has
heretofore or hereafter incurred or incurs in connection with the preparation,
negotiation and execution of this Amendment and the other documents, agreements
and instruments contemplated hereby.

8. Counterparts. This Amendment may be executed in counterparts, each of which
shall be an original and all of which when together shall constitute one and the
same agreement among the parties. Delivery of any executed counterpart of a
signature page of this Amendment by facsimile or other electronic imaging shall
be effective as delivery of a manually executed counterpart hereof.

* * * *

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year
first above written.

 

GREAT LAKES DREDGE & DOCK CORPORATION By:  

/s/ Bruce J. Biemeck        

Name: Bruce J. Biemeck Title:   President & CFO

 

GREAT LAKES DREDGE & DOCK ENVIRONMENTAL, INC. By:  

/s/ Bruce J. Biemeck        

Name: Bruce J. Biemeck Title:   Senior Vice President & CFO

 

GREAT LAKES DREDGE & DOCK COMPANY, LLC By:  

/s/ Bruce J. Biemeck        

Name: Bruce J. Biemeck Title:   President & CFO

 

DAWSON MARINE SERVICES COMPANY By:  

/s/ Catherine Hoffman        

Name: Catherine Hoffman Title:   President

 

NASDI HOLDINGS CORPORATION By:  

/s/ Bruce J. Biemeck        

Name: Bruce J. Biemeck Title:   Vice President & CFO

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NASDI, LLC By:   /s/ Bruce J. Biemeck        

Name:   Bruce J. Biemeck

Title:   Vice President

 

FIFTY-THREE DREDGING CORPORATION By:   /s/ Paul E. Dinquel        

Name:   Paul E. Dinquel

Title:   Vice President

 

YANKEE ENVIRONMENTAL SERVICES, LLC By:   /s/ Bruce J. Biemeck        

Name:   Bruce J. Biemeck

Title:   Vice President & CFO

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BANK OF AMERICA, N.A. (successor by merger to LaSalle Bank National
Association), as Administrative Agent By:   /s/ Linda Lov        

Name:   Linda Lov

Title:   AVP

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BANK OF AMERICA, N.A. (successor by merger to LaSalle Bank National
Association), as a

Lender

By:   /s/ Jonathan M. Phillips        

Name:   Jonathan M. Phillips

Title:   Senior Vice President

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GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender By:  

/s/ Jennifer Pricco        

Name:   Jennifer Pricco

Title:   Duly Authorized Signatory

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FIFTH THIRD BANK, as a Lender By:   /s/ Neil G. Mesch        

Name:   Neil G. Mesch

Title:   Vice President

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PNC BANK, NATIONAL ASSOCIATION (successor to National City Bank), as a Lender
By:   /s/ Jon R. Hinard        

Name:   Jon R. Hinard

Title:   Senior Vice President

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RBS CITIZENS, N.A. (successor by merger to Charter One Bank), as a Lender By:  
/s/ Mark A. Wegener        

Name:   Mark A. Wegener

Title:   Senior Vice President

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender By:   /s/ Naseem
Aboudaher        

Name:   Naseem Aboudaher

Title:   Loan Team Manager & VP

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MB FINANCIAL BANK, as a Lender By:   /s/ Henry Wessel        

Name:   Henry Wessel

Title:   Vice President

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ANNEX I

Financial Letters of Credit

 

Letter of Credit

Reference No.

  

LC Issuer

  

Beneficiary

   Original
Issuance
Date      Current
Expiry      Current
Amount  

T00000007232060

   Bank of America, N.A.    Reliance Insurance Company      3/31/09        
9/30/12       $ 154,000.00   

T00000007408627

   Bank of America, N.A.    National Union Fire Insurance      3/31/09        
1/10/12       $ 923,685.00   

T00000068016220

   Bank of America, N.A.    General Electric Capital      3/31/09        
6/11/12       $ 1,500,000.00   

T00000007189650

   Bank of America, N.A.    Signal Mutual Indemnity      3/31/09         9/30/12
      $ 547,583.00   

T00000068004112

   Bank of America, N.A.    Zurich American Insurance Company      1/06/10      
  12/31/11       $ 1,700,000.00   

T00000068004131

   Bank of America, N.A.    Fidelity and Deposit Co. of Maryland      9/06/11   
     6/11/12       $ 12,500,000.00   

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ANNEX II

Letters of Credit with an Expiration Date on or after the Revolving Commitment
Termination Date

 

Letter of Credit

Reference No.

  

LC Issuer

  

Beneficiary

   Original
Issuance
Date      Current
Expiry      Current
Amount  

T00000007232060

   Bank of America, N.A.    Reliance Insurance Company      3/31/09        
9/30/12       $ 154,000.00   

T00000007189650

   Bank of America, N.A.    Signal Mutual Indemnity      3/31/09         9/30/12
      $ 547,583.00   

T00000068004128

   Bank of America, N.A.    National Bank of Kuwait S.A.K.      7/27/11        
6/12/12       $ 576,588.45   

T00000068004129

   Bank of America, N.A.    National Bank of Kuwait S.A.K.      7/27/11        
6/12/12       $ 576,588.45   

T00000068004132

   Bank of America, N.A.    Qatar National Bank      10/13/11         7/20/12   
   $ 686,530.25