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Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is the largest provider of dredging services in the United States, known for its extensive and diverse fleet of over 200 specialized vessels. With a legacy spanning 127 years, the company plays a significant role in marine construction, environmental remediation, and infrastructure development both domestically and internationally. Employing more than 1,000 skilled professionals, GLDD excels in projects that enhance and preserve waterways and coastlines, as well as those that bolster infrastructure.
The company’s core operations include Coastal Restoration, Coastal Protection, Ports and Harbors, International, and Inland Dredging. Recent high-profile projects include the deepening of the Sabine-Neches Waterway, the beach renourishment at Great Egg Harbor Inlet, and the St. Augustine Shore Protection Project. These initiatives are pivotal for economic benefits, environmental protection, and enhancing U.S. competitiveness in global markets.
GLDD’s strategic expansion into the offshore wind market underscores its commitment to renewable energy. The company has made significant strides with its offshore wind rock installation vessel, the Acadia, which is the first U.S.-flagged Jones Act compliant vessel for subsea rock installation. This vessel will contribute to meeting the ambitious renewable energy goals set by the Biden Administration.
Financially, Great Lakes has demonstrated resilience and adaptability. Despite recent market challenges, the company reported strong performance in 2023, securing multiple contracts and maintaining a robust backlog. This includes significant projects related to LNG and offshore wind. The company's disciplined cost management and strategic investments in new vessels like the Galveston Island and Amelia Island dredges position it well for future growth.
Partnerships with entities like MARAD and the Philly Shipyard highlight GLDD’s collaborative efforts to enhance its service offerings and operational capabilities. Moreover, the company’s Incident-and Injury-Free® (IIF®) safety management program underscores its commitment to employee safety and operational excellence.
Great Lakes Dredge & Dock Corporation remains a vital player in the maritime industry, dedicated to improving and protecting the world’s waterways and coastlines while pioneering advancements in renewable energy infrastructure.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) announced the appointment of David Johanson as SVP, Project Acquisition & Operations, and Christopher G. Gunsten as SVP, Project Services & Fleet Engineering, effective August 1, 2022. This follows the retirement announcement of COO David E. Simonelli, scheduled for September 16, 2022. Johanson has been with Great Lakes since 1994, while Gunsten has served since October 2021. Both executives bring extensive experience to their new roles as the company continues to expand its operations.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) announced its participation in Noble Capital Markets' C-Suite Interview Series. In the interview, President & CEO Lasse Petterson and SVP Eleni Beyko discussed the company's new offshore wind division, associated market opportunities, and challenges. Key topics included the rock installation vessel under construction, the impact of the Jones Act on competition, and growth drivers in the dredging market. This initiative highlights Great Lakes' commitment to expanding in the offshore wind energy sector while leveraging its extensive fleet and engineering expertise.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) announces the retirement of Chief Operating Officer David E. Simonelli, effective September 16, 2022. With 44 years at Great Lakes, Simonelli has significantly impacted project safety and environmental protection. He served as President of the Dredging Division and COO, known for his leadership and fostering a safety culture in the dredging industry. Post-retirement, he will offer consulting services, ensuring a smooth transition as the company aims to enhance its market growth, especially in the offshore wind sector.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) has announced the exercise of a contract option to construct a second 6,500-cubic-yard-capacity Trailing Suction Hopper Dredge with Conrad Shipyard, expected to be delivered by Q1 2025. This vessel will complement the Galveston Island dredge currently under construction. CEO Lasse Petterson emphasized the strategic investment in the fleet to enhance capabilities for various projects, including channel deepening and coastal restoration. The dredge will feature environmentally-friendly technologies, showcasing the company's commitment to sustainable operations.
Great Lakes Dredge & Dock reported first-quarter 2022 earnings with a net income of $11.1 million and adjusted EBITDA of $29.7 million. Revenue reached $194.3 million, reflecting a year-over-year increase of $16.7 million. The backlog stood at $473.5 million as of March 31, 2022. Challenges included weather-related delays and ongoing COVID-19 costs, impacting production. A significant contract for subsea rock installation for the Empire Wind I and II project was secured, anticipating long-term growth opportunities in offshore wind development.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) has been awarded its first offshore wind rock installation contract for the Empire Wind I and II projects, a joint venture by Equinor and bp. The projects will generate over 2 GW of renewable energy for New York. Great Lakes will utilize the first Jones Act compliant subsea rock installation vessel, enhancing U.S. offshore wind capabilities. The initiative supports local employment and economic growth, marking a significant step for the offshore wind industry in the U.S.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will announce its financial results for the quarter ending March 31, 2022, on May 3, 2022, at 7:00 a.m. C.D.T. Following this, a conference call will take place at 9:00 a.m. C.D.T., accessible via call-in or on the company’s website. Established over 131 years ago, Great Lakes is the largest U.S. dredging service provider, known for its significant international projects and commitment to safety through its Incident-and Injury-Free® program.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) has announced a significant agreement with Texas A&M University to support the establishment of the Great Lakes Dredge & Dock Laboratory of Dredging and Coastal Studies. This partnership aims to enhance research and technical support in coastal engineering. The collaboration underscores Great Lakes' commitment to education and the ocean engineering profession and is expected to strengthen their longtime relationship with the university. Both parties expressed excitement about the potential advancements in dredging and coastal studies.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced multiple major dredging awards totaling $132.3 million. Key projects include:
- Rockaway Inlet Beach Fill (New York, $37.2 million)
- South Atlantic Division Harbor Dredging (Georgia, North Carolina, South Carolina, $25.8 million)
- Avon Village Beach Nourishment (North Carolina, $25.9 million)
- Carolina and Kure Beaches Project (North Carolina, $20.3 million)
- Jacksonville Harbor Dredging (Florida, $11.5 million)
- Nags Head Beach Renourishment (North Carolina, $11.6 million)
Work on these projects will help improve coastal resilience and is expected to commence between mid-2022 and fall 2022.
Great Lakes Dredge & Dock Corporation (GLDD) reported Q4 2021 net income of $24.7 million and full-year net income of $49.4 million, down 25.3% from 2020. Q4 revenue rose to $210.0 million, a $37.9 million increase YoY, while adjusted EBITDA grew by 63.9% to $48.2 million. The company's full-year revenue fell by $7.5 million to $726.1 million. GLDD ended the year with a backlog of $551.6 million and announced a new contract in the offshore wind sector.
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