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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 (GLDD) announced a partnership with Project Vesta to advance Coastal Carbon Capture technology, which utilizes sand to extract carbon dioxide from the atmosphere. This innovative collaboration positions Great Lakes as a leader in climate change mitigation efforts within the dredging industry. The partnership aims to enhance research on sustainable practices and coastal resilience, potentially impacting billions of tons of CO2 reduction according to scientific studies. The initiative is set to bolster Great Lakes' commitment to sustainability and promote new methods for effective carbon removal.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) has announced the receipt of several significant dredging awards totaling $261.3 million. Key projects include:
- Corpus Christi Upper Bay Reach Channel Improvement Project ($139 million)
- Fire Island Inlet to Montauk Point Beach Project ($47.5 million)
- Thimble Shoal East Deepening Project ($38.4 million)
- Mississippi River Maintenance Project ($24.3 million)
- Cape May Inlet Beach Renourishment Project ($12.1 million)
These projects are expected to commence in late 2021 and early 2022 and will enhance coastal protection and navigation.
Great Lakes Dredge & Dock Corporation (GLDD) reported its Q2 2021 financial results, showing a net income of $2.1 million and adjusted EBITDA of $20.2 million. Revenue for the quarter reached $169.9 million, marking a $2.0 million increase from Q2 2020. However, gross margin declined to 13.5%, down from 19.7% due to COVID-related costs totaling $3.0 million. The company's backlog stood at $454.4 million, an increase from last year, bolstered by new awards of $112.8 million in the current quarter.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) appointed Earl Shipp to its Board of Directors, effective July 29, 2021, expanding the Board to eight members. Lawrence R. Dickerson, Chairman, welcomed Shipp, highlighting his extensive experience in operations and strategic growth, notably at Dow Inc., where he managed over $7 billion in investments. Shipp’s background includes leadership roles across various locations globally. The appointment signifies the company’s commitment to enhancing governance and board depth, aimed at strengthening strategic initiatives.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is set to release its financial results for the six months ended June 30, 2021, on August 3, 2021, at 7:00 a.m. CDT. A conference call will follow at 9:00 a.m. CDT, with a replay available until August 10, 2021. Great Lakes, the leading U.S. dredging service provider, boasts a robust 131-year history, completing all marine projects undertaken. The company emphasizes a strong safety culture through its Incident-and Injury-Free® management program and operates over 200 specialized vessels.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) will participate in the Stifel Virtual Cross Sector Insight Conference on June 9, 2021, featuring a presentation by President and CEO Lasse Petterson and CFO Mark Marinko at 9:20 AM EDT. A live webcast of the event will be accessible through the company's website, with an archived recording available afterward. With over 131 years in operation, Great Lakes is the largest dredging service provider in the U.S., boasting a diverse fleet of over 200 specialized vessels and a commitment to employee safety.
Great Lakes Dredge & Dock Corporation (GLDD), the largest U.S. dredging services provider, will participate in Noble Capital Markets' Virtual Road Show on June 2, 2021. The event will feature presentations from President Lasse Petterson and CFO Mark Marinko, followed by a Q&A session. This initiative encourages investor engagement and registration is free. Great Lakes boasts over 131 years of project completion history, and operates the largest fleet of specialized vessels, emphasizing its commitment to safety and performance in marine projects.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) has secured multiple dredging awards totaling $112.8 million. Key projects include:
- Mobile Harbor Navigation-Phase 3 in Alabama: $53.9 million
- Golden Triangle Marsh Creation in Louisiana: $32.4 million
- Captiva Island Beach Renourishment in Florida: $15.6 million
- McKellar Lake Harbor Dredging: $7.6 million
- Jacksonville Harbor Maintenance Dredging: $3.3 million
Work on these projects is expected to start between May and July 2021, enhancing U.S. coastal infrastructure and environment.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) plans to sell $325 million of unsecured 5.25% Senior Notes due 2029 to redeem its existing 8.000% Senior Notes due 2022. The issuance, priced at par, is expected to be completed by May 25, 2021, subject to customary conditions. The 2029 Notes will be guaranteed by the Company’s wholly-owned subsidiaries but will not be registered under the Securities Act of 1933. This move aims to enhance the Company’s financial structure and reduce interest expenses.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced a proposed offering of $325 million in fixed-rate, unsecured senior notes, aimed at redeeming its outstanding 8.000% Senior Notes due 2022. The offering will be conducted privately, targeting qualified institutional buyers. This financial maneuver is intended to strengthen the company’s balance sheet by eliminating higher-interest debt.
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