Welcome to our dedicated page for Great Lakes Dredge & Dock news (Ticker: GLDD), a resource for investors and traders seeking the latest updates and insights on Great Lakes Dredge & Dock stock.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is widely described in its public disclosures as the largest provider of dredging services in the United States, with a long history of executing significant international projects. This news page compiles company announcements, project updates, and regulatory disclosures that illustrate how Great Lakes operates within the marine construction and site preparation sector.
Readers can find news about dredging contracts and awards, such as maintenance and coastal protection projects on major rivers, harbors, and coastlines. Recent releases describe awards for work on the Mississippi River, regional harbor dredging in the South Atlantic, maintenance dredging in Baltimore Harbor and channels, and beach renourishment and coastal protection projects in states including Florida, New York, Arkansas, Oklahoma, and Delaware. These items show how the company’s services support navigation, coastal resilience, and environmental restoration.
News coverage also includes financial and capital structure updates, including quarterly earnings releases, discussions of backlog, and information about credit facilities. For example, Great Lakes has reported amendments to its revolving credit facility, describing changes to borrowing capacity, maturity, and the use of proceeds to refinance other debt. These announcements provide context on the company’s balance sheet, liquidity, and access to capital.
Another recurring theme in GLDD news is the company’s Offshore Energy sector and subsea infrastructure activities. Releases highlight the development of the Acadia subsea rock installation vessel, its expected use on offshore wind projects, and the broader strategy to serve subsea cable and pipeline protection markets. Collaborations with partners, such as arrangements to provide dredging services for potential offshore mineral projects, are also covered.
By following this news feed, investors and observers can monitor Great Lakes Dredge & Dock’s project pipeline, contract awards, offshore energy initiatives, and key financial disclosures over time.
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.
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported first-quarter 2021 net income of $8.8 million and adjusted EBITDA of $26.8 million. Revenue reached $177.6 million, down $40.1 million from Q1 2020 due to COVID-19 impacts and equipment failures. The company secured $90.3 million in awards, achieving a 42% bid market share. Direct COVID costs totaled $4.3 million, while operational delays resulted in $3.9 million revenue loss. Despite the challenges, management remains optimistic about future projects and vaccination efforts to mitigate disruptions.
Great Lakes Dredge & Dock Corporation (GLDD) will release its financial results for Q1 2021 on May 4, 2021, at 7:00 a.m. C.D.T. A conference call for investors will follow at 9:00 a.m. C.D.T., accessible via phone or the company's website. As the leading dredging services provider in the U.S., Great Lakes has a rich history of completing marine projects and operates the largest fleet in the industry, comprising over 200 specialized vessels. The company's safety management program emphasizes employee safety within its operations.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) has secured several major dredging contracts worth a total of $90.3 million. This includes $61.8 million for the Boston Harbor Navigation Improvement Project-Phase 3 aimed at enhancing navigational access for larger tankers, and $28.5 million for the Rehabilitation of Panama City Beaches Coastal Storm Risk Management Project. Work on these federally-funded projects is set to commence in Q2 2021 and Q3 2021, with expected completion by year-end.
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported strong financial results for the fourth quarter and full year 2020. Fourth quarter income from continuing operations was $10.6 million, while adjusted EBITDA was $29.4 million. For the full year, income from continuing operations reached $66.1 million, a significant increase of 18.7% from the previous year. Revenue rose to $733.6 million, driven by a robust domestic dredging market. The company ended 2020 with a backlog of $559.4 million and a cash position of $216.5 million, positioning it well for future investments and growth.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will release its financial results for the three and twelve months ended December 31, 2020, on February 17, 2021, at 7:00 a.m. C.S.T. A conference call will follow at 9:00 a.m. C.S.T., accessible at (877) 377-7553, Conference ID 4967097. The call will also be available for replay until February 19, 2021. Great Lakes, the largest U.S. dredging service provider, boasts a strong safety culture and operates over 200 specialized vessels, ensuring efficient project execution.
Great Lakes Dredge & Dock Co. (NASDAQ: GLDD) has appointed Eleni Beyko as senior vice president offshore wind, effective January 25, 2021. Beyko brings over 20 years of experience in program engineering and project management from the oil and gas and automotive sectors. Her role focuses on developing GLDD’s offshore wind operations, enhancing business strategies, and project execution. This appointment highlights GLDD's strategic move to invest in the offshore wind market along the eastern seaboard, aiming to leverage their dredging expertise for economic growth in the sector.
Great Lakes Dredge & Dock Corporation (GLDD) will present at NobleCon17 on January 20, 2021, at 11:00 am C.S.T. This virtual conference is free to attend and requires no obligations or restrictions. CEO Lasse Petterson and CFO Mark Marinko will lead the corporate presentation followed by a live Q&A session. A high-definition video webcast will be available the next day on the company's website. Great Lakes, the largest U.S. dredging service provider with over 200 specialized vessels, emphasizes a safety-first culture with its Incident-and Injury-Free® program.