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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), 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.
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.
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