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) reported a net loss of $9.9 million for Q3 2022, alongside revenues of $158.3 million, a $10.3 million decrease from the previous year. Adjusted EBITDA was $1.3 million, with an operating loss of $9.5 million. The dredging backlog stands at $452.6 million, down from $598.5 million year-over-year. Despite challenges such as delayed bids and inflation, management sees an improving bid market and anticipates better results in Q4 2022. New projects awarded totaled $338.9 million, indicating recovery prospects in the dredging sector.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will announce its financial results for the three and nine months ended September 30, 2022, on November 1, 2022, at 7:00 a.m. C.D.T. A conference call is scheduled for the same day at 9:00 a.m. C.D.T. Investors and analysts can pre-register for the call through a provided link, which grants access via a unique PIN. The live call can also be accessed on the Company’s website, under the Investor Relations section.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced major dredging awards totaling $143.5 million with additional open options worth $102.9 million. Key projects include the South Atlantic Division Regional Harbor Dredging Project ($26.6 million) and the Fire Island Inlet to Montauk Point Project ($24.5 million). Most projects are federally funded and expected to commence from December 2022 to January 2023, with completions anticipated by August 2023. CEO Lasse Petterson noted a recovery in bidding, although delays may affect Q4 performance.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced the acquisition of multiple dredging contracts, totaling $107 million. Key projects include:
- Norfolk Harbor Navigation Improvements: $56.8 million
- Charleston Lower Harbor Maintenance Dredging: $15.4 million
- Tampa Harbor Maintenance Dredging: $13 million
- New Jersey Wind Port Access Channel: $7 million
- Various smaller projects: $14.8 million
These contracts bolster Great Lakes’ project backlog and support regional cargo capacity and renewable energy efforts.
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported a net loss of $4.0 million for Q2 2022, with revenues at $149.4 million, a decline of $20.5 million from last year. Adjusted EBITDA was $10.2 million, and backlog stands at $373.8 million. Challenges included supply chain delays, inflation, and adverse weather affecting project timelines. Despite current hurdles, management anticipates stronger performance in the second half of 2022, bolstered by improved bidding, government support, and growth in the LNG and offshore wind sectors.
Great Lakes Dredge & Dock Corporation (GLDD) will release its financial results for the three and six months ending June 30, 2022, on August 2, 2022, at 7:00 a.m. CDT. Following the release, a conference call is scheduled for the same day at 9:00 a.m. CDT, where investors can pre-register for immediate access. Known as the largest dredging service provider in the U.S., Great Lakes is expanding into the offshore wind energy sector and boasts a diverse fleet of about 200 vessels, ensuring a commitment to safety through its Incident-and Injury-Free® program.
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.