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Great Lakes Dredge & Dock CORP reported an equity award to senior vice president Eleni Beyko. She acquired 16,320 shares of common stock through a grant classified as a restricted stock unit award at a stated price of $0.00 per share. These restricted stock units vest in three equal annual installments beginning on February 23, 2027. Following this award, Beyko’s directly held common stock (including the granted units) totals 121,834 shares.
Great Lakes Dredge & Dock Corp VP & CAO Ryan Bayer received an equity award of 7,165 shares of common stock in the form of restricted stock units. The award was granted at no cash cost and is classified as a grant or other acquisition.
The restricted stock units vest in three equal annual installments beginning on February 23, 2027, providing a multi-year incentive. Following this grant, Bayer directly holds 31,739 shares of the company’s common stock.
Great Lakes Dredge & Dock Corporation, the largest U.S. dredging services provider, outlines its single-segment dredging business and growing offshore energy operations. Dredging generated 97% of 2025 revenue, led by deep port capital work and coastal protection, with the company holding a three-year average U.S. bid market share of 29%.
The company has agreed to be acquired by Saltchuk Resources via a tender offer at $17.00 per share, followed by a merger that will make Great Lakes a wholly owned subsidiary and lead to delisting from Nasdaq, subject to a majority tender and antitrust clearance. It is also investing in offshore energy through the Acadia, a Jones Act subsea rock installation vessel launched in July 2025 and expected to be operational in the first half of 2026, backed by U.S. wind contracts and initial European offshore wind awards.
Great Lakes Dredge & Dock Corporation reported strong fourth quarter and full year 2025 results and highlighted a pending acquisition by Saltchuk Resources, Inc. Full year revenue reached $888.3 million and net income was $73.5 million, both higher than 2024. Adjusted EBITDA rose to a record $171.3 million, reflecting better project performance and higher capital, coastal protection, and offshore energy revenues.
Total backlog was $888.1 million as of December 31, 2025, including $124.8 million in offshore energy backlog. The company also signed two new international offshore energy contracts with a major offshore wind developer that will keep the vessel Acadia working in Europe for most of 2027. Great Lakes previously announced a definitive agreement for Saltchuk to acquire the company, with closing expected in Q2 2026 subject to customary conditions.
Great Lakes Dredge & Dock Corporation reports that, as previously announced, it entered into a definitive agreement on February 10, 2026 to be acquired by Saltchuk Resources, Inc. at an aggregate equity value of approximately $1.2 billion and a total transaction value of $1.5 billion.
Because of this pending transaction, the company will not hold its previously scheduled earnings call on February 17, 2026. It still expects to release financial results for the three and twelve months ended December 31, 2025 in connection with filing its Annual Report for that period.
Saltchuk Resources, through its subsidiary Huron MergeCo, plans a tender offer for all outstanding shares of Great Lakes Dredge & Dock Corporation common stock, under an Agreement and Plan of Merger dated February 10, 2026. If enough shares are tendered and closing conditions are met, Huron MergeCo would merge into Great Lakes Dredge & Dock, with the company surviving as a Saltchuk subsidiary.
This filing consists of preliminary communications made before the tender offer has formally commenced. It emphasizes that the actual offer will be made only through official documents filed with the SEC, including a Tender Offer Statement on Schedule TO and a Solicitation/Recommendation Statement on Schedule 14D-9. Investors are urged to read those materials in full when available because they will contain important information about terms, procedures and conditions of the offer and merger.
Great Lakes Dredge & Dock Corporation agreed to be acquired by Saltchuk Resources, which will launch a cash tender offer to buy all outstanding shares for $17.00 per share, followed by a merger that will take Great Lakes private as a Saltchuk subsidiary.
The deal values Great Lakes at about $1.2 billion of equity and $1.5 billion total, a price Saltchuk says represents a 25% premium to the company’s 90‑day average share price and a 5% premium to its all‑time high close. Closing is targeted for the second quarter of 2026, subject to a majority of shares being tendered, antitrust clearance under the HSR Act and other customary conditions.
The merger agreement includes a termination fee of $36,861,914 payable to Saltchuk in specified circumstances, and establishes non‑solicitation and “superior proposal” provisions. The board also approved transaction bonuses for key executives and enhanced severance and retention arrangements to support continuity through and after the transaction.
Great Lakes Dredge & Dock Corp. director Kathleen M. Shanahan reported stock unit conversions into common shares. On January 15, 2026, she exercised 2,849 Deferred Stock Units (DSUs) and separately 3,002 DSUs at an exercise price of $0 per share, receiving the same number of Great Lakes Dredge & Dock common shares for each transaction.
Each DSU represents the right to receive one share of common stock at settlement. After these transactions, she directly held 76,375 shares of common stock, while still holding 11,853 DSUs from a 2024 grant and 8,851 DSUs from a 2025 grant that continue to vest in future installments or earlier if her board service ends.
Great Lakes Dredge & Dock Corp. executive Vivienne R. Schiffer, SVP-Project Acquisition & Ops, reported a sale of company stock. On 12/10/2025 she sold 2,100 shares of common stock at a weighted average price of $13.9564, with individual trades priced between $13.95 and $13.975. After this transaction she directly owns 91,963.2594 shares of Great Lakes Dredge & Dock common stock. The sale was executed under a Rule 10b5-1 trading plan adopted on August 18, 2025, providing for pre-arranged stock transactions.
Great Lakes Dredge & Dock (GLDD) reported stronger Q3 2025 results. Contract revenues were $195.2 million, up slightly from $191.2 million a year ago, driving operating income to $28.1 million from $16.7 million. Net income rose to $17.7 million, or $0.26 diluted earnings per share, versus $0.13. Year to date, revenue reached $631.8 million and net income was $60.8 million, with diluted EPS of $0.90.
Cash generation was solid: operating cash flow for the nine months was $166.9 million, while capital spending was $117.8 million, reflecting fleet investments. The company ended Q3 with $12.7 million in cash, no revolver borrowings, $58.5 million in letters of credit, and $271.1 million of ABL availability. Long‑term debt was $415.3 million. Backlog remained substantial, with $934.5 million in dredging remaining performance obligations and $73.0 million in offshore energy, most expected to convert to revenue by the end of 2026. During 2025, GLDD repurchased 1,312,493 shares for approximately $11.6 million. Subsequent to quarter end, GLDD upsized its ABL to $430.0 million and repaid the $100.0 million Second Lien facility, incurring a 3% call premium.