Wednesday, March 22, 2023
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Recent Dredging Awards. Great Lakes Dredge & Dock Corporation received several major dredging awards totaling $138.8 million. The awarded work includes coastal protection and maintenance work. There is still a lack of higher margin capital projects as the Army Corps of Engineers continues to be slow in making major capital project awards, in our view.
Trujillo Alto. The major award is Trujillo Alto Design and Build for the Lago Loiza (Carraízo) Dredging Project (Maintenance, Puerto Rico, $93.1 million). The project includes dredging in the reservoir area, preparation and construction of the work area, and storage and handling of materials. Work is expected to commence in the Spring of 2023 with estimated completion in the Spring of 2025.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
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