Thursday, August 24, 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, Equity Research Analyst, Generalist , 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.
Port Arthur Award. Yesterday, Great Lakes Dredge & Dock announced the award for the Port Arthur LNG Phase 1 project Marine Dredging and Disposal contract. This is the second LNG related award received by the Company this summer, following on the heels of the Next Decade contract. The Port Arthur LNG project is a natural gas liquefaction and export terminal in Southeast Texas with direct access to the Gulf of Mexico.
Work Details. The scope of work on this project is to dredge the Port Arthur LNG Berthing Pocket on the Port Arthur Ship Canal. The berthing pocket and turning basin will connect to the Port Arthur Ship Canal and allow LNG vessels to berth, load and depart safely. A significant portion of the dredged materials will be placed by Great Lakes within designated Beneficial Use of Dredged Material (BUDM) areas to restore and enhance marshlands within a local wildlife refuge. Great Lakes is expected to start this project later this year and finish within two years.
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