Wednesday, December 01, 2021

Orion Group Holdings (ORN)
Total Awards of $44 million Reinforce 2022 Outlook

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Five Concrete awards total ~$28 million. Three awards represent work near Dallas, including a data center expansion for $3.8 million, construction of two residential buildings for $4.3 million, and construction of a cold storage facility for $5.6 million. Work should start in 1Q2022 with completion by yearend 2022. Two awards are located in Houston, including construction of a tilt-wall warehouse for $5.1 million and construction of a mixed-use building for $9.2 million. Work should start in 1Q2022 and finish in 1Q2023.


Three Marine awards total ~$16 million.  The largest Marine award includes dredging in Freeport Harbor for $7.1 million that should start and finish in 1H2022. The other awards include pipeline removal work of $4.1 million in Texas and installation of a bulkhead wall for $5.2 million in Florida, with completion of both projects in 2Q2022 …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Orion Group Holdings, Inc. Announces Contract Awards of Approximately $28 Million

HOUSTON–(BUSINESS WIRE)–Nov. 30, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced four contract awards for its Concrete segment totaling approximately 
$28 million.

The Company was recently awarded three contracts in the 
Dallas area, including a 
$3.8 million contract for a data center expansion, a 
$4.3 million contract for the construction of two cast-in-place retirement residential buildings, and a 
$5.6 million contract for a cold storage facility. All three projects are expected to commence in the first quarter of 2022 and be complete in the fourth quarter of 2022.

The Company also has been awarded a contract valued at 
$5.1 million to construct tilt-wall warehouses in its 
Houston market and a contract valued at 
$9.2 million to build a mixed-use office-retail-residential building. Work on both projects is expected to begin during the first quarter of 2022 and be completed by the first quarter of 2023.

“These awards continue to demonstrate our position as a leader for concrete construction projects in our key 
Texas markets,” said  Mark Stauffer, Orion’s President and Chief Executive Officer.

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental 
United States, 
Alaska, 
Canada and the 
Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

Orion Group Holdings, Inc. Announces Contract Awards of $16 Million

HOUSTON–(BUSINESS WIRE)–Nov. 30, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced three contract awards for its Marine segment totaling approximately 
$16 million.

In 
Texas, the Company has been awarded a contract valued at 
$7.1 million by the 
U.S. Army Corps of Engineers for dredging in the Freeport Harbor Channel. Work is expected to begin in the first quarter of 2022 and to be completed in the second quarter of 2022. The Company has also been awarded a contract valued at 
$4.1 million by a local port for a pipeline removal project related to future expansion. Work on this project is expected to commence late in the fourth quarter of 2021 and be completed during the second quarter of 2022.

In 
Florida, the Company has been awarded a contract by a private sector client for the installation of a bulkhead wall for shore protection. This project is valued at 
$5.2 million and will commence in the first quarter of 2022 with the work completed in the second quarter of 2022.

“We’re pleased to announce these project awards, particularly the one in the private sector space,” said  Mark Stauffer, Orion’s President and Chief Executive Officer. “We continue to be disciplined in our bidding approach as we add work to our 2022 backlog.”

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental 
United States, 
Alaska, 
Canada and the 
Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

Orion Group Holdings, Inc. Announces Contract Awards of Approximately $28 Million

HOUSTON–(BUSINESS WIRE)–Nov. 30, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced four contract awards for its Concrete segment totaling approximately 
$28 million.

The Company was recently awarded three contracts in the 
Dallas area, including a 
$3.8 million contract for a data center expansion, a 
$4.3 million contract for the construction of two cast-in-place retirement residential buildings, and a 
$5.6 million contract for a cold storage facility. All three projects are expected to commence in the first quarter of 2022 and be complete in the fourth quarter of 2022.

The Company also has been awarded a contract valued at 
$5.1 million to construct tilt-wall warehouses in its 
Houston market and a contract valued at 
$9.2 million to build a mixed-use office-retail-residential building. Work on both projects is expected to begin during the first quarter of 2022 and be completed by the first quarter of 2023.

“These awards continue to demonstrate our position as a leader for concrete construction projects in our key 
Texas markets,” said  Mark Stauffer, Orion’s President and Chief Executive Officer.

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental 
United States, 
Alaska, 
Canada and the 
Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

Orion Group Holdings, Inc. Announces Contract Awards of $16 Million

HOUSTON–(BUSINESS WIRE)–Nov. 30, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced three contract awards for its Marine segment totaling approximately 
$16 million.

In 
Texas, the Company has been awarded a contract valued at 
$7.1 million by the 
U.S. Army Corps of Engineers for dredging in the Freeport Harbor Channel. Work is expected to begin in the first quarter of 2022 and to be completed in the second quarter of 2022. The Company has also been awarded a contract valued at 
$4.1 million by a local port for a pipeline removal project related to future expansion. Work on this project is expected to commence late in the fourth quarter of 2021 and be completed during the second quarter of 2022.

In 
Florida, the Company has been awarded a contract by a private sector client for the installation of a bulkhead wall for shore protection. This project is valued at 
$5.2 million and will commence in the first quarter of 2022 with the work completed in the second quarter of 2022.

“We’re pleased to announce these project awards, particularly the one in the private sector space,” said  Mark Stauffer, Orion’s President and Chief Executive Officer. “We continue to be disciplined in our bidding approach as we add work to our 2022 backlog.”

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental 
United States, 
Alaska, 
Canada and the 
Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

Wednesday, November 17, 2021

Great Lakes Dredge & Dock (GLDD)
Windward Ho! FID on Jones Act Offshore Wind Installation

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Final investment decision (FID) reached and shipyard engaged to build first Jones Act qualified incline fallpipe rock installation barge. Yesterday, a contract for $197 million was announced with Philly Shipyard, a publicly traded Norwegian company that is majority owned by Aker Capital. The goal is to construct the first Jones Act complaint vessel to assist in the installation of the wind turbine towers in US offshore areas beginning in 2025. The primary function of the rock dumping barge will be the placement of rock around the wind tower foundations for scour protection. The state of the art vessel will have all of the latest technology and should be well positioned to serve a growing market. Given the likelihood of government support (federal/state/local) for high local content on the construction of offshore wind farms, the outlook for this type of vessel appears promising.


Payment schedule is favorable.  The shipyard contract has attractive payment terms that spread out the significant capex commitment over the next three years. A deposit of ~$15 million (8%) will paid in 4Q2021 and the remainder will be spread out over the next three years, with ~$35 million (18%) in 2022, ~$80 million (41%) in 2023 and $67 million (33%) in 2024. Owner furnished equipment in the $20 …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Wednesday, November 17, 2021

Great Lakes Dredge & Dock (GLDD)
Windward Ho! FID on Jones Act Offshore Wind Installation

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Final investment decision (FID) reached and shipyard engaged to build first Jones Act qualified incline fallpipe rock installation barge. Yesterday, a contract for $197 million was announced with Philly Shipyard, a publicly traded Norwegian company that is majority owned by Aker Capital. The goal is to construct the first Jones Act complaint vessel to assist in the installation of the wind turbine towers in US offshore areas beginning in 2025. The primary function of the rock dumping barge will be the placement of rock around the wind tower foundations for scour protection. The state of the art vessel will have all of the latest technology and should be well positioned to serve a growing market. Given the likelihood of government support (federal/state/local) for high local content on the construction of offshore wind farms, the outlook for this type of vessel appears promising.


Payment schedule is favorable.  The shipyard contract has attractive payment terms that spread out the significant capex commitment over the next three years. A deposit of ~$15 million (8%) will paid in 4Q2021 and the remainder will be spread out over the next three years, with ~$35 million (18%) in 2022, ~$80 million (41%) in 2023 and $67 million (33%) in 2024. Owner furnished equipment in the $20 …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Great Lakes Dredge & Dock Corporation Signs Contract with Philly Shipyard, Inc. to Build the First Jones-Act Compliant Subsea Rock Installation Vessel for U.S. Offshore Wind

Great Lakes Dredge & Dock Corporation Signs Contract with Philly Shipyard, Inc. to Build the First Jones-Act Compliant Subsea Rock Installation Vessel for U.S. Offshore Wind

• Historic milestone for domestic offshore wind industry, will create hundreds of U.S. jobs.
  
• Major step in establishing U.S.-based rock supply chain for the offshore wind industry.
  
• Vessel expected to be sea-ready by Q4 2024
  

HOUSTON, Nov. 16, 2021 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes Dredge & Dock” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States announced today that the Company has signed a contract with Philly Shipyard, Inc (OSE: PHLY) to build the first U.S.-flagged Jones Act-compliant, inclined fallpipe vessel for subsea rock installation. This vessel will service America’s growing offshore wind energy industry and help reach the Biden administration’s ambitious 30 GW of offshore wind goal by 2030. 

“This contract, valued at approximately $197 million, marks a milestone for our company, the U.S. offshore wind industry and our nation,” said Lasse Petterson, Great Lakes Dredge & Dock’s President and Chief Executive Officer. “Offshore wind will play a crucial role in helping the U.S. meet its decarbonization and clean energy goals. The unique, technologically advanced vessel we are constructing is an essential step towards building the marine infrastructure required for this new industry, which holds so much promise for our nation economically and environmentally.”

This Great Lakes Dredge & Dock vessel will be U.S. owned, U.S. built, U.S. operated and crewed by American union workers, and will meet all conditions of the Jones Act. The vessel will transport and strategically deposit loads of rock on the seabed, laying scour protection for offshore wind farm foundations, cables and other structures. The ship will have an overall length of 140.5 meters (461 feet) and a breadth of 34.1 meters (112 feet). Further, the vessel is expected to help spur additional job growth and regional economic opportunities through the creation of a U.S.-based rock supply chain network, which will be needed to supply subsea rock installation activities, from quarries in states along the East Coast.

Eleni Beyko, Great Lakes Dredge & Dock’s Senior Vice President, Offshore Wind, commented, “World-renowned engineering firm Ulstein Design and Solutions B.V. was commissioned by the Company to design the vessel using state-of-the-art technology, equipment, and automation. The design was reviewed and approved by the American Bureau of Shipping (“ABS”) and will be built with best-in-class safety and low emissions standards (LEV, Sustain2), EPA Tier 4 engines and plug-in capability to obtain power from shore while loading. The vessel will be able to run on biofuel which reduces the ship’s CO2 footprint and it will be equipped with advanced active emissions control technology to reduce NOx emissions to a minimum. The installed battery pack will shave peak loads to reduce fuel consumption and corresponding emissions. The vessel is expected to be sea-ready by Q4 2024, to coincide with major offshore wind project construction timelines previously announced.”

As the leading U.S. dredging company and with more than 130 years’ experience and expertise in dredging, marine engineering, specialized vessel design and safe offshore operations, Great Lakes Dredge & Dock believes the company is optimally positioned to make the business pivot into the offshore wind energy industry. The Company brings best practices to all the projects it undertakes, employing among the industry’s highest safety standards and quality control protocols.

“With this newbuild vessel purpose built to meet the needs of the U.S. offshore wind industry, we are essentially harnessing the best practices to create a new dimension to our legacy and help make history for our country,” concluded Petterson.

The Company

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, 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 130-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, comprising over 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. Great Lakes operates under the Jones Act which is a federal law that regulates maritime commerce in the United States and requires goods shipped between U.S. ports to be transported on ships that are built, owned and operated by U.S. citizens or permanent residents.

Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.

Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.