Thursday, January 23, 2025
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, CFA, 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.
Executive Order. Monday, President Trump signed an Executive Order for the temporary withdrawal of all areas on the Outer Continental Shelf (OCS) from offshore wind leasing as well as a review of the federal government’s leasing and permitting practices for wind projects. This withdrawal temporarily prevents consideration of any area in the OCS for any new or renewed wind energy leasing for the purposes of generation of electricity or any other such use derived from the use of wind.
Impact on GLDD. Notably, nothing in the withdrawal affects rights under existing leases in the withdrawn areas. However, the President has directed the Secretary of the Interior to comprehensively review the ecological, economic, and environmental necessity of terminating or amending any existing wind energy leases. Great Lakes’ two existing projects, Empire Wind and Sunrise Wind, have already undergone extensive governmental review and, presumably, should go forward.
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