Monday, July 31, 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.
Two New Awards. Great Lakes was announced as the recipient of two awards by the Department of Defense last week, hopefully an indication of a return to a more normal award pace by the Army Corps of Engineers. In total, the two awards represent $36.7 million of new business for Great Lakes.
Award 1. Great Lakes was awarded a $20.7 million firm-fixed-price contract for Atchafalaya River basin maintenance dredging. Work will be performed in Morgan City, Louisiana, with an estimated completion date of February 15, 2024. Fiscal 2023 civil construction funds in the amount of $20.7 million were obligated at the time of the award.
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