Tag: Engineering & Construction

Orion Group Holdings (ORN) – New Contract Awards

Posted on by cpereira@noblefcm.com


Monday, March 13, 2023

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.

New Awards. On Friday, Orion announced multiple contract awards since the beginning of 2023. Totaling $134 million across both businesses, the majority of the work is expected to be completed in 2023. Since the beginning of the year, the Concrete segment has been awarded $100 million across several contracts including $25 million for a 22-story high-rise building in Houston, $12 million for a Dallas hospital, and $10 million for a Dallas packaging center. The Marine segment was awarded the Company’s largest diving services contract of $20 million by a private client. The project is in support of the US Army Corps of Engineers’ ongoing deepening and widening of Gulf Coast shipping channels. The contract award is the largest diving contract in Orion’s history and will be completed by the end of 2023.

Executive Chairman Transition. Former CEO Austin J. Shanfelter transitioned from Executive Chairman to Chairman of the Board of Directors, effective March 2, 2023. Recall, from April to September 2022, Mr. Shanfelter assumed the roles of Interim Chief Executive Officer and Interim Chief Financial Officer until Travis Boone, Chief Executive Officer, and Scott Thanisch, Chief Financial Officer, were appointed in September 2022.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 (GLDD) – Investor Conference Highlights

Posted on by cpereira@noblefcm.com


Friday, January 13, 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, Senior Research 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.

Investor Conference. Great Lakes CEO Lasse Petterson and CFO Scott Kornblau recently hosted an investor conference. While short on financials for the disappointing 2022 full year as results are not yet in, management did provide a pathway for improved performance in 2H23 and into 2024, with a longer term goal of exceeding the $150 million of EBITDA generated in 2020.

The Table Is Set. After a disappointing level of bid activity in 2022, the table appears to be overflowing for 2023. Record funding of $8.66 billion for the Army Corp of Engineers, an additional $1.48 billion under the Disaster Relief Supplemental Appropriations Act, and passage once again of the Water Resource Development Act should drive the 2023 bid cycle, including a significant number of high margin capital projects, Great Lakes’ specialty.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 (GLDD) – Some More Contracts

Posted on by cpereira@noblefcm.com


Friday, December 16, 2022

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, Senior Research 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.

More Awards. According to the daily Department of Defense award list, Great Lakes has been awarded two new contracts this week totaling some $37 million. As described below, both awards are for work that is expected to be completed in the first half of 2023. We would remind investors, periodically, awards can be rescinded by the DOD, so while we view the awards as more positive momentum for the Company, we recognize changes can happen between the DOD press release and actual work commencing.

12/12/2022 Contract Award. Great Lakes was awarded an $8,473,720 firm-fixed-price contract for maintenance dredging. Bids were solicited via the internet with three received. Work will be performed in Palm Beach, Florida with an estimated completion date of April 21, 2023. Fiscal 2020, 2021, 2022 and 2023 civil operation and maintenance funds in the amount of $8,473,720 were obligated at the time of the award.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 (GLDD) – Fleet Renewal Program Moving Forward

Posted on by cpereira@noblefcm.com


Wednesday, December 07, 2022

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, Senior Research 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.

Fleet Renewal. Great Lakes announced the Galveston Island is in the water and is scheduled to be in operation in the first half of 2023. The Galveston Island provides Great Lakes with additional capacity and improved efficiencies. The new vessel will  have a positive impact on Great Lakes’ competitiveness in the coastal protection and maintenance markets as well as address the specific needs in the growing offshore wind market, in our view. Next step is to undergo sea trials, which we expect will happen shortly.

Introducing the Galveston Island. Originally announced in June 2020, the Galveston Island is a 6,500-cubic-yard-capacity Trailing Suction Hopper Dredge. The dredge will be equipped with a direct high-power pump-ashore installation, dredging system automation, dynamic positioning and tracking, U.S. EPA Tier IV compliant engines, and have capabilities of running on biofuel to minimize the environmental impact. Cost to build was around $100 million.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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.