Tag: Great Lakes Dredge & Dock

Great Lakes Dredge & Dock (GLDD) – Notice to Proceed Received on Great Lakes’ Largest Contract Ever

Posted on by cpereira@noblefcm.com


Tuesday, July 25, 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.

NextDecade NTP. Great Lakes received a Notice to Proceed from NextDecade Corporation for essential improvements to the Brownsville Ship Channel for NextDecade’s Rio Grande LNG project. Although the value of the contract was not specified, management noted the project is the largest undertaken by Great Lakes’ in the Company’s 133-year history, with the previous record project approximately $270 million. The project is expected to begin later in 2023.

Details. The work includes deepening the entrance channel to the western end of the RGLNG property also known as Phase 1 of the Brazos Island Harbor Channel Improvements. This also includes the development of two ship berths and turning basin for the Rio Grande LNG facility. This project will enhance commercial navigation into and out of the Port of Brownsville and ensure the safe and reliable access of LNG carriers to the Rio Grande LNG facility.


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*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) – A $157.4 Million Award for Freeport Harbor Channel

Posted on by cpereira@noblefcm.com


Wednesday, May 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.

New Award. Yesterday, Great Lakes was awarded a $157.4 million firm-fixed-price contract for new and maintenance hopper dredging of the Freeport Harbor Channel, according to the Department of Defense daily contract award release. This was one of the more significant capital markets projects expected to be awarded this year.

Confirmation. In the first quarter call, management had noted that the Company was the apparent low bidder for the award and yesterday’s announcement should be confirmation. This would be the third largest domestic capital project award in the Company’s history. While it typically takes up to 3 months for work to begin, this award will help improve fleet utilization in the back half of 2023 and into 2024, in our view.


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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) – Better Than Expected 1Q23, But Conditions Still Challenging

Posted on by cpereira@noblefcm.com


Wednesday, May 03, 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.

1Q23. Revenue came in at $158.0 million down from $194.3 million last year, but above our $148 million projection. Gross margin was 7.7%, down from 17% in the year ago period. Adjusted EBITDA for the quarter was $10.2 million versus $29.7 million last year. The Company reported a loss of $3.2 million, or a loss of $0.05 per share for the quarter, compared to last year’s net income of $11.1 million, or $0.17 per diluted share. We had projected a net loss of $14.5 million, or a loss of $0.22 per share.

Backlog. Great Lakes ended the quarter with $327.1 million of dredging backlog, which does not include approximately $50.0 million of performance obligations related to offshore wind contracts. In addition, the Company ended the quarter with $516.9 million in low bids and options pending award. The Company’s awarded work during the quarter represented 31.7% of the first quarter bid market. Not included in the first quarter backlog is the Freeport Capital Port Deepening project, on which Great Lakes was the low bidder in April for approximately $160 million, which is the third largest domestic capital project Great Lakes has won in its history.


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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. 

Release – Great Lakes Dredge & Dock Corporation Schedules Announcement Of 2023 First Quarter Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GLDD

Apr 25, 2023

PDF Version

HOUSTON, April 25, 2023 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) today announced that it will release the financial results for its three months ended March 31, 2023 on Tuesday, May 2, 2023 at 7:00 a.m. C.D.T. A conference call with the Company will be held the same day at 9:00 a.m. C.D.T.

Investors and analysts are encouraged to pre-register for the conference call by using the link below. Participants who pre-register will be given a unique PIN to gain immediate access to the call. Pre-registration may be completed at any time up to the call start time.

To pre-register, go to https://register.vevent.com/register/BI99134295d0664915b483bdaa546e6f12.

The live call and replay can also be heard at https://edge.media-server.com/mmc/p/rse8awvj or on the Company’s website, www.gldd.com, under Events on the Investor Relations page. A copy of the press release will be available on the Company’s website.

The Company
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) 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 133-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.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Great Lakes Dredge & Dock (GLDD) – Recent Dredging Award Activity

Posted on by cpereira@noblefcm.com


Wednesday, March 22, 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 – 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.

Recent Dredging Awards. Great Lakes Dredge & Dock Corporation received several major dredging awards totaling $138.8 million. The awarded work includes coastal protection and maintenance work. There is still a lack of higher margin capital projects as the Army Corps of Engineers continues to be slow in making major capital project awards, in our view.

Trujillo Alto. The major award is Trujillo Alto Design and Build for the Lago Loiza (Carraízo) Dredging Project (Maintenance, Puerto Rico, $93.1 million). The project includes dredging in the reservoir area, preparation and construction of the work area, and storage and handling of materials. Work is expected to commence in the Spring of 2023 with estimated completion in the Spring of 2025.


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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) – A Weak End to a Challenging Year

Posted on by cpereira@noblefcm.com


Tuesday, February 21, 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 – 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.

4Q22 Operating Results. Revenue totaled $146.7 million down from $210 million last year. Gross margin was negative 11%, down from 25.2% in the year ago period. Adjusted EBITDA for the quarter was a negative $24.2 million versus $48.2 million last year. The Company reported a loss of $31.2 million, or a loss of $0.47 per share for the quarter, compared to last year’s net income of $24.7 million, or $0.37 per diluted share.

Drivers. While management in late December had indicated fourth quarter results would be below previous expectations, the decline was even deeper than anticipated. The fourth quarter continued to be impacted by a significantly delayed bid market combined with high inflation, significant weather delays on projects in the Northeast, fewer high margin capital projects, dredging project production issues, higher than anticipated drydock costs, and the retirement of the Terrapin Island.


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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. 

Release – Great Lakes Dredge & Dock Corporation Schedules Announcement Of 2022 Fourth Quarter Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GLDD

Feb 8, 2023

HOUSTON, Feb. 08, 2023 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) today announced that it will release the financial results for its three and twelve months ended December 31, 2022 on Wednesday, February 15, 2023 at 7:00 a.m. C.S.T. A conference call with the Company will be held the same day at 9:00 a.m. C.S.T.

Investors and analysts are encouraged to pre-register for the conference call by using the link below. Participants who pre-register will be given a unique PIN to gain immediate access to the call. Pre-registration may be completed at any time up to the call start time.

To pre-register, go to https://register.vevent.com/register/BI785a7e65b4ac440e95e13e0b4109a8df.

The live call and replay can also be heard at https://edge.media-server.com/mmc/p/fzu8jqg4 or on the Company’s website, www.gldd.com, under Events on the Investor Relations page. A copy of the press release will be available on the Company’s website.

The Company
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) 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 132-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.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

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.


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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. 

Release – Great Lakes to Present at the 23rd Annual CJS Securities “New Ideas for the New Year” Investor Conference

Posted on by cpatches

Research News and Market Data on GLDD

HOUSTON, Jan. 04, 2023 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced that it will be presenting at the 23rd Annual CJS Securities “New Ideas for the New Year” Investor Conference, to be held virtually on Wednesday, January 11, 2023 at 1:30 pm E.T.

President and Chief Executive Officer, Lasse Petterson, and Chief Financial Officer, Scott Kornblau will provide an overview of the Company and participate in a Q&A discussion. The webcast link for the presentation is https://wsw.com/webcast/cjs5/gldd/1577175.

A replay webcast of the presentation will be available on the Great Lakes website, www.gldd.com, under Events on the Investor Relations page.

The Company
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) 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 132-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.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Great Lakes Dredge & Dock (GLDD) – Another Difficult Quarter

Posted on by cpatches


Wednesday, December 28, 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.

Lowered Expectations. Last week, Great Lakes provided an update for 4Q22, with revenue and gross margins expected to be below previous forecasts. Recall, management had previously expected revenue of $175-$185 million and gross profit margin (gpm) in the “high single digits” for 4Q22. We had estimated revenue of $175 million and a gpm of 6.9%.

Impacts. The quarter is being impacted by a number of items, including the early retirement of the Terrapin Island, unexpected drydocking scope increases for the Ellis Island and Padre Island, weather delays on several projects in the northeast, and some project production issues.


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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.


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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.


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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. 

Release – Great Lakes Fleet Renewal Program on Schedule With The Launch Of The Galveston Island Last Week

Posted on by aweinsoff@channelchek.com

Research, News, and Market Data on GLDD

Dec 5, 2022

HOUSTON, Dec. 05, 2022 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, provided today an update on their fleet renewal program.

The Galveston Island, the first of two newbuild hopper dredges, is in the water and is scheduled to be in operation the first half of 2023 as planned. This new dredge is a 6,500-cubic-yard-capacity Trailing Suction Hopper Dredge which will support the modernization of Great Lakes’ dredging fleet. 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. The Tier 4-compliant engines significantly reduce the vessel’s climate footprint, while other incorporated features minimize turbidity and marine species entrainment.

The upcoming delivery of the Galveston Island enables the Company to continue the rationalization of its older assets. During the fourth quarter of 2022, the Company will retire the hopper dredge Terrapin Island, which has a 42-year working history. This vessel was planned for retirement upon the Galveston Island delivery, but based on her age the Company has decided to accelerate her retirement to significantly reduce its operating, labor and maintenance costs and improve productivity for the overall fleet. Work planned for the Terrapin Island will be delayed until another hopper dredge completes its regulatory drydock at the end of December.

The retirement of the Terrapin Island will result in a non-cash write-off of approximately $8 million in the fourth quarter of 2022.

The hopper fleet renewal program will be complete in 2025 with the delivery of the sister ship to the Galveston Island, at which time Great Lakes will have the largest and most modern hopper fleet in the US.

Lasse Petterson, President and Chief Executive Officer of Great Lakes commented, “After implementing our restructuring plan in 2017, we have invested in both productivity upgrades to our best performing vessels and executed on our new build program. This has provided us with additional capacity and improved efficiencies and will allow us to retire some of our older dredges and rationalize some of our older support equipment. These strategic moves will have a positive impact to our emissions footprint and our competitiveness in the coastal protection and maintenance markets as well as address the specific needs in the growing offshore wind market.”

The Company
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) 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 132-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.

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.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e53f3d6b-f708-41ba-a026-711497f62a87