Tuesday, November 23, 2021
Great Lakes Dredge & Dock (GLDD)
Houston Work Finalized and Other Work On Horizon
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.
Houston Ship Channel work finalized. A contract valued at $92.5 million was signed with the Port of Houston Authority. The award represents the first phase of the Houston Ship Channel Widening and Improvement Project 11. Work has a 1Q2022 start and a 4Q2022 finish. The initial approval totaled $95.4 million so options could total ~$2.9 million.
3Q2021 Backlog moved up to $599 million and 4Q2021 awards now total $135.4 million. 4Q2021 bidding off to good start and more optimistic on LNG potential. 4Q2021 awards include South Atlantic Regional Harbor for $25.8 million (ex options of $3.6 million), Oak Island Renourishment Project 2021/2022 of $17.1 million, and Port Houston for $92.5 million. A large $225.1 million award in Rockaways, New …
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