Monday, June 13, 2022
Great Lakes Dredge & Dock (GLDD)
Bringing Another Ship to Port
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.
Building Another. Great Lakes’ management recently announced that the Company exercised a contract option to build a second 6,500 cubic-yard-capacity Trailing Suction Hopper Dredge at the Conrad Shipyard (Conrad) in Amelia, Louisiana. The dredge will be a sister ship to the Galveston Island (expected delivery in 2023), with the dredge expected to be delivered in the first quarter of 2025.
Dredge Details. The new dredge on which the Company has exercised the contract is identical to the Galveston Island, that includes the equipment being used and the build itself. The cost of the ship at agreement was $92.8 million, but the Company estimates that the cost will now be over $100 million when completed due to the rise of steel prices. …
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.
