Movers and SHAKERS
Great Lakes Dredge & Dock (GLDD)
Largest Award Ever 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.
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Largest project ever moving forward in Brownsville. Another big plus for backlog and intermediate term visibility. NextDecade (NEXT) has selected GLDD to improve the Brownsville Ship Channel in conjunction with the Rio Grande LNG project. The contract is the largest project ever for GLDD as it exceeds the Charleston II contract of $213 million. The contract likely exceeds $225 million, and the award will be added to backlog once the Notice to Proceed is received. At this point, work seems likely to start in 2H2021 with a completion timeline in the two year range.
First phase of Port of Brownsville improvements. The Dredge and Disposal Construction Agreement (DDCA), which will govern the project, complements the engineering, procurement, and construction (EPC) contract awarded to Bechtel Oil, Gas & Chemicals in May 2019. Looking at the NEXT investor deck, the contract appears to include deepening and widening the Brownsville Ship Channel from RIO Grande LNG ...
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.