Movers and SHAKERS
Great Lakes Dredge & Dock (GLDD)
That's A Lot of Power
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.A New Award. Great Lakes Dredge & Dock's management announced yesterday that the Company was awarded with a subsea rock instillation project from Empire Offshore Wind, and the Company will be in consortium with Van Oord. The Company will work on the Empire Wind I and II wind farms in the New York, installing rocks to protect and stabilize foundations. The project is estimated to start in the mid 2020s. No details on the contract itself was given.
Providing the Power. The Empire Wind I and II wind farms are situated in New York, as the project is expected to provide over 2 Gigawatts (GW) of renewable energy to the state. For context, New York as of June 2021 has around 2,000 megawatts (or 2 GW) of wind capacity at almost two dozen wind farms according to the EIA. These two wind farms are estimated to power more than one million households in New York....
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.