Movers and SHAKERS
Great Lakes Dredge & Dock (GLDD)
Offshore Wind Plans Drive Expansion of Fleet Renewal
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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Fleet renewal program likely to include offshore wind dedicated equipment. Design/Engineering work started on rock dumper new build and FID on the $100-$120 million investment is expected by the end of 3Q2021. Late last week, GLDD announced that it is moving forward with the design and development of the first Jones Act inclined fallpipe vessel (rock dumper) for subsea rock installation to serve the developing US offshore wind market. Ulstein Design and Solution is the firm tasked with the design engineering of the state-of-the-art vessel, and delivery is slated in 1Q2024.
Rock dumper barge adds to the existing hopper dredge new build and expands total investment program into the $200-$220 million range. Option on second hopper dredge new build for $93 million adds optionality ...
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