Monday, September 26, 2022
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.
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Awards. Awards continue to come Great Lakes’ way. Since the Company’s August 24th press release detailing several recent awards, the Department of Defense contract awards reports three additional significant wins totaling a cumulative $55.6 million of new business. The DoD daily announces awards in excess of $7.5 million.
The Details. On September 8th, the Company was awarded a $14.8 million contract for dredging the Mississippi River. On September 15th, Great Lakes was awarded a $16.4 million firm-fixed-price contract for dredging in St. Marys, Georgia. Lastly, Great Lakes was awarded a $24.5 million firm-fixed-price contract last Friday for construction of the Fire Island Inlet to Montauk Point dredging Moriches and Shinnecock Inlets. Work on the contracts is expected to be completed by mid-May 2023.
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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.
