Monday, June 02, 2025
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, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New Award. In Friday’s Department of Defense contract releases, Great Lakes was awarded a new $35.8 million dredging contract for Galveston, TX. The contract should be completed by the beginning of November 2025. We view this as Great Lakes filling in the very limited open 2025 calendar.
Empire 1 Restarted. In mid-May, the stop work order on the Empire 1 offshore wind project was lifted allowing construction activities to resume. Equinor will perform an updated assessment of the project economics in the second quarter. Empire aims to be able to execute planned activities in the offshore installation window in 2025 and reach its planned commercial operation date in 2027. Empire will engage with suppliers and regulatory bodies to reduce the impact of the stop work order. This is positive news for the still under construction Acadia.
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