Great Lakes Dredge & Dock Corporation (GLDD) today reported financial results for the quarter ended September 30, 2019.
According to GLDD Chief Executive Officer, Lasse Petterson, bidding activity increased significantly, with over $1.0 billion in projects bid in the third quarter. Operationally, the quarter had lower dredging activity, due to several vessel dry dockings.
The company also added that most of these dry dockings are now complete and those vessels are actively engaged on projects in the fourth quarter.
” The impact was partially offset by improved performance on the San Jacinto flood prevention project in Houston, Texas and the Jacksonville port deepening project in Florida. Strong performance is also a result of safe project execution as we continue to focus on improving safety on our projects ,” commented Lasse Petterson .
“ As expected, the 2019 domestic bid market remains strong after an active third quarter. We continue to expect the trend of additional phases of multiple large deepening and other capital projects to be bid in the fourth quarter and in 2020. The projects coming into the pipeline include additional phases of work in Corpus Christi and new projects in the Ports of Norfolk, Virginia and Freeport, Texas ,” said Mr. Petterson.
Third Quarter 2019 Highlights
For the full third quarter results, please click here .