New dredger Galveston Island to join GLDD fleet soon

Great Lakes Dredge & Dock Corporation today reported financial results for the quarter ended September 30, 2022.

Third Quarter 2022 Highlights

• Revenue was $158.3 million in the third quarter
• Total operating loss was $9.5 million in the third quarter
• Net loss was $9.9 million in the third quarter
• Adjusted EBITDA was $1.3 million in the third quarter

In the paper, Lasse Petterson, President and Chief Executive Officer, said: “Our new build program is on schedule, with the new hopper dredge, the Galveston Island, expected to be ready for operations in the first half of 2023 and her sister ship is expected to be ready for operations in the first half of 2025.

“The delivery of the Galveston Island will provide us with added capacity and the opportunity to potentially retire some of our older dredges which is expected to have a positive impact to our overall margins in the coming years.”

“In 2023, we expect to see the continuation of port deepening bids in the ports of Freeport, Sabine, Houston, Corpus Christi and additional phases of Norfolk, and Mobile.

“In addition, our nation’s coasts are subject to the impacts caused by climate change, more frequent severe weather events, like Hurricane Ian, and sea level rise, which can cause an increase in beach erosion and other damage that adds to the recurring nature of our business and the need for more frequent coastal protection and port maintenance projects.

“We continue to see strong support from the Biden Administration and Congress for the dredging industry. In July 2022, the Senate passed their version of the Water Resources Development Act 2022, or WRDA.

“Since the House passed their version recently as well, the legislation is expected to be conferenced and signed into law before the end of 2022,” concluded Petterson.