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Great Lakes Dredge & Dock Corporation (GLDD) yesterday reported financial results for the quarter ended June 30, 2023.
At June 30, 2023, the Company had $434.6 million in dredging backlog as compared to $377.1 million at December 31, 2022. Low bids and options pending award totaled $487.3 million as of June 30, 2023.
Also, total capital expenditures for second quarter of 2023 were $19.4 million compared to $39.2 million in 2022.
The 2023 capital expenditures included $12.5 million for the new dredger Amelia Island, $2 million for the dredger Galveston Island, and $1 million for the build of the subsea rock installation vessel, the Acadia.
“We continue to be proactive on cost reductions and fleet adjustments including cold stacking of vessels, and we have adjusted our general and administrative, overhead cost structures and dredging fleet to reflect the changed market conditions coming into 2023,” said Lasse Petterson , President and Chief Executive Officer GLDD.
“Cold stacked vessels can easily be reactivated as the market continues to improve. These initiatives have led to substantially reduced costs in 2023 which has allowed us to navigate impacts from a delayed 2022 bid market and continue our fleet renewal program which remains on budget with our mid-size hopper dredge, the Galveston Island , expected to be operational in the second half 2023 and her sistership, the Amelia Island , has expected delivery in 2025.”
“So far this year we have seen a strong overall bid market including a number of large capital projects. We expect that this, combined with the fleet adjustments and the cost reduction and production initiatives we have in place, will continue to provide improved results into the future.”