Great Lakes reports solid third quarter

Great Lakes Dredge & Dock Corporation (GLDD) today reported financial results for the third quarter ended September 30, 2024.

According to Lasse Petterson, President and Chief Executive Officer, GLDD had a solid third quarter with strong project performance and substantial project wins in the bid market.

“During the quarter, Great Lakes was awarded $543.0 million of new work, including three port deepening projects capturing 81% of the third quarter capital market and six beach renourishment projects capturing 79% of the quarter’s coastal protection market,” commented Petterson.

The largest project bid in the quarter was the Sabine-Neches Contract 6 Deepening project, won by the company, with awarded base and open options totaling $235 million.

Also, GLDD began work on two capital dredging projects in the third quarter, the Port Arthur LNG Phase 1 project and the Brownsville Ship Channel project, which is the largest project undertaken in Great Lakes’ history.

“We continue to make progress on our new build program. Our newest 6,500-cubic-yard-capacity hopper dredge, the Galveston Island, was successfully placed into operation in the first quarter and has shown solid project performance,” said Petterson. “Her sistership, the Amelia Island, is expected to be delivered in the second half of 2025. These dredges will work on projects that redevelop and improve our shorelines, which are subject to continual damage due to storms, rising waters and the effects of climate change.”

For the full third quarter results, please click here.