Great Lakes Dredge & Dock Corporation (GLDD) has released its third-quarter financial results, reflecting substantial project wins, successful project execution, and strategic advancements. The company continues to strengthen its position in dredging and coastal protection.
Strong Third Quarter Performance for GLDD
Great Lakes Dredge & Dock Corporation (GLDD) reported robust financial and operational results for the third quarter ending on September 30, 2024. The company’s success was driven by strong project performance and an impressive portfolio of new contract awards, reinforcing GLDD’s role as a leader in dredging and coastal protection solutions.
Significant Project Wins in Port Deepening and Coastal Protection
$543 Million in New Contracts Secured
GLDD secured new contracts valued at $543 million this quarter, solidifying its footprint in critical dredging markets.
“During this quarter, Great Lakes was awarded $543 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,” stated Lasse Petterson, GLDD President and CEO.
Major Contract Awards: Sabine-Neches Deepening Project
The Sabine-Neches Contract 6 Deepening Project stands out as the largest contract awarded to GLDD this quarter, with a total value, including base and optional scope, of $235 million. This high-profile project reinforces GLDD’s capacity to manage extensive dredging initiatives essential for port expansion and deepening, bolstering the nation’s maritime infrastructure.
Expanding Project Portfolio: Capital Dredging Projects Underway
Port Arthur LNG Phase 1 Project and Brownsville Ship Channel Project
In addition to new project awards, GLDD has commenced work on two major capital dredging projects this quarter:
- Port Arthur LNG Phase 1 Project: A critical component of GLDD’s expanding portfolio.
- Brownsville Ship Channel Project: Marking the largest project in GLDD’s history, this undertaking emphasizes the company’s commitment to taking on challenging, large-scale infrastructure projects.
Progress in GLDD’s New Build Program
Success of the Galveston Island Dredge and Upcoming Amelia Island Launch
GLDD is advancing its new build program, an initiative focused on enhancing its fleet’s capabilities to support major shoreline and dredging projects.
- Deployment of Galveston Island: The new 6,500-cubic-yard-capacity hopper dredge, Galveston Island, entered service in Q1 and has demonstrated solid performance across multiple projects.
- Anticipated Arrival of Amelia Island: Expected to launch in the second half of 2025, the sister ship Amelia Island will join GLDD’s fleet to tackle projects aimed at redeveloping and protecting coastlines from ongoing environmental challenges.
“These dredges will work on projects that improve our shorelines, which are subject to continual damage from storms, rising waters, and climate change,” Petterson added.
GLDD’s Commitment to Coastal Protection and Climate Resilience
The new vessels in GLDD’s fleet are strategically designed to address ongoing challenges in coastal protection. These projects, which include beach renourishment and port deepening, play a vital role in strengthening infrastructure against storm surges and erosion, while accommodating rising water levels.
Looking Forward: GLDD’s Strategic Vision
Great Lakes Dredge & Dock Corporation remains focused on delivering sustainable dredging and coastal protection services, expanding its project portfolio, and advancing its fleet to meet the needs of a changing environment.
Conclusion
With record-breaking project wins and the deployment of advanced dredging vessels, GLDD is well-positioned to lead the dredging industry forward. Through projects like the Sabine-Neches Deepening and Brownsville Ship Channel, the company showcases its commitment to both maritime infrastructure and climate resilience.