Great Lakes Announces Receipt of $342.3 Million in Awarded Work

Core Viewpoint - Great Lakes Dredge & Dock Corporation has secured several dredging awards totaling $342.3 million, enhancing its project backlog and revenue visibility into 2026 [1][7]. Project Summaries - Sabine-Neches Waterway Channel Improvement, Contract 6 Project: This project, valued at $219.1 million, aims to deepen the channel for larger vessels, reduce transportation costs, and improve safety. It is federally funded and expected to start in mid-2025, with completion in late 2026. There are approximately $16 million in options pending [1]. - Canaveral Harbor Sand Bypass Project 5: Valued at $40.6 million, this project involves maintenance dredging and is expected to start and complete in the first quarter of 2025. It is federally funded [2]. - Brigantine Inlet to Great Egg Harbor Inlet, Absecon Island Beach Renourishment Project: This $38.2 million project includes beachfill material placement along the coastline and has $29.2 million in options pending. It is federally funded and expected to start in Q4 2024, completing in Q1 2025 [3]. - Captiva Island Beach Renourishment Project: This project, valued at $26.7 million, involves beach renourishment over five miles on Captiva Island. It is locally funded and expected to start in Q3 2025, with completion later that year [4]. - Cape Cod Canal and Sandwich Beaches Renourishment Project: Valued at $8.9 million, this project aims to replenish storm-eroded beaches. It is federally funded and expected to start in fall 2024, completing in winter 2024 [5]. - Brazos Island Harbor, Texas Entrance and Jetty Channels Dredging Project: This $8.8 million project focuses on maintaining channel depths and beneficial reuse of dredged material. It is federally funded with some state funding, expected to start and complete in Q4 2024 [6]. Company Overview - Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the U.S. and is expanding into the offshore wind energy sector. The company has a strong track record of completing marine projects and operates a diverse fleet of approximately 200 specialized vessels [8]. - The company emphasizes a disciplined training program for engineers and integrates a safety management program, Incident-and Injury-Free® (IIF®), into its culture to prioritize employee safety [8]. - As of 2024, the company has a robust bid market with approximately $350 million in low bids and options pending, bringing its total potential pipeline to over $1.5 billion [7].