Great Lakes Receives S&P Global Ratings Upgrade to B

Core Insights - Great Lakes Dredge & Dock Corporation has received a credit rating upgrade from S&P Global Ratings, moving from "B-" to "B" with a stable outlook [1][2] Financial Performance - The upgrade is attributed to improved revenues, earnings, and expanding margins, alongside decreasing capital expenditures, which are expected to support healthy free cash flow generation in the coming years [2] - S&P anticipates continued revenue growth and margin expansion through 2026, with increasingly positive free cash flow as the new build program concludes [2] Company Overview - Great Lakes is the largest provider of dredging services in the U.S. and has a long history of significant international projects [3] - The company is expanding its core business into the offshore energy sector and employs experienced civil, ocean, and mechanical engineers [3] - With over 135 years of history, Great Lakes has a perfect track record of completing marine projects and operates the largest and most diverse fleet in the U.S. dredging industry, consisting of approximately 200 specialized vessels [3] - The company has a disciplined training program for engineers and emphasizes a safety management culture through its Incident-and Injury-Free® (IIF®) program [3]