The company is being “proactive” on cost reductions and fleet adjustments, Petterson said, including cold-stacking of vessels and adjusting cost structures and fleet to reflect changing market conditions coming into 2023. Both of these milestones solidify our entry into the offshore wind market and will support Great Lakes’ awarded rock installation contracts for the Empire Wind I and II projects with installation windows in 20.” “In addition, post quarter end, Great Lakes signed the first ever subcontract for procurement of rock with Carver Sand & Gravel LLC, a U.S. “On July 20, we were honored to have President Biden attend the steel-cutting ceremony for Great Lakes’ offshore wind rock installation vessel, the Acadia, which marks another step forward as construction begins with expected delivery in 2025,” he said. Petterson said GLDD is executing on its strategy to enter the U.S. Dredging backlog includes the Freeport Reach Deepening job, which was awarded to Great Lakes for $157.4 million, which, at the time, was the third-largest domestic capital project the company has won in its history.” Great Lakes ended the quarter with $434.6 million of dredging backlog, which does not include approximately $50 million of performance obligations related to offshore wind contracts and $487.3 million in low bids and options pending award.
“Although not all challenges are behind us, our solid quarter is a result of improved project performance and weather conditions and the benefits from our cost-savings initiatives. “The second quarter reflects improved performance, resulting in improved net income and our highest adjusted EBITDA since the first quarter of 2022,” said Lasse Petterson, GLDD president and CEO. The lower revenue in the second quarter of 2023 was due primarily to lower domestic capital project revenue, offset partially by an increase in coastal protection and maintenance project revenue, the company said.Īt the end of June, the company had a dredging backlog of $434.6 million, up from $377.1 million as of the end of 2022. The company reported revenues of $132.7 million, a decrease of $16.7 million from the 2022 second quarter.
Great Lakes Dredge & Dock Corporation (GLDD) on August 1 reported net earnings for the second quarter of 2023 of $1.7 million, a turnaround from the same quarter a year earlier, when the company reported a net loss of $4 million.
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