GLDD Reports 2019 Q2 Financials
Great Lakes Dredge & Dock Corporation (Nasdaq:GLDD), a provider of dredging services in the United States, has reported financial results for the quarter ended June 30, 2019. The company weighs in as follows:Second Quarter 2019 Highlights•Revenue was $184.8 million in the second quarter, a $49.5 million or 36.6% increase over the prior year quarter.•Gross margin percentage increased to 20.3% in the second quarter from 16.4% in the prior year quarter.•Total operating income from continuing operations was $22.8 million…
U.S. Dredgers Applaud President for Jones Act Support
Wednesday, 1 May: Late this afternoon, President Donald Trump met with Congressional leaders from the Senate and House to discuss U.S. Maritime Policy. On the table was the Jones Act. President Trump assured the Congressional leaders that he is not seeking any changes to the Jones Act, nor is he seeking any waivers.“President Trump had the Jones Act matters all under control from the get-go”, said William P. Doyle, CEO & Executive Director of the Dredging Contractors of America. “Mr. Trump is all about jobs and national security — he’s never wavered on this.
Great Lakes Bags Corpus Christi VLCC Channel Deal
Great Lakes Dredge & Dock Corporation announced the receipt of a $93 million contract award for the Corpus Christi Ship Channel Improvement Project.Dredging to deepen the entrance channel will commence during the second quarter of 2019 with completion expected in early 2020 said Great Lakes, the largest provider of dredging services in the United States and a major provider of environmental and infrastructure services.It said that the overall ship channel deepening effort will be comprised of multiple phases, expected to be competitively bid and worked over the next five years.
Pearl Harbor Remembrance Day: Jones Act Dredgers, America at its Best
The U.S.-Flag dredging industry commemorates the 77th anniversary of the Japanese air raid on the United States Naval Base at Pearl Harbor highlighting the critical need for a robust American shipbuilding capacity to ensure for the preparedness of the nation.“Today our brothers and sisters of the U.S Merchant Marine look to the past sacrifices made by 2,403 U.S. servicemen who died in the attacks on Pearl Harbor. We honor the members of the U.S. Armed Services,” said William P.
Doubling Down on Domestic Dredging
U.S. Dredgers Weigh in on Infrastructure, U.S. Capabilities and the road ahead.Domestic dredging firms face many challenges in the coming months and years. At the same time, opportunities abound in a market and political climate that seems to beg for infrastructure upgrades, especially when it comes to harbors and inland waterways. Weighing in this edition on all of that – and more – are three U.S.-based dredging firms; Callan Marine, Cashman Dredging, and Weeks Marine.Cranford, NJ-based Weeks Marine, Inc.
Doubling Down on Domestic Dredging
U.S. dredgers weigh in on infrastructure, U.S. capabilities and the road ahead.Domestic dredging firms face many challenges in the coming months and years. At the same time, opportunities abound in a market and political climate that seems to beg for infrastructure upgrades, especially when it comes to harbors and inland waterways. Weighing in this edition on all of that – and more – are three U.S.-based dredging firms; Callan Marine, Cashman Dredging, and Weeks Marine.Cranford, N.J.-based Weeks Marine, Inc.
GLDD Wins $164 Million in Dredging Awards
Great Lakes Dredge & Dock Corporation (Great Lakes), provider of both dredging services in the United States and environmental and infrastructure services, announced the receipt of a several dredging awards totaling $164 million. the Delaware River Deepening Variation Order (Capital, Delaware, $14.3 million). The scope of work for the four coastal protection projects includes sustenance of beachfronts with sand excavated from off-shore borrow which is then used to rebuild dunes and restore the shorelines eroded by winter storms.
US Dredging Invests in American Workers, Safe Navigation Channels
The American Maritime Partnership (AMP), the voice of the domestic maritime industry, has highlighted the U.S. dredging industry’s commitment to build and maintain safe, efficient and cost-effective navigation channels in the nation’s inland waterways and ports. The recent deliveries of four state-of-the-art vessels, constructed by nearly 700 American workers in U.S. shipyards, are a reflection of the U.S. dredging industry’s continued investment in building dredges with increased…
Great Lakes Awarded $213 Mln Dredging Contract
Dredging, environmental and infrastructure services provider Great Lakes Dredge & Dock Corporation announced the receipt of a $213.3 million award for the Post 45 Charleston Entrance Channel Maintenance and New Work Dredging – Contract 2 Project base contract. The scope of work includes excavation of approximately 8 million cubic yards of material to deepen a portion of the Charleston, S.C. harbor entrance channel. Work is expected to be completed by the end of 2020. Great Lakes expects the U.S. Army Corps of Engineers to award the Option work items of the contract within 120 days.
SC Ports Reports Record Box Volumes
South Carolina Ports Authority (SCPA) announced calendar year-to-date container volume increases of 13 percent and the strongest July on record. Since the calendar year began, SCPA has handled 1.3 million twenty-foot equivalent units (TEU), compared to 1.14 million TEUs during the same period last year. The port moved 182,411 TEUs in July, breaking the previous record of 177,265 TEUs achieved in July 2016. Last month was also a record July for pier container volume, or box volume.
Great Lakes Dredge & Dock Names Petterson CEO
Effective May 1, Lasse Petterson has assumed the role of chief executive officer (CEO), a provider of dredging, environmental and remediation services. In his over 35-year career, Petterson has gained extensive experience in the engineering, construction and maritime industries. His international experience includes time working and living in Norway, Asia and the U.K. to oversee operations and major projects in Australia, Middle East and South America. Most recently, Petterson served as a private consultant to clients in the oil and gas sector.
Petterson Named Great Lakes CEO
The Board of Directors of Great Lakes Dredge & Dock Corporation, provider of dredging, environmental and remediation services, announced the selection of Lasse Petterson as CEO, as well as his appointment to the company’s board of directors. Petterson will join the Board immediately and assume the role of chief executive officer once his application for U.S. citizenship, as required by the Jones Act, is finalized, which is expected in Q1 2017. During this time, Lasse and current CEO Jonathan Berger will work to ensure a seamless transition.
Foxx Names New Members to Maritime Industry Advisory Panel
U.S. Transportation Secretary Anthony Foxx announced the appointment of 29 new members to the Marine Transportation System National Advisory Committee (MTSNAC). Established in 2010, MTSNAC is comprised of leaders from commercial transportation firms, ship construction, repair and recycling, trade associations, state and local public entities, labor organizations, academics, and environmental groups that advise the Secretary and the Maritime Administration on policies to ensure that the U.S. Marine Transportation System is capable of responding to projected trade increases.
GLDD Completes Suez Contract
Great Lakes Dredge & Dock Corporation, the largest provider of dredging services in the United States and a major provider of environmental and remediation services, announced today that it will participate in the events planned to celebrate the recent completion of the New Suez Canal Project in Egypt, which will allow two way traffic by creating a parallel channel alongside 70 kilometers of the existing Canal. The inauguration ceremony is scheduled today August 6, 2015. Great Lakes…
New Lineup for NOAA Hydrographic Services Panel
NOAA administrator Kathryn Sullivan, Ph.D., has appointed six members to the Hydrographic Services Review Panel, a federal advisory committee that gives NOAA independent advice for improving a range of services and products that support navigation and coastal resilience. Capt. “Providing coastal communities, boaters, and the commercial maritime industry with timely, reliable, accurate, and authoritative information is essential as we strive to keep commerce flowing through our nation’s ports,” Sullivan said. Rear Admiral Ken Barbor (ret.), U.S. Lawson W. Capt. Gary A. Scott R.
GLDD Sells Historic Demolition Business
Largest provider of dredging services in the United States, Great Lakes Dredge & Dock Corporation (GLDD) informs it has completed the sale of NASDI, LLC and Yankee Environmental Services, LLC, its two subsidiaries that comprise the historical demolition business, to a privately owned demolition company located in the Midwest for US$5.3 million. GLDD points out that it retains the right to collect all outstanding accounts receivable and work in process at the date of close, as well as any outstanding claims…
GLDD Q2 2013 Results: Demolition Segment Strategy for Review
Great Lakes Dredge & Dock Corporation (GLDD) the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services, report financial results for the 3 and 6 months ended June 30, 2013. Jonathan Berger, Chief Executive Officer stated, “For the three months ended June 30, 2013, Great Lakes reported Revenue of $152.9 million, a Net Loss of $25.2 million and Adjusted EBITDA of $11.0 million. Included in the Net Loss is a $21.5 million noncash charge for goodwill impairment related to the demolition segment.
Perilous Position for Ports
Passage of WRDA would increase dredging dollars and alter the nation’s intermodal equation. Maritime stakeholders hold their breath. Deferred dredging and maintenance for domestic ports, harbors and critical waterways means that vessels must carry less cargo. It’s that simple. Sometimes, they can’t move at all. When channels aren’t dredged to intended dimensions, all stakeholders – manufacturers, agricultural interests and vessel operators alike – lose money. And the risk of ships grounding or colliding grows.
Lessons From Losses: Removing Insurance Ambiguity
In the aftermath of Superstorm Sandy, there are enormous rebuilding efforts going on all around the waterfront. If you are a marine contractor participating in the rebuilding efforts, have you read your General Liability policy lately? The last thing that a marine contractor needs to worry about is confusion over insurance coverage. As a marine contractor you know much of the work you do – whether it be dock or pier construction, bulkhead or riprap construction, or waterway dredging and beach replacement – is done using specialized watercraft.
GLDD Reports Dredging Profitable in 2012, Demolition Not So
Great Lakes Dredge & Dock Corp reporte financial results for the final quarter and year ended December 31, 2012. ◦ The above increases were partially offset by decreases in demolition revenue (52%) and coastal protection (previously referred to as beach nourishment) revenue (27%). Significant work was done in the demolition segment in 2012 on projects where revenue was not recognized because of pending change orders. In addition, demolition revenue was higher in 2011 due to the revenue recorded on a large bridge demolition project in Louisiana that did not reoccur in 2012.
Great Lakes Dredge & Dock Net Arthur Kill Contract
The U.S. Army Corps of Engineers (ACE) contract is for deepening NY/NJ Arthur Kill Channel to 50 feet. The contract area for this project is along Newark Bay, New Jersey and the Arthur Kill, Borough of Staten Island, New York, N.Y. Its value is $41,368,100, cost-shared with The Port Authority of New York and New Jersey. The project includes drilling, blasting, dredging, and disposal of rock. contract will not adversely affect the surrounding communities. The Arthur Kill Channel…
Big Wilmington Harbor Dredging Contract for GLDD
Great Lakes Dredge & Dock Corporation (GLDD) gets Wilmington Harbor anchorage basin deepening contract from Army Corps of Engineers. The contract, worth US$16.4-million, is for the deepening of the anchorage basin portion of the existing navigation channel on the Cape Fear River in North Carolina. This project was awarded to by the Army Corps of Engineers Wilmington District and involves the excavation of sand, gravel and rock seabed material. Work is expected to begin before the end of the year.
Great Lakes Dredge & Dock Declare Cash Dividend
Great Lakes Dredge & Dock Corporation declare a quarterly cash dividend on its common stock. The Board approved a $0.021 per share cash dividend, to be paid on September 14, 2012 to the holders of record of common stock of the Company at the close of business on September 7, 2012. Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and the only U.S. dredging company with significant international operations. The Company is also one of the largest U.S. providers of commercial and industrial demolition services primarily in the Northeast.
GLDD Appoints New Senior Executive
Great Lakes Dredge & Dock Corporation (GLDD) appoint Bill Steckel Senior Vice President & Chief Financial Officer. Mr. Steckel brings nearly 30 years of financial and operating management experience in public and private companies. Bruce Biemeck, who has served as President and CFO since September 2010, will remain as President and Chief Operating Officer of the Company. Mr. Steckel will report to Chief Executive Officer Jonathan Berger. Bill Steckel's background includes success in increasingly responsible financial positions…
Great Lakes Dredge & Dock Issues Major Vessel Contracts
Great Lakes Dredge & Dock Corp. contracts Signal International for construction of hopper barge & tugboat. Great Lakes Dredge & Dock Corporation the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services, announce the execution of definitive contracts for the construction of a 15,000-cubic-yard-capacity trailing suction hopper barge and 14,000-horsepower tug. The Company has contracted with Signal International Inc.…
SafeOps: Dredging Industry Full Ahead
Safety experts both in and out of the maritime industry have for years been urging companies to restructure their organizational charts and erase the traditional division between Safety and Operations Departments in favor of disseminating safety responsibilities throughout operational divisions. This internal merger is often sold as an effective strategy for improving employee communications, fostering greater safety leadership throughout a company, and reducing the rate of injuries, as well as the high costs that come with them.