Great Lakes Dredge & Dock: $182 Million in New Work Boosts Backlog and Revenue Visibility

Great Lakes Dredge & Dock Corporation (GLDD) has announced the receipt of $182 million in awarded work, further enhancing its backlog and revenue visibility. This new work includes projects like the Mobile Harbor Deepening and Widening, Port Everglades Sand Bypass, and Barnegat Inlet to Little Egg Inlet Beach Renourishment. With these projects, GLDD's backlog now stands at over $1.2 billion, providing clear revenue visibility well into 2026. This robust backlog enables GLDD to contribute to the overall improvement and resiliency of the country's environment, coastlines, and infrastructure.

The awarded projects span a mix of capital, coastal protection, and maintenance work, demonstrating GLDD's diversified portfolio. The largest project, Mobile Harbor, Alabama Deepening and Widening – Phase 2A, involves deepening the channel by six feet to accommodate deeper draft vessels, improving navigation, and reusing material for beneficial use. This $65.9 million project, expected to start in Q4 2024 and complete in spring 2025, is federally funded by the U.S. Army Corps of Engineers, Mobile District. Another significant project, Port Everglades Sand Bypass Dredging Project, provides a sustainable strategy for beach renourishment in Broward County, Florida. This $59.8 million project, expected to start in the second half of 2025 and complete in 2026, is state and locally funded by Broward County, Florida.



These projects, along with others like the Barnegat Inlet to Little Egg Inlet Beach Renourishment Project and the Fire Island Inlet Dredging Project, showcase GLDD's expertise in capital, coastal protection, and maintenance work. Additionally, these projects demonstrate the company's commitment to supporting the overall improvement and resiliency of the country's environment, coastlines, and infrastructure. Furthermore, GLDD's expansion into the offshore wind energy industry is evident in its involvement in projects like the St. Lucie Inlet Maintenance Dredging Project, which is part of the rapidly developing offshore wind energy sector.

With these projects, GLDD's potential total pipeline of work now exceeds $1.2 billion, reflecting the company's strong position in the dredging industry. The awarded projects' funding sources, a mix of federal, state, and local funds, ensure GLDD's financial stability and support its growth prospects. The long-term nature of these projects, with completion dates ranging from 2025 to 2026, provides consistent revenue streams, further bolstering GLDD's financial outlook.

In conclusion, GLDD's receipt of $182 million in awarded work significantly contributes to its backlog and revenue visibility. The diverse projects, funding sources, and long-term timelines position GLDD well for continued growth and success in the dredging industry. As an investor, keeping an eye on GLDD's progress and the broader dredging sector can provide valuable insights into the company's potential and the overall health of the industry.