Great Lakes Dredge Takes Most of the Domestic Market in Q1

Great Lakes Dredge & Dock Corporation (GLDD) yesterday reported financial results for the quarter ended March 31, 2015.

For the quarter, Great Lakes reported revenue of $174.6 million, net loss of $8.4 million, and adjusted EBITDA from continuing operations of $4.4 million.

According to GLDD, in the first quarter of 2015, the company was awarded $208 million, or 84% of the domestic dredging bidding market, with the $135 million Savannah project accounting for a significant portion of the awards.

The Savannah project will begin this summer and is expected to be completed by summer 2018. GLDD was also awarded a $23 million coastal protection project in New York and $46 million in maintenance dredging awards.

Chief Executive Officer Jonathan Berger commented, “Our first quarter performance was impacted by expected business cyclicality losses in the environmental & remediation segment. The expected operating loss was further negatively impacted by pending change orders and claims. Change orders are being negotiated, and we are confident that their resolution will result in revenues and net income in subsequent quarters that will partially offset first quarter losses.”

We do not expect the first quarter results to be indicative of the company’s annual results. Dredging activity has picked up in the second quarter, with more of our year-end backlog expected to be worked off compared to the first quarter, and our environmental & remediation segment is beginning to enter its busy season,” added Berger.

 

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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