Monday, October 05, 2020
Great Lakes Dredge & Dock (GLDD)
New Announcements Push 3Q2020 Awards to $417 Million
Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
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3Q2020 Awards now total $416.8 million with six new awards for $59.8 million announced at the end of last week. The scope of work is broad and the awarded work includes a total of 21 projects, including six capital awards for $195.1 million, eight maintenance awards for $111.0 million, and seven coastal protection awards for $110.7 million. While awards of $452.5 million were announced in 3Q2020, three awards for $35.8 million were related to 2Q2020 awards, so the 3Q2020 award figure excludes those awards. Also, the 3Q2020 award number is even higher since there was an unquantified award in July from Bechtel for work on a LNG project.
October Awards. On October 2nd, six awards for $59.8 million were announced. As detailed in previous research notes, several dredging awards had been posted on government web sites in September, but not yet announced. The most recent press release captures the remaining to-be-announced awards, including three maintenance awards for $26.2 million, two coastal protection awards for…
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
