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Here are 1-2 brief analogies for Great Lakes Dredge & Dock (GLDD):

• They're like Fluor Corporation (FLR), but their construction projects are entirely focused on oceans, rivers, and coastlines.
• They're like Waste Management (WM), but instead of handling trash, they move massive amounts of sand and silt to manage waterways and build shorelines.

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• Capital Dredging: Undertakes large-scale projects such as port expansion, new channel creation, trench digging for pipelines and tunnels, and the construction of various marine structures.
• Coastal Protection and Restoration: Provides services to mitigate shoreline erosion by moving sand, and conducts land reclamations and other coastal restoration initiatives.
• Maintenance Dredging: Involves the re-dredging of existing waterways, harbors, and channels to remove accumulated sediments and maintain navigability.
• Inland and Environmental Dredging: Offers dredging services for lakes, rivers, inland levee construction, and projects focused on environmental restoration and habitat improvement.

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Great Lakes Dredge & Dock (GLDD) primarily serves governments and private concerns (other companies), rather than individuals. The provided description does not list specific names of customer companies but describes them by category. Its major customers fall into the following categories:

• Governments: This includes federal, state, and local governments within the United States, as well as foreign governments.
• Domestic and Foreign Private Concerns: These are typically other companies, such as utilities, oil companies, and other energy companies.

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Lasse Petterson, Chief Executive Officer & President

Lasse Petterson was appointed Chief Executive Officer in May 2017 and assumed the additional title of President in March 2020. He has served as a member of the company's Board since December 2016. Prior to joining Great Lakes Dredge & Dock, Mr. Petterson worked as a private consultant for clients in the oil and gas sector. From 2009 to 2013, he was Chief Operating Officer and Executive Vice President at Chicago Bridge and Iron Company N.V. (CB&I), an engineering, procurement, and construction company, where he was responsible for all of CB&I's engineering, procurement, and construction project operations and sales. Before CB&I, Mr. Petterson served as CEO of Gearbulk, Ltd., a privately held company that operates one of the world's largest fleets of gantry craned open hatch bulk vessels. He also held the roles of President and Chief Operating Officer of AMEC Inc. Americas, a subsidiary of AMEC plc, a British multinational consulting, engineering, and project management company. For two decades prior, Mr. Petterson held various executive and operational positions for Aker Maritime, Inc., the deepwater division of Aker Maritime ASA of Norway.

Scott Kornblau, Senior Vice President & Chief Financial Officer

Scott Kornblau joined Great Lakes Dredge & Dock in October 2021 as Senior Vice President and Chief Financial Officer. In January 2022, he was additionally named Treasurer. Before his tenure at GLDD, Mr. Kornblau spent over 24 years at Diamond Offshore Drilling, Inc., where he served as Vice President and Treasurer from 2007 to 2017, and then as Senior Vice President and Chief Financial Officer from 2017 until September 2021. Earlier in his career, he worked as an auditor for KPMG. Mr. Kornblau is a licensed Certified Public Accountant in Texas and graduated from the University of Texas at Austin with a degree in Accounting.

David Johanson, Senior Vice President, Project Acquisition & Operations

David Johanson holds the position of Senior Vice President, Project Acquisition & Operations.

Eleni Beyko, Ph.D., Senior Vice President, Offshore Energy

Eleni Beyko serves as the Senior Vice President, Offshore Energy.

Vivienne Schiffer, Senior Vice President, Chief Legal Officer, Chief Compliance Officer & Corporate Secretary

Vivienne Schiffer joined Great Lakes Dredge & Dock in December 2020 as Senior Vice President, Chief Legal Officer, Chief Compliance Officer, and Corporate Secretary. She is responsible for leading the company's legal and compliance organization, providing legal counsel to Executive Management and the Board of Directors. Her responsibilities encompass corporate governance, policy and regulatory strategy development, litigation, environmental matters, intellectual property, global corporate compliance, and labor and employment laws. Ms. Schiffer also leads the company's sustainability reporting.

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The key risks to Great Lakes Dredge & Dock (GLDD) are primarily linked to its reliance on government funding, the complexities of operational execution and project delays, and stringent environmental and regulatory compliance demands.

1. Dependence on Government Contracts and Funding Fluctuations: A substantial portion of Great Lakes Dredge & Dock's revenue is derived from contracts with federal agencies, particularly the U.S. Army Corps of Engineers. This reliance exposes the company to risks associated with shifts in federal appropriations, changes in government priorities, and broader economic downturns that could impact infrastructure spending and the overall dredging bid market. Moreover, non-compliance with regulations such as the Foreign Corrupt Practices Act could lead to the loss of eligibility for government contracts, severely impacting the business.
2. Operational Risks and Project Delays: Great Lakes Dredge & Dock faces inherent operational challenges in its capital-intensive dredging and marine construction projects. These include the risks of cost overruns and reduced profitability, especially with fixed-price contracts, due to underestimating costs, operational difficulties, or unforeseen circumstances. The company is also vulnerable to project delays caused by climate change, extreme weather events like hurricanes and storms, unusual weather patterns, difficulties in obtaining permits, or technical problems. Furthermore, managing an aging fleet requires ongoing significant capital investment for maintenance and upgrades, which can impact operational capacity and margins.
3. Regulatory and Environmental Compliance: The dredging industry is subject to stringent and evolving environmental regulations, including those under the Clean Water Act, which can necessitate significant capital expenditures and impact project operations and profitability. Great Lakes Dredge & Dock faces potential legal challenges, substantial fines, and costly project postponements related to the disposal of dredged materials, the broader environmental impact of its activities, and incidents such as oil spills. Compliance with specific maritime laws, like the Jones Act, is also critical, and any changes or non-compliance could severely affect operations.

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Great Lakes Dredge & Dock (GLDD) operates in several addressable markets primarily within the United States, including dredging services, marine construction, and coastal protection and restoration.

The United States dredging market was valued at approximately $5.2 billion in 2023 and is anticipated to grow with a compound annual growth rate (CAGR) of 2.7% through 2029. This market is further projected to grow from $5.45 billion in 2025 to $6.55 billion by 2031 at a 3.11% CAGR. The domestic dredging bid market for 2025 is estimated to be around $2 billion, with a significant focus on coastal protection projects.

For marine construction, which encompasses many of GLDD's activities like port expansion and marine structure construction, the U.S. market generated approximately $11.51 billion in revenue in 2024. This market is projected to reach about $15.24 billion by 2030, demonstrating a CAGR of 4.8% from 2025 to 2030.

In the area of coastal protection and restoration, which is a key service for GLDD, the global beach and dune restoration service market is estimated at $2.5 billion in 2025 and is projected to reach $3 billion by 2030. Another estimate places the global Beach and Dune Restoration Service market at $4.5 billion in 2025. North America, where GLDD primarily operates, shows significant investment and activity in these restoration initiatives. More broadly, the North American ecological restoration service market was valued at $12.3 billion in 2024, holding a 45.9% share of the global market.

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1. Strong Backlog and Government Infrastructure Spending: The company benefits from a substantial dredging backlog, which stood at $1.2 billion at the end of 2024, with an additional $282.1 million in pending awards providing revenue visibility into 2026. A significant portion of this backlog, approximately 84%, is comprised of higher-margin capital dredging and coastal protection projects. Demand is further bolstered by anticipated government spending, including the U.S. Army Corps of Engineers' projected $10 billion budget for 2025, which is expected to support a strong bid market for capital and coastal protection projects. GLDD has consistently been a beneficiary of government grants and awards, underpinning its role in critical infrastructure projects.
2. Expansion into the Offshore Wind Market: Great Lakes Dredge & Dock is strategically investing in new vessels and specialized equipment, such as the subsea rock installation (SRI) vessel, the Acadia, to capitalize on the burgeoning offshore wind market. The Acadia, a U.S.-flagged Jones Act compliant vessel, is set to commence operations in the offshore wind sector in 2026 and is already fully contracted for projects through 2026, including Empire Wind and Sunrise Wind. This expansion into offshore energy is expected to diversify GLDD's revenue streams and offer higher-margin earnings. The company has also secured two international offshore energy contracts, which will keep the Acadia utilized in Europe for most of 2027.
3. Fleet Modernization and Enhanced Operational Efficiency: Investments in new vessels contribute to increased dredging capacity and improved operational efficiency. The delivery of the Amelia Island in Q3 2025 significantly bolstered the company's dredging capabilities and contributed to higher revenue in 2025. Fleet renewal is also improving margins, with new vessels having expanded gross margin by over 300 basis points year-over-year in Q3 2025. Higher utilization and project performance, driven by a modernized fleet, are key factors in the company's increased gross profit and gross profit margin.
4. Diversification into Subsea Infrastructure: Beyond offshore wind, Great Lakes Dredge & Dock is diversifying its services to include rock protection for critical subsea infrastructure, such as oil and gas pipelines and telecommunication cables. This strategic diversification leverages the company's core expertise in marine construction and trench digging, expanding its market opportunities within the broader energy and communications sectors.

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Share Repurchases

• Great Lakes Dredge & Dock Corporation authorized a new share repurchase program of up to $50 million on March 14, 2025, valid until March 14, 2026.
• As of December 31, 2025, $38.4 million remained authorized under this repurchase program.
• S&P Global Ratings anticipated annual share repurchases of $10 million to $15 million for both 2025 and 2026.

Share Issuance

• On May 8, 2025, stockholders approved an amendment to increase the shares available under the 2021 Long-Term Incentive Plan by 3 million.
• The company's stockholders also approved the Great Lakes Dredge & Dock Corporation 2025 Employee Stock Purchase Plan.

Inbound Investments

• On February 11, 2026, Saltchuk Resources, Inc. announced a definitive agreement to acquire Great Lakes Dredge & Dock Corporation for a total transaction value of $1.5 billion, with an aggregate equity value of approximately $1.2 billion.
• Saltchuk's subsidiary commenced a tender offer on March 4, 2026, to acquire all outstanding shares for $17.00 per share in cash, with the transaction expected to close in the second quarter of 2026.

Capital Expenditures

• Capital expenditures for 2025 amounted to $147.2 million, primarily supporting new build programs.
• Expected capital expenditures for 2026 are projected to be between $65 million and $75 million, focusing on new build programs and maintenance.
• A key focus of these expenditures is fleet modernization, including the launch of the *Acadia*, the first Jones Act-compliant subsea rock installation vessel in the U.S. (expected to be operational in the first half of 2026), and the new hopper dredges *Amelia Island* (delivered in Q3 2025) and *Galveston Island*.