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They are essentially the **Bechtel** or **Fluor** of marine infrastructure, specializing in dredging to deepen ports, nourish beaches, and protect coastlines.

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Major services provided by Great Lakes Dredge & Dock (GLDD) include:

• Infrastructure & Maintenance Dredging: Services focused on deepening and maintaining navigation channels, ports, and harbors to support maritime commerce.
• Coastal Protection & Restoration: Services designed to enhance coastal resiliency, including beach nourishment, barrier island construction, and wetland restoration.
• Offshore Wind Support: Marine infrastructure services for the development of offshore wind farms, such as foundation preparation and cable trenching.
• Environmental Remediation Dredging: Specialized dredging services to remove and safely dispose of contaminated sediments from waterways.

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• The primary major customer is the U.S. Army Corps of Engineers (USACE). The USACE accounted for approximately 76% of GLDD's consolidated revenues in 2023. As a federal governmental agency, it does not have a public company symbol.
• Other customers include various state and local governments.
• Private owners, primarily port authorities and energy companies. Specific energy companies are not individually named as major customers in GLDD's public filings due to the high revenue concentration with the USACE.

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Lasse Petterson, Chief Executive Officer & President

Lasse Petterson was named Chief Executive Officer in May 2017 and assumed the additional title of President in March 2020. Prior to joining Great Lakes, Mr. Petterson served as a private consultant to clients in the oil and gas sector. 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, from 2009 to 2013. Before CB&I, he was CEO of Gearbulk, Ltd., a privately held company that owns and operates a large fleet of open-hatch bulk vessels. He also served as President and Chief Operating Officer of AMEC Inc. Americas, a subsidiary of AMEC plc, a British multinational consulting, engineering, and project management company. Earlier in his career, he held various executive and operational positions for Aker Maritime, Inc. for 20 years and at Norwegian Contractors, an offshore oil and gas platform contractor, for nine years. Mr. Petterson's expertise extends to mergers and acquisitions in the oil and gas sector.

Scott Kornblau, Senior Vice President & Chief Financial Officer

Scott Kornblau joined Great Lakes in October 2021 as Senior Vice President and Chief Financial Officer. Before joining Great Lakes, he spent over 24 years with Diamond Offshore Drilling in Houston, serving as Vice President and Treasurer from 2007 to 2017, and then as Senior Vice President and Chief Financial Officer from 2017 until September 2021. Diamond Offshore Drilling, Inc. is an offshore oil and gas drilling company. Mr. Kornblau previously worked as an auditor for KPMG. He is a Certified Public Accountant and holds a degree in Accounting from the University of Texas at Austin.

David J. Johanson, Senior Vice President, Project Acquisition & Operations

David Johanson serves as the Senior Vice President of Project Acquisition & Operations at Great Lakes Dredge & Dock Corporation.

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

Vivienne Schiffer joined Great Lakes Dredge & Dock in December 2020. She is responsible for leading the Company's legal and compliance organization, providing counsel to executive management and the Board of Directors, and overseeing corporate governance, policy and regulatory strategy, litigation, environmental matters, intellectual property, global corporate compliance, and labor and employment laws. She also leads the Company's sustainability reporting.

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

Eleni Beyko, Ph.D., serves as the Senior Vice President of Offshore Energy for Great Lakes Dredge & Dock Corporation. She is actively involved in the company's initiatives and opportunities within the offshore wind market.

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Key Business Risks for Great Lakes Dredge & Dock (GLDD)

1. Reliance on Government Funding and Cyclicality: A significant portion of GLDD's revenue is derived from government-backed projects, making the company highly susceptible to changes in federal infrastructure budgets, political priorities, and government spending cycles. Reduced infrastructure investment or budget reallocations could directly impact GLDD's project pipeline and revenue. The business is inherently cyclical, with project awards and margins influenced by external government funding decisions.
2. Project Delays, Cancellations, and Regulatory/Environmental Risks: Large-scale dredging and offshore projects are prone to delays or cancellations due to various factors, including stringent and evolving environmental regulations (e.g., Clean Water Act), permitting challenges, weather disruptions, and logistical complexities. The nascent offshore wind market, in particular, has seen project delays and uncertainty, such as the temporary pause on Equinor's Empire Wind 1 project, which can impact revenue visibility and asset utilization. Potential litigation over dredged material disposal or broader environmental impacts also poses a considerable risk.
3. Operational Challenges, Fleet Management, and Cost Pressures: GLDD's business relies on a specialized fleet, a significant portion of which is aging and requires ongoing investment in maintenance and upgrades. Prolonged dry dockings and unexpected maintenance can impact vessel utilization and operational efficiency. Furthermore, inflationary pressures on fuel, materials, and labor costs, coupled with intense competition within the dredging industry, can lead to increased operational expenses and pressure on profit margins.

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Great Lakes Dredge & Dock (GLDD) operates in the dredging and offshore wind energy markets.

Dredging Services

• U.S. Market: The market size for the Dredging Services industry in the United States is estimated at $2.5 billion in 2025. Another report indicates the United States dredging market was valued at USD 5.2 billion in 2023 and is anticipated to project robust growth with a CAGR of 2.7% through 2029. The North American dredging market is projected to reach US$ 7.32 billion by 2034, with the U.S. holding approximately 65% of this market.

• Global Market: The global dredging market was valued at USD 10.66 billion in 2024 and is expected to reach USD 13.14 billion by 2032, growing at a CAGR of 2.65% from 2025 to 2032. Another assessment values the global dredging market at US$ 18.01 billion for 2024, with a forecast to expand at a CAGR of 3.4% to reach US$ 25.16 billion by the end of 2034.

Offshore Wind Energy (Marine Construction/Installation)

• U.S. Market: The U.S. offshore wind energy market was valued at USD 7.2 billion in 2024. This market is projected to reach USD 8 billion by 2035 from a base of USD 3.5 billion in 2024, anticipating a compound annual growth rate (CAGR) of 7.8% from 2025 to 2035.

• Global Market: The global offshore wind energy market size was valued at USD 39.14 billion in 2024 and is anticipated to reach USD 215.5 billion by 2034, exhibiting a CAGR of 18.6% from 2025 to 2034. Another source states the global offshore wind energy market size was USD 55.9 billion in 2024 and is anticipated to reach USD 298.8 billion by 2034, growing at a CAGR of 14.6% from 2025 to 2034.

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• Strong and High-Margin Backlog: GLDD has consistently reported a substantial dredging backlog, with a significant portion allocated to capital and coastal protection projects. As of Q3 2025, the dredging backlog stood at $934.5 million, with an additional $193.5 million in low bids and options pending award, providing revenue visibility well into 2026. These capital and coastal protection projects typically yield higher margins for GLDD. The company's successful bid strategy in prior years has resulted in a high-quality backlog supporting full utilization and revenues.
• Growth in Offshore Energy Market: The company is actively expanding its core business into the rapidly developing offshore energy industry. This includes projects related to offshore wind, with the new Jones Act-compliant subsea rock installation vessel, the *Acadia*, expected to enter service in early 2026 and achieve full utilization in 2026, supporting projects like Equinor and Ørsted's Empire Wind and Sunrise Wind. GLDD is also broadening its offshore energy involvement beyond wind to include subsea cable and pipeline protection, with its offshore energy backlog growing to $73 million as of Q3 2025.
• Major Liquefied Natural Gas (LNG) Port Deepening Projects: GLDD has secured and is executing dredging work for significant private sector LNG projects. Included in its backlog are the Port Arthur LNG Phase 1 Project, the Brownsville Ship Channel Project for Next Decade Corporation's Rio Grande LNG Project, and the Woodside Louisiana LNG project, with dredging for the latter expected to commence in early 2026. These large-scale projects contribute substantially to the company's revenue and provide long-term visibility.
• New Vessel Deployments and Increased Utilization: The delivery and operational deployment of new, advanced vessels are key drivers. The hopper dredge *Amelia Island* was delivered in August 2025 and immediately commenced work, contributing to increased utilization and project performance. The *Acadia* vessel, mentioned above for offshore energy, also represents a significant capital investment aimed at expanding capabilities and revenue streams. Improved utilization across the fleet, driven by a strong project pipeline, has been consistently cited as a factor in revenue growth and improved gross margins.
• Future Port Deepening and Coastal Resilience Initiatives: Beyond current LNG projects, GLDD anticipates meaningful progress on the next phase of port deepening projects in various locations, including New York, New Jersey, Tampa, New Haven, and Baltimore, with work most likely to commence in 2027. Furthermore, increasing investments in coastal resilience and critical infrastructure projects, often funded by acts like the 2023 Disaster Relief Supplemental Appropriation Act, are expected to expand the addressable project pipeline and support long-term operating capacity.

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Share Repurchases

• Great Lakes Dredge & Dock (GLDD) announced a $50 million share repurchase program on March 14, 2025, which is set to expire on March 14, 2026.
• On August 4, 2020, the company authorized a share repurchase program of up to $75 million of its common stock.

Inbound Investments

• Several institutional investors increased their stakes in GLDD during 2025; for instance, Jennison Associates LLC raised its position by 22.7% in Q1 2025 to over 5.3 million shares.
• Arrowstreet Capital Limited Partnership significantly increased its stake by 680.1% in Q2 2025, holding 841,140 shares.
• Nuveen LLC acquired a new position in GLDD valued at approximately $3.96 million in Q1 2025.

Capital Expenditures

• Total capital expenditures for Q3 2025 were $32.8 million, with a focus on the completion of the Amelia Island dredge ($8.3 million) and the construction of the Acadia subsea rock installation vessel ($18.6 million).
• For Q2 2025, capital expenditures totaled $64.6 million, including $19.8 million for the Amelia Island and $28.7 million for the Acadia vessel.
• GLDD's new build program, featuring the Amelia Island hopper dredge, was largely completed in 2025, and the Acadia subsea rock installation vessel is expected for delivery in Q1 2026, aiming to support growth in the offshore energy industry.