![]() Great Lakes, which claims to be the biggest provider of dredging services in the USA, noted the contract is the largest in its history, but did not disclose the award value. "This project will enhance commercial navigation into and out of the Port of Brownsville and ensure the safe and reliable access of LNG carriers to the Rio Grande LNG facility." ![]() "This also includes the development of two ship berths and turning basin for the Rio Grande LNG facility. "The work includes deepening the entrance channel to the western end of the RGLNG property also known as Phase 1 of the Brazos Island Harbor Channel Improvements", Houston city-based Great Lakes said in a press release. project, which is planned to open to traffic 2027. It announced this week it had received the notice to proceed with the NextDecade Corp. is expecting to start this year work on the Rio Grande LNG export terminal project in Texas. And while continued significant weather delays on several projects in the Northeast and the unfavorable shift in mix from the higher-margin capital projects to more lower-margin maintenance jobs had GLDD go from earning 17 cents in the prior-year quarter to losing 6 cents, this too was much better than the loss of 17 cents analysts had been projecting thanks to the swift and proactive actions the company has taken in the last six months on reducing costs and adjusting its fleet.Great Lakes Dredge & Dock Corp. Specifically, contract revenues of $158.0 million for Q1 were down 18.7% from the prior year, but exceeded the consensus estimate by $10.3 million as higher maintenance and rivers/lakes project activity helped stem the decline in domestic capital and coastal protection project work. ![]() On what proved to be an ugly day for equities overall, shares of Great Lakes Dredge & Dock (GLDD) held up fairly well today after the company reported a better-than-anticipated start to 2023 this morning. A smaller-than-feared loss in Q1 and a promising pickup in bidding activity for more lucrative projects have Great Lakes Dredge & Dock (GLDD) poised to return to profitability later this year. ![]()
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