![]() ![]() ![]() HOUSTON, (GLOBE NEWSWIRE) - Great Lakes Dredge & Dock Corporation ("Great Lakes" or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced today that Empire Offshore Wind, a joint venture between Equinor (NYSE: EQNR) and bp (NYSE: bp), have chosen Great Lakes in consortium with Van Oord to perform the subsea rock installation work for the Empire Wind I and II wind farms in the East Coast of the United States. First offshore wind rock installation contract awarded to a U.S. ![]() For now, the dredger's $175 million in high-yield 7.75 percent debt still carries a deep-junk rating of CCC-minus from credit rater Standard & Poor's Corp., but S&P has placed the rating on watch for a possible upgrade.Van Oord’s flexible fallpipe vessel, Stornes. Most observers think the Great Lakes-Aldabra merger, with its promise of paying down some $50 million in Great Lakes' debt, is a positive for the dredging concern. But, for now, long-term domestic contracts remain limited. ![]() And the recent development of a new class of huge ocean freighters, with a deeper-than-normal draft, promises to boost demand for deepening big U.S. market, officials are hopeful that plans for future liquid natural gas terminals will yield dredging opportunities. authorities, and recently started work on a major land-reclamation project in Bahrain. It has performed harbor-clearing work in Iraq under contract to U.S. In response to the sluggish domestic market, Great Lakes has increased its presence abroad. industry leader Great Lakes, as well as rivals such as closely held Manson Construction Co. During 20, when the Corps cut back on its dredging contracts because of budget constraints linked to the Iraq conflict, earnings suffered at U.S. Army Corps of Engineers, which has responsibility for the nation's navigable waterways. The industry's biggest customer by far is the U.S. Harbors, river channels and other waterways always need to be kept clear, so dredging work never completely dries up.īut it's a competitive industry with high overhead-large boats equipped with complex machinery that needs plenty of maintenance-and profits come under pressure if there aren't enough contracts to keep fleet utilization high. ![]()
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