Currently, backlog and recent pending awardable work is estimated to be approximately $900 million. Post quarter end Great Lakes was low bidder on an additional $137.0 million of project work. Work on this project is anticipated to start later this year. Post quarter end, in July 2023, Great Lakes received Notice to Proceed on the Rio Grande LNG project, which will now be the largest project undertaken in our history. Included in our low bids pending are two liquefied natural gas ("LNG") projects that have been awaiting Notice to Proceed from our clients.
Dredging backlog includes the Freeport Reach Deepening job which was awarded to Great Lakes for $157.4 million, which, at the time, was the third largest domestic capital project the Company has won in its history. Great Lakes ended the quarter with $434.6 million of dredging backlog, which does not include approximately $50.0 million dollars of performance obligations related to offshore wind contracts and $487.3 million in low bids and options pending award. Although not all challenges are behind us, our solid quarter is a result of improved project performance and weather conditions and the benefits from our cost savings initiatives. Lasse Petterson, President and Chief Executive Officer commented, “The second quarter reflects improved performance, resulting in improved net income and our highest adjusted EBITDA since the first quarter of 2022. Adjusted EBITDA was $16.6 million for the second quarter.Net income was $1.7 million for the second quarter.Total operating income was $3.7 million for the second quarter.Revenue was $132.7 million for the second quarter.01, 2023 (GLOBE NEWSWIRE) - Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (Nasdaq: GLDD), the largest provider of dredging services in the United States, today reported financial results for the quarter ended June 30, 2023. Second quarter adjusted EBITDA of $16.6 millionĭredging backlog of $434.6 million at June 30, 2023 Second quarter net income of $1.7 million
0 kommentar(er)
