As we see the bid market start to recover in 2023, we can quickly reactivate the cold stacked vessels to take advantage of the improving market. We are on track with our fleet modernization program and our newbuild hopper dredge, the Galveston Island, is on schedule to be operational in the second quarter of 2023. “Looking forward to 2023, we expect bidding activity to be more in line with previous years as several large capital projects that were expected to bid in 2022 are now expected to bid in the first half of the year and our LNG prospects are moving toward final investment decisions. “We are proactively taking steps to minimize the impact of these external factors as we are rationalizing older assets like the previously announced retirement of the Terrapin Island, cold stacking several of our oldest and least productive dredges and aggressively reducing other costs. “This has been a challenging year driven by an extremely slow bid market in the first half of 2022, rampant inflation, supply chain delays and more than the usual number of differing site conditions on projects,” said Lasse Petterson, President and Chief Executive Officer at Great Lakes. The company said general and administrative expense and net interest expense are expected to remain relatively flat from the prior quarter. GFF: Raising target price to 35.00 GRIFFON CORP has an Investment Rating of BUY a target price of 35.000000 an Industry Subrating of High a Management.
The Padre Island is now out of drydock and in operation and the Ellis Island is out of drydock and expected to be in operation before year end. Army Corps of Engineers Philadelphia District has awarded a contract to Great Lakes Dredge & Dock Company of Oak Brook, IL for 28.8 million to. In addition, unexpected drydocking scope increases resulted in additional costs and delays for the hopper dredges Ellis Island and Padre Island, Great Lakes said. The company said in a press release that its Q4 results were impacted by the earlier than expected retirement of the Terrapin Island hopper dredge, significant weather delays on several projects in the northeast and some project production issues. Is Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) a buy Compare the latest price, visualised quantitative ratios, annual reports, historical dividends. The Company's commitment to the IIF® culture promotes a work environment where employee safety is paramount.Great Lakes Dredge & Dock Corporation this week warned its fourth quarter 2022 revenues and gross profit margins are expected to be lower than previously anticipated. The Company's Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company's culture. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. dredging industry, comprised of approximately 200 specialized vessels.
Great Lakes owns and operates the largest and most diverse fleet in the U.S. In its over 133-year history, the Company has never failed to complete a marine project. GREAT LAKES DREDGE & DOCK CORPORATION (NASDAQ:GLDD) : Stock quote, stock chart, quotes, analysis, advice, financials and news for share GREAT LAKES DREDGE. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. The Company has a long history of performing significant international projects. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. Great Lakes Dredge & Dock Corporation ("Great Lakes" or the "Company") is the largest provider of dredging services in the United States. A copy of the press release will be available on the Company's website. The live call and replay can also be heard at or on the Company's website, under Events on the Investor Relations page.
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