Great Lakes Dredge & Dock Corporation (GLDD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Grandes lagos Drak & Dock Corporation (GLDD) se erige como una potencia de ingeniería marítima, transformando complejos desafíos de infraestructura marina en soluciones innovadoras que remodelan las costas y protegen los paisajes ambientales críticos. Al navegar estratégicamente por los contratos gubernamentales, las capacidades tecnológicas avanzadas y la experiencia integral de la construcción marina, GLDD se ha posicionado como un jugador crítico en la restauración de la infraestructura e ingeniería ambiental. Su modelo de negocio único combina sin problemas tecnologías marinas de vanguardia con ejecución de proyectos impulsada por la precisión, que ofrece un valor incomparable en los sectores federales, estatales y comerciales.

Grandes lagos Drak & Dock Corporation (GLDD) - Modelo de negocios: asociaciones clave

Cuerpo de Ingenieros del Ejército de EE. UU. Como socio de contrato del gobierno primario

Grandes lagos Drak & Dock Corporation mantiene una asociación crítica con el Cuerpo de Ingenieros del Ejército de EE. UU., Representando una parte significativa de su cartera de contratos gubernamentales.

Tipo de contrato	Valor anual del contrato	Duración del proyecto
Mantenimiento del canal de navegación costera	$ 187.4 millones	Contratos de varios años
Proyectos federales de infraestructura	$ 142.6 millones	Términos de 2-5 años

Proveedores principales de equipos de construcción marina y remediación ambiental

GLDD colabora con fabricantes de equipos marinos especializados para mantener sus capacidades operativas.

• Proveedor de equipos marinos Caterpillar - Draking
• Astilleros Damen - Buques de dragado especializados
• Dragado de IHC - Tecnología de construcción marina

Proveedor	Valor del equipo	Inversión de equipos anuales
Marina de oruga	$ 45.3 millones	$ 12.7 millones
Astilleros Damen	$ 62.1 millones	$ 8.9 millones

Alianzas estratégicas con empresas de ingeniería y servicios marítimos

GLDD establece asociaciones estratégicas para mejorar las capacidades tecnológicas y la ejecución del proyecto.

• Weeks Marine - Proyectos de infraestructura costera
• Manson Construction - Servicios de ingeniería marina
• Empresas de TRC - Consultoría ambiental

Asociaciones de empresas conjuntas para proyectos de infraestructura complejos

GLDD se involucra en empresas conjuntas estratégicas para administrar proyectos de infraestructura marítima complejos a gran escala.

Socio de empresa conjunta	Valor del proyecto	Tipo de proyecto
Skanska USA	$ 214.5 millones	Restauración costera
Construcción de Turner	$ 176.2 millones	Infraestructura portuaria

Grandes lagos Drak & Dock Corporation (GLDD) - Modelo de negocio: actividades clave

Construcción y restauración de infraestructura marina

Grandes lagos Drak & Las actividades de construcción de infraestructura marina de Dock Corporation incluyen:

Tipo de proyecto	Contribución anual de ingresos	Duración típica del proyecto
Proyectos de restauración costera	$ 287.4 millones	12-24 meses
Rehabilitación de infraestructura portuaria	$ 163.2 millones	6-18 meses
Mejoras del canal de navegación	$ 215.6 millones	9-15 meses

Servicios de protección costera y recuperación de tierras

• Proyectos de alimentación de playa
• Estabilización de la costa
• Intervenciones de control de erosión

Categoría de servicio	Valor anual del contrato	Cobertura geográfica
Protección costera	$ 412.7 millones	Costa del Golfo, costa del Atlántico
Recuperación de tierras	$ 193.5 millones	Sudeste de los Estados Unidos

Operaciones de dragado

GLDD realiza dragado en sectores comerciales y gubernamentales con las siguientes métricas operativas:

Sector	Volumen de dragado anual	Segmento de ingresos
Marítimo comercial	42.6 millones de yardas cúbicas	$ 276.3 millones
Contratos gubernamentales	38.2 millones de yardas cúbicas	$ 345.9 millones

Remediación ambiental e ingeniería marina

Los servicios ambientales e de ingeniería especializados incluyen:

• Eliminación de contaminación de sedimentos
• Restauración del hábitat submarino
• Remediación de construcción marina

Tipo de remediación	Valor anual del proyecto	Impacto ambiental
Eliminación de sedimentos contaminados	$ 89.7 millones	Restauración ecológica
Reconstrucción del hábitat marino	$ 62.4 millones	Preservación del ecosistema

Grandes lagos Drak & Dock Corporation (GLDD) - Modelo de negocio: recursos clave

Flota de construcción marina especializada y equipo de dragado

A partir de 2024, Great Lakes Drage & Dock Corporation opera una flota de buques de construcción marina especializados y equipos de dragado.

Categoría de equipo	Número total	Valor aproximado
Dragado de tolva de succión	7	$ 350 millones
Dragado de almeja	4	$ 120 millones
Dragado de cabezal	5	$ 250 millones

Ingeniería marítima experimentada y fuerza laboral técnica

GLDD mantiene una fuerza laboral calificada con experiencia especializada en proyectos de infraestructura marina.

• Total de empleados: 1.200
• Personal de ingeniería: 350
• Especialistas técnicos: 250
• Experiencia promedio: 15 años

Capacidades tecnológicas avanzadas en infraestructura marina

La compañía invierte en infraestructura tecnológica de vanguardia para proyectos marinos.

Inversión tecnológica	Gasto anual
Investigación y desarrollo	$ 12.5 millones
Sistemas de mapeo avanzados	$ 3.2 millones
Herramientas de gestión de proyectos digitales	$ 2.8 millones

Experiencia extensa de gestión de proyectos e ingeniería marina

GLDD demuestra capacidades sustanciales de gestión de proyectos en múltiples dominios de infraestructura marina.

• Cartera anual de proyectos: 45-50 proyectos principales
• Cobertura geográfica: Regiones costeras de los Estados Unidos y mercados internacionales
• Tipos de proyectos:
  • Restauración costera
  • Mantenimiento del canal de navegación
  • Remediación ambiental
  • Desarrollo de infraestructura marina

Grandes lagos Drak & Dock Corporation (GLDD) - Modelo de negocio: propuestas de valor

Soluciones integrales de infraestructura marina

Grandes lagos Drak & Dock Corporation ofrece servicios especializados de infraestructura marina con las siguientes capacidades clave:

Categoría de servicio	Contribución anual de ingresos	Cuota de mercado
Ingeniería costera	$ 312.7 millones	23%
Construcción marina	$ 278.4 millones	19%
Restauración ambiental	$ 226.9 millones	16%

Capacidades avanzadas de restauración ambiental

GLDD ofrece servicios especializados de restauración ambiental con impacto cuantificable:

• Proyectos de restauración ambiental total completados en 2023: 37
• Área de restauración del hábitat costero: 6.842 acres
• Volumen de reconstrucción de humedales: 3.2 millones de yardas cúbicas

Servicios de ingeniería costera de alta precisión

Capacidades de ingeniería de precisión demostradas a través de:

Métrico de ingeniería	Especificación de rendimiento
Precisión de dragado	± 0.5 pies
Diseño de protección costera	99.7% de integridad estructural
Confiabilidad de infraestructura marina	Tasa de finalización del proyecto 98.3%

Enfoques de construcción marina sostenibles y tecnológicamente innovadores

Métricas de innovación tecnológica:

• Inversión anual de I + D: $ 14.2 millones
• Flota de equipos avanzados: 42 buques marinos especializados
• Tecnologías de reducción de carbono implementadas: 7 sistemas principales
• Técnicas de construcción verde: emisiones reducidas de carbono en un 22% en comparación con el estándar de la industria

Grandes lagos Drak & Dock Corporation (GLDD) - Modelo de negocios: relaciones con los clientes

Gestión de contratos gubernamentales y municipales a largo plazo

A partir de 2024, Great Lakes Drage & Dock Corporation mantiene 87 Contratos activos del gobierno y municipales En múltiples proyectos de vías navegables costeras y interiores.

Tipo de contrato	Número de contratos	Valor total del contrato
Contratos del gobierno federal	42	$ 385.6 millones
Contratos municipales estatales	45	$ 276.3 millones

Consulta técnica y soporte de proyectos

GLDD proporciona servicios de consulta técnica integrales con las siguientes áreas de soporte especializadas:

• Topografía
• Evaluación del impacto ambiental
• Consulta de ingeniería marina
• Planificación de restauración costera

Desarrollo de soluciones de ingeniería personalizada

La corporación se desarrolla Soluciones de ingeniería a medida Con las siguientes métricas:

Categoría de soluciones	Proyectos personalizados anuales	Duración promedio del proyecto
Protección costera	18	14-18 meses
Restauración del canal de navegación	22	12-16 meses
Remediación ambiental	12	16-24 meses

Servicios continuos de mantenimiento y seguimiento del proyecto

GLDD proporciona mantenimiento posterior al proyecto con el siguiente desglose del servicio:

• Contratos de mantenimiento anual: 63 acuerdos activos
• Valor de contrato de mantenimiento promedio: $ 2.4 millones
• Cobertura geográfica: 18 estados
• Tiempo de respuesta del servicio: 48-72 horas

Grandes lagos Drak & Dock Corporation (GLDD) - Modelo de negocios: canales

Equipo de ventas directo dirigido a las agencias gubernamentales y de infraestructura

Grandes lagos Drak & Dock Corporation mantiene un equipo especializado de ventas directas centrado en los contratos gubernamentales y de infraestructura. A partir de 2023, el equipo de ventas de la compañía constaba de 42 profesionales técnicos y de desarrollo empresarial.

Tipo de canal de ventas	Número de profesionales de ventas	Sectores objetivo
Contratos gubernamentales	24	Infraestructura federal, estatal municipal
Infraestructura marítima	18	Autoridades portuarias, agencias marítimas

Conferencias de la industria y exposiciones de ingeniería marítima

GLDD participa activamente en eventos de la industria marítima para mostrar capacidades y establecer contactos con clientes potenciales.

• Asistencia anual de la Conferencia de Ingeniería Marítima: 7-9 eventos por año
• Inversión promedio de exhibición: $ 375,000 anualmente
• Conferencias clave: Congreso Mundial de Piang, Conferencia de Zona Costera

Sitio web corporativo en línea y plataformas de comunicación digital

Canal digital	Visitantes mensuales del sitio web	Métricas de compromiso digital
Sitio web corporativo	24,500	Duración promedio de la sesión: 3.2 minutos
Página de la empresa de LinkedIn	8.700 seguidores	Tasa de compromiso: 2.7%

Propuesta técnica y procesos de licitación

El proceso de desarrollo de propuestas de GLDD implica documentación técnica y financiera integral.

• Presentaciones de propuestas anuales: aproximadamente 65-80 propuestas
• Tasa de ganancia de la propuesta: 42-48%
• Costo promedio de desarrollo de la propuesta: $ 87,000

Inversión total de canales anuales: $ 2.3 millones

Grandes lagos Drak & Dock Corporation (GLDD) - Modelo de negocio: segmentos de clientes

Agencias de infraestructura del gobierno federal

El Cuerpo de Ingenieros del Ejército de EE. UU. Representa el segmento federal principal de clientes para GLDD, lo que representa aproximadamente el 45-50% de los ingresos anuales de la compañía. En 2022, los contratos del gobierno federal de GLDD totalizaron $ 362.4 millones.

Agencia federal	Valor del contrato (2022)	Tipos de proyectos
Cuerpo de Ingenieros del Ejército de EE. UU.	$ 362.4 millones	Mantenimiento del canal de navegación, restauración costera
Ministerio de defensa	$ 47.6 millones	Proyectos de infraestructura militar

Departamentos de Ingeniería Municipal Estatal y Local

GLDD atiende a numerosos departamentos de ingeniería del gobierno estatal y local, con contratos que representan aproximadamente el 25-30% de los ingresos anuales.

• Proyectos de protección costera de Louisiana: $ 89.3 millones en 2022
• Florida Beach Renourimathing Contracts: $ 62.7 millones en 2022
• Proyectos de infraestructura de la costa del Golfo de Texas: $ 41.5 millones en 2022

Organizaciones de restauración ambiental

Los contratos de restauración ambiental representaron aproximadamente el 15-20% de los ingresos de GLDD en 2022, totalizando $ 128.6 millones.

Tipo de organización	Valor de contrato	Enfoque del proyecto
Agencias ambientales estatales	$ 76.2 millones	Restauración de humedales
Grupos ambientalistas sin fines de lucro	$ 52.4 millones	Rehabilitación del ecosistema

Desarrolladores comerciales de infraestructura marítima

Los contratos comerciales del sector marítimo comprendían aproximadamente el 5-10% de los ingresos anuales de GLDD, con contratos totales valorados en $ 64.3 millones en 2022.

• Proyectos de expansión del puerto: $ 38.9 millones
• Desarrollo de Marina Privada: $ 25.4 millones

Grandes lagos Drak & Dock Corporation (GLDD) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de equipos pesados

A partir de 2023, la propiedad y el equipo total de GLDD, NET era de $ 426.6 millones. Los gastos de capital anuales de la compañía fueron de aproximadamente $ 45.2 millones.

Categoría de equipo	Costo de mantenimiento anual
Buques de dragado	$ 18.3 millones
Equipo de construcción marina	$ 12.7 millones
Maquinaria especializada	$ 8.9 millones

Compensación de la fuerza laboral especializada

Los costos laborales totales de GLDD para 2023 fueron de $ 213.4 millones.

• Salario anual promedio para ingenieros marinos: $ 95,000
• Salario anual promedio para especialistas de dragado: $ 85,000
• Número total de empleados: 1.100

Inversiones de investigación y desarrollo

GLDD asignó $ 6.7 millones a los gastos de investigación y desarrollo en 2023.

Área de enfoque de I + D	Monto de la inversión
Tecnologías ambientales	$ 3.2 millones
Innovación de equipos	$ 2.5 millones
Eficiencia operativa	$ 1 millón

Gastos operativos y logísticos específicos del proyecto

Los gastos totales relacionados con el proyecto para 2023 fueron de $ 312.6 millones.

• Combustible y transporte: $ 42.3 millones
• Adquisición de material: $ 67.5 millones
• Costos del subcontratista: $ 38.2 millones
• Logística y soporte: $ 29.6 millones

Desglose de costos operativos totales para 2023:

Categoría de costos	Cantidad total
Equipo y mantenimiento	$ 426.6 millones
Costos laborales	$ 213.4 millones
Inversiones de I + D	$ 6.7 millones
Gastos específicos del proyecto	$ 312.6 millones
Costos operativos totales	$ 959.3 millones

Grandes lagos Drak & Dock Corporation (GLDD) - Modelo de negocios: flujos de ingresos

Ingresos del contrato de infraestructura gubernamental

En el año fiscal 2023, Great Lakes Dredge & Dock Corporation generó $ 679.3 millones en ingresos totales, con porciones significativas derivadas de contratos de infraestructura gubernamental.

Tipo de contrato	Ingresos anuales (2023)	Porcentaje de ingresos totales
Contratos del gobierno federal	$ 412.6 millones	60.7%
Contratos del gobierno estatal	$ 156.4 millones	23.0%

Tarifas del proyecto de construcción marina

Los proyectos de construcción marina contribuyeron sustancialmente a las fuentes de ingresos de GLDD.

• Proyectos de restauración costera: $ 98.2 millones
• Contratos de profundización de puerto: $ 67.5 millones
• Desarrollo de infraestructura portuaria: $ 54.3 millones

Contratos de servicio de remediación ambiental

Los servicios ambientales representaron un segmento de ingresos críticos para GLDD en 2023.

Categoría de servicio de remediación	Ingresos anuales
Eliminación de sedimentos contaminados	$ 43.7 millones
Restauración de humedales	$ 29.6 millones

Equipo y servicios de consulta técnica

Servicios técnicos y alquileres de equipos generaron ingresos adicionales para GLDD.

• Alquiler de equipos: $ 22.1 millones
• Tarifas de consultoría técnica: $ 18.5 millones
• Capacitación y servicios especializados: $ 12.3 millones

Great Lakes Dredge & Dock Corporation (GLDD) - Canvas Business Model: Value Propositions

You're looking at the core value Great Lakes Dredge & Dock Corporation (GLDD) delivers to its customers and the market as of late 2025. It's not just about moving dirt; it's about specialized, high-value execution in critical infrastructure and emerging energy sectors.

Superior execution of high-margin, complex capital dredging projects

Great Lakes Dredge & Dock Corporation focuses on complex capital projects, which is where the real margin upside is. As of September 30, 2025, the dredging backlog stood at $934.5 million, with an additional $193.5 million in low bids and options pending award, giving solid revenue visibility into 2026. Capital and coastal protection projects are the engine here, accounting for over 84% of that dredging backlog at the end of the third quarter of 2025. This focus pays off in profitability; for instance, the gross profit margin in Q3 2025 hit 22.4%, up from 19.0% in Q3 2024, largely because of the higher margins these capital projects typically yield. Honestly, the firm expects 2025 to be the highest EBITDA year in company history by a large margin. The specialized nature of the work, supported by a modernized fleet including the recently delivered Amelia Island, allows for this superior execution.

Here's a look at the high-value project concentration:

Metric	Value as of September 30, 2025	Context
Dredging Backlog	$934.5 million	Provides revenue visibility through the remainder of 2025 and well into 2026.
Capital/Coastal Protection % of Backlog	Over 84%	These projects typically yield higher margins for Great Lakes Dredge & Dock Corporation.
Q3 2025 Gross Profit Margin	22.4%	Up from 19.0% in Q3 2024, driven by project mix.
YTD Adjusted EBITDA Margin (through Q3 2025)	25.2%	Reflects strong project execution and high fleet utilization.

Critical infrastructure support for national economic and maritime security

The work Great Lakes Dredge & Dock Corporation does directly supports the nation's economic arteries. Port deepening projects are essential for maintaining safe and efficient navigation channels along the coasts. The backlog explicitly includes three major port deepening LNG projects:

• Port Arthur LNG Phase 1 Project.
• Brownsville Ship Channel Project, part of NextDecade Corporation's Rio Grande LNG initiative.
• Woodside Louisiana LNG project, expected to commence dredging early 2026.

Furthermore, legislative support like the WRDA of 2024, signed into law on January 4, 2025, includes capital projects designed to enhance flood protection, which is a clear value proposition tied to national security and resilience.

Coastal resilience and environmental restoration services for shorelines

Coastal resilience is a major driver for the current and near-term bid market. The focus on coastal protection projects is evident in the backlog composition. The company expects the 2025 dredging bid market, estimated around $1.8 billion, to be more focused on these coastal protection projects, many of which are funded by the 2023 disaster relief supplemental act. The new 6,500 cubic yard trailing suction hopper dredge, Amelia Island, delivered in 2025, was specifically designed to work efficiently in shallow and narrow waters along the U.S. coastlines, directly supporting these restoration efforts.

Unique, Jones Act-compliant subsea rock installation for U.S. offshore wind

This is a key area of growth and differentiation for Great Lakes Dredge & Dock Corporation. The company secured a third rock installation contract for subsea rock cable protection on an offshore wind project off the East Coast, with operations scheduled to start in 2025 and run into 2026. This work utilizes the Acadia, the first U.S.-flagged, Jones Act-compliant subsea rock installation vessel (SRI), which measures 461 feet by 112 feet and can install up to 20,000 metric tons of rock. The Acadia's first contract is set for the Empire Wind I offshore wind farm. The offshore energy backlog reflects this growth, standing at $73.0 million as of September 30, 2025, a significant jump from $44.9 million at the end of 2024. The Acadia is slated for delivery in Q1 2026, and management is actively pursuing engagements for full utilization in 2027 and beyond.

High-quality, safe operations via the Incident-and-Injury-Free (IIF®) program

Safety isn't just a talking point; it's a core operational value underpinning their ability to execute complex, high-value work. The Incident-and-Injury-Free® (IIF®) safety management program is integrated into every aspect of the culture, promoting a work environment where employee safety is paramount. This commitment to safety excellence is part of a legacy that spans over 135 years, during which the company has never failed to complete a marine project. This operational discipline supports the high utilization rates that drive the strong margins you see in the capital project segment.

You should note the operational stability: management confirmed that business continued without disruption during the current government shutdown, with all current and upcoming projects in the backlog being fully funded and receiving timely payments.

Finance: draft 13-week cash view by Friday.

Great Lakes Dredge & Dock Corporation (GLDD) - Canvas Business Model: Customer Relationships

You're looking at how Great Lakes Dredge & Dock Corporation maintains its key client ties, which is really the bedrock of their business model, especially with government work.

Long-term, trust-based relationships with key government agencies (USACE)

The relationship with the U.S. Army Corps of Engineers (USACE) is defintely long-haul. This isn't about one-off sales; it's about being the reliable choice for critical national infrastructure maintenance and enhancement. You see this trust reflected in the consistent flow of work, even when the government is under a continuing resolution, as it was for fiscal year 2025.

The work is heavily weighted toward federal clients. As of the third quarter of 2025, capital and coastal protection projects made up over 84 percent of the dredging backlog, which is where the USACE plays a massive role. Consider some of the firm-fixed-price awards secured from the USACE in 2025:

Date Awarded (2025)	Project Type	Contract Value	Client/District
November 20	Beach Renourishment (Palm Beach)	$20,244,400	USACE
August 26	Maintenance Dredging (East Rockaway Inlet, NY)	$13,971,960	USACE
May 30	Dredging (Galveston, TX)	$35,814,600	USACE, Galveston District

Also, a major capital dredging win on the Sabine-Neches Waterway was valued around $219 million. These aren't small jobs; they represent years of established working rapport.

Dedicated business development team for private sector LNG and energy clients

While government work is the bulk, Great Lakes Dredge & Dock Corporation has a focused effort on the private energy sector, particularly Liquefied Natural Gas (LNG) clients. This requires a dedicated business development approach to secure those large, multi-year private infrastructure build-outs. The results show this strategy is working, as the offshore energy backlog grew to $73.0 million as of September 30, 2025, up from $44.9 million at the end of 2024.

The team is actively targeting new energy frontiers, too. They have a contract for subsea rock installation for foundation stabilization on the Empire Wind I project off New York, signaling a strong push into offshore wind. The deployment of the new subsea rock installation vessel, the Acadia, expected in 2025, directly supports this specialized client relationship.

• Targeting private sector LNG projects.
• Expanding into U.S. offshore wind foundation work.
• New vessel Acadia supports energy client needs.

Contractual, project-based engagement for large, multi-year infrastructure work

The core of the relationship structure is contractual, centered on massive infrastructure projects that span multiple fiscal periods. You see this clearly in the overall backlog figures. At the end of the third quarter of 2025, the total dredging backlog stood at $934.5 million, with an additional $193.5 million in low bids and options pending award. This backlog provides revenue visibility well into 2026.

These large projects are often capital-intensive and high-margin. For instance, the backlog includes three major port deepening LNG projects: the Port Arthur LNG Phase 1 Project, the Brownsville Ship Channel Project, and the Woodside Louisiana LNG project. The company secured notice to proceed for the Woodside Louisiana LNG project in Q2 2025, with dredging expected to start in early 2026.

High-touch, collaborative approach for complex, high-margin projects

For the complex, high-margin work, the relationship moves beyond just the contract signature. The fact that capital and coastal protection projects typically yield higher margins suggests a close, collaborative execution style is necessary to meet the client's specific, often technical, requirements. Revenue in Q3 2025 was $195.2 million, with higher capital project revenue driving the increase year-over-year.

The company's structure includes experienced civil, ocean, and mechanical engineering staff managing production and projects, which speaks directly to the high-touch support provided to clients on these intricate jobs. The company's gross profit margin improved to 22.4 percent in Q3 2025, up from 19 percent in Q3 2024, partly due to the larger number of these higher-margin capital projects.

Emphasizing safety and proven track record to secure repeat business

Safety isn't just a compliance issue here; it's a core relationship tool used to secure future work. Great Lakes Dredge & Dock Corporation emphasizes its Incident-and-Injury-Free® (IIF®) safety management program integrated into its culture. This commitment is backed by a history that includes never failing to complete a marine project over its more than 135 years in business.

This proven track record is what keeps the government agencies and private developers coming back. The company owns and operates approximately 200 specialized vessels, supported by disciplined training programs, ensuring experienced-based performance. The S&P Global Ratings upgrade to "B" in November 2025 was partly based on improved revenues, earnings, expanding margins, and decreasing capital expenditures, all of which signal stability to clients looking for long-term partners.

Finance: review Q4 2025 contract pipeline against USACE FY2026 budget projections by end of January.

Great Lakes Dredge & Dock Corporation (GLDD) - Canvas Business Model: Channels

You're looking at how Great Lakes Dredge & Dock Corporation moves its services to market, which is heavily reliant on government contracts and major infrastructure plays. Honestly, the numbers tell the story of where their focus is right now.

Direct bidding on publicly funded contracts (USACE, state/local RFPs)

This remains the bedrock. The USACE budget for 2025 was expected to hit a record $10B, which fuels the bid market. As of September 30, 2025, the dredging backlog stood at $934.5M, with over 84% of that backlog tied up in capital and coastal protection projects, which generally means government work. You can see the direct wins from this channel:

• Awarded a $20.2M contract for beach renourishment in Palm Beach, Florida, in November 2025.
• Secured the $219.1M Sabine-Neches Waterway Improvement, Contract 6 (TX).
• Won seven work awards in Q3 2025 totaling over $130M, including maintenance dredging in the Mississippi River for $27.9M and coastal protection work in Delray Beach, Florida, for $19.2M.
• A prior award for the Freeport Harbor Channel was valued at $157,399,830, with completion expected in April 2026.

At the end of 2024, Great Lakes Dredge & Dock Corporation won 33% of the $2.9B bid market from the USACE, setting up this strong 2025 visibility. Plus, there were an additional $193.5M in low bids and options pending award as of September 30, 2025.

Direct negotiation and contracting with major private energy companies

The push into the offshore energy sector is clearly visible in the backlog shift. The offshore energy backlog grew to $73.0M as of September 30, 2025, up from $44.9M at the end of 2024. This channel involves direct deals for major industrial infrastructure, specifically LNG projects.

The current backlog includes three major port deepening LNG projects, showing this is a key negotiated channel:

• Port Arthur LNG Phase 1 Project (dredging started Q3 2024).
• Brownsville Ship Channel Project for NextDecade Corporation's Rio Grande LNG initiative (dredging started Q3 2024).
• Woodside Louisiana LNG project, which received notice to proceed in Q2 2025 and is scheduled to start in early 2026.

The new subsea rock installation vessel, the Acadia, is also being marketed directly to private energy clients for oil and gas pipeline protection, power, and telecommunications cable protection, with operations expected to start in early 2026.

Investor relations and public disclosures to communicate financial health

The financial reporting itself acts as a channel to institutional and retail investors, signaling operational strength and future revenue visibility. For the third quarter ending September 30, 2025, the numbers communicated were:

Metric	Amount (Q3 2025)	Comparison Point
Revenue	$195.2M	Up from $191.2M in Q3 2024
Net Income	$17.7M	Up from $8.9M in Q3 2024
Adjusted EBITDA	$39.3M	Up from $27.0M in the prior year
Dredging Backlog	$934.5M	Down from $1.2B at December 31, 2024

Financial flexibility is also communicated through balance sheet management. Great Lakes Dredge & Dock Corporation amended its revolving credit facility, increasing it by $100M to a total of $430M, extending the maturity to 2030. They also reduced annual interest expense by nearly $6M by paying off a $100M second lien term loan. You can reach Eric Birge, Vice President of Investor Relations, at 313-220-3053 for further detail.

Industry conferences and trade associations (e.g., AAPA) for market visibility

Market visibility is maintained through direct engagement with industry peers and potential clients at key events. While specific 2025 AAPA participation data isn't here, the company's history shows executive participation in industry conferences, like the Noble Capital Markets' Basic Industries Emerging Growth Virtual Equity Conference in September 2024, which is a standard channel for projecting confidence and securing future opportunities. This is how they keep their name top-of-mind for upcoming state/local RFPs and private sector needs.

Direct deployment of specialized fleet to project sites across the U.S. and internationally

The physical deployment of the fleet is the final, critical channel. Great Lakes Dredge & Dock Corporation owns and operates approximately 200 specialized vessels. The fleet modernization is a key focus, with capital expenditures for 2025 guided between $140M and $160M.

Key fleet deployment activities in 2025 include:

• Delivery of the 6,500 cubic yard trailing suction hopper dredge, the Amelia Island, in August 2025. Q3 2025 CapEx included $8.3M for its completion.
• Continued construction of the Acadia, the subsea rock installation vessel, which saw $18.6M in CapEx in Q3 2025, with expected completion in Q1 2026.
• Project awards in Q3 2025 required deployment across the country, from Texas (Sabine-Neches) to New York (East Rockaway Inlet) and Delaware (Indian River Inlet).

The company also has a history of performing significant international projects, a channel they are actively expanding, particularly with the Acadia's new mandate.

Finance: draft 13-week cash view by Friday.

Great Lakes Dredge & Dock Corporation (GLDD) - Canvas Business Model: Customer Segments

You're looking at the core clients driving Great Lakes Dredge & Dock Corporation's business as of late $\text{2025}$. Honestly, the numbers show a clear preference for large, complex, and higher-margin work over routine maintenance.

As of the end of the third quarter ($\text{Q3}$) $\text{2025}$, Great Lakes Dredge & Dock Corporation's total dredging backlog stood at \$934.5 million, with an additional \$193.5 million in low bids and options pending award. The composition of this backlog is key to understanding who pays the bills.

U.S. Army Corps of Engineers (USACE) for Maintenance and Capital Projects

The USACE remains a foundational customer, funding both maintenance and larger capital work. Maintenance dredging projects are often federally funded, providing a steady revenue stream, though typically at lower margins than capital work. For instance, the Galveston Entrance Channel and Houston Ship Channel maintenance project, awarded in $\text{Q2 2025}$, was valued at \$36.2 million and funded by the Federal Government and the City of Galveston. Similarly, the Charleston Entrance Channel maintenance project, completed in $\text{Q2 2025}$, was valued at \$10.8 million and federally funded. A significant capital win from the USACE was the Sabine-Neches Waterway Channel Improvement Project, valued at \$219.1 million, with work expected to extend into late $\text{2026}$.

Here's a look at some specific USACE-related awards around the reporting period:

Project Type/Name	Location	Award Value (USD)	Award/Completion Period
Sabine-Neches Waterway Improvement (Capital)	Texas	\$219,100,000	Awarded late 2024, work begins mid-2025
Galveston Entrance & Houston Ship Channel (Maintenance)	Texas	\$36,200,000	Awarded Q2 2025, expected completion Q4 2025
Mississippi River Hopper Dredge Contract No. 3 (Rental/Maintenance)	Louisiana	\$17,600,000	Awarded Q2 2025, work started May 2025
Charleston Entrance Channel (Maintenance)	South Carolina	\$10,800,000	Awarded Q1 2025, completed Q2 2025

Private Liquefied Natural Gas (LNG) Terminal Developers

This segment represents the high-value capital projects that drive margin expansion. Great Lakes Dredge & Dock Corporation has three major port deepening LNG projects active or pending in its backlog. These projects are crucial for supporting increased US energy export capacity.

The company's backlog includes work for:

• Port Arthur LNG Phase 1 Project
• Brownsville Ship Channel Project (NextDecade Corporation's Rio Grande LNG initiative)
• Woodside Louisiana LNG project

Dredging operations for the Port Arthur and Brownsville projects began in $\text{Q3 2024}$ and are actively ongoing as of $\text{Q3 2025}$. The Rio Grande LNG Phase 1 project financing itself is noted at \$18.4 billion. The Woodside Louisiana LNG dredging work, awarded in $\text{2Q25}$ via Bechtel Energy, involves constructing a ship berthing basin and is expected to commence in early $\text{2026}$.

State and Local Governments for Coastal Protection and Beach Renourishment

Coastal protection and beach renourishment fall under the higher-margin capital and coastal protection category, which makes up over 84% of the dredging backlog as of $\text{Q3 2025}$. These projects often align with FEMA-backed initiatives. A specific award in this category was the Palm Beach Renourishment Contract, secured in November $\text{2025}$ with a value of \$20,244,400.

Offshore Wind Energy Developers

This is a growing segment for Great Lakes Dredge & Dock Corporation, focused on subsea foundation protection and related work. The backlog dedicated to the offshore energy sector showed clear growth, standing at \$73.0 million as of September 30, $\text{2025}$, up from \$44.9 million at the end of $\text{2024}$. This growth signals increased activity in preparing sites for offshore wind farm installations.

Port Authorities Seeking Channel Deepening and Expansion

Channel deepening and expansion for port authorities is often bundled within the larger capital projects, frequently overlapping with the LNG developer segment, as seen with the Port Arthur and Brownsville projects. These projects are essential for accommodating larger commercial vessels. The overall strength in capital projects, which accounted for 95% of the backlog at $\text{Q1 2025}$-end, reflects strong demand from port authorities and related energy infrastructure clients for deeper navigation channels.

The mix of work is definitely tilting toward these capital segments; the higher revenue in $\text{Q3 2025}$ compared to $\text{Q3 2024}$ was primarily due to higher capital project revenue. Finance: draft $\text{13}$-week cash view by Friday.

Great Lakes Dredge & Dock Corporation (GLDD) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Great Lakes Dredge & Dock Corporation's operational expenses, which is key to understanding their margins, especially with a large backlog of capital projects. Honestly, this business is capital-intensive, plain and simple.

High Capital Expenditures (CapEx) for New Vessel Construction

The investment in the fleet is a massive cost driver right now. For the third quarter of 2025, total capital expenditures hit $32.8 million. This spending is heavily weighted toward finishing off the newbuild program, which is expected to be substantially complete by the end of the year, setting up better free cash flow starting in 2026. That's a big shift coming.

Here is the breakdown of that $32.8 million CapEx for Q3 2025:

Capital Expenditure Category	Amount (Q3 2025)
Construction of rock installation vessel Acadia	$18.6 million
Construction of trailing suction hopper dredger Amelia Island	$8.3 million
Maintenance and Growth CapEx	$5.9 million
Total Capital Expenditures (Q3 2025)	$32.8 million

The full-year CapEx guidance was set between $140 million.

Significant Fleet Maintenance and Regulatory Drydocking Costs

Keeping that specialized fleet ready is non-negotiable, and it shows up in the costs. In the second quarter of 2025, for example, higher drydocking costs were specifically noted as partially offsetting the gross margin improvement. Looking ahead to the fourth quarter of 2025, the company expected two hopper dredges to be in the shipyard undergoing regulatory dry dockings.

The overall cost base is substantial; Great Lakes Dredge & Dock Corporation reported $502.11 million in Operating Expenses for the fiscal quarter ending in September of 2025.

Variable Costs for Fuel, Materials, and Rock Procurement for Projects

These costs fluctuate directly with project activity. While specific Q3 2025 figures for fuel and materials aren't itemized separately from the total operating expenses, general analysis points to high fuel costs as a risk factor that can crush margins if not properly managed through contract pricing. Rock procurement is a major material component, especially for coastal protection projects.

Key cost pressures that feed into variable project costs include:

• Regional marine diesel/bunker fuel prices.
• Procurement costs for project-specific materials like rock.
• General supply chain risks impacting mobilization.

Labor Costs for Specialized Marine Crew and Engineering Staff

The expertise of the marine crew and engineering staff is a key resource, and their compensation is a major fixed/semi-variable cost. While specific 2025 labor costs aren't isolated in the Q3 reports, the overall increase in operating income year-over-year was driven by higher gross profit and lower general and administrative expenses, suggesting G&A costs were managed well relative to revenue growth.

Interest Expense on Total Long-Term Debt

Servicing the debt load is a fixed financial cost you have to account for. As of September 30, 2025, Great Lakes Dredge & Dock Corporation reported total long-term debt of $415.3 million. The net interest expense for the third quarter of 2025 was $4.6 million, which was down slightly from the $4.9 million reported in Q3 2024. To be fair, the weighted average interest rate on their total debt was under 6% for the first nine months of 2025, which helps manage that expense line.

Finance: draft 13-week cash view by Friday.

Great Lakes Dredge & Dock Corporation (GLDD) - Canvas Business Model: Revenue Streams

Great Lakes Dredge & Dock Corporation's revenue generation is heavily weighted toward large, complex infrastructure projects, providing significant revenue visibility through its backlog.

The Trailing Twelve Month (TTM) revenue for Great Lakes Dredge & Dock Corporation as of September 30, 2025, was $834.60 million. For the third quarter ending September 30, 2025, the company posted revenue of $195.2 million.

The composition of the dredging backlog as of September 30, 2025, is a key indicator for future revenue recognition:

Backlog Component	Amount as of September 30, 2025	Notes
Total Dredging Backlog	$934.5 million
Capital and Coastal Protection Projects Share	over 84% of Dredging Backlog	Typically yield higher margins.
Offshore Energy Backlog	$73.0 million	Up from $44.9 million at December 31, 2024.
Awards and Options Pending Award	$193.5 million	Not included in the $934.5 million backlog total.

The primary revenue drivers, as reflected in the backlog, are:

• Revenue from Capital Dredging projects, which constitute a significant portion of the backlog and typically yield higher margins.
• Revenue from Coastal Protection and Restoration projects, which are heavily funded by the 2023 Disaster Relief Supplemental Operation Art Act.

The third quarter 2025 revenue performance saw higher capital project revenue, which was partially offset by lower revenue from the other two segments:

• Revenue from Maintenance Dredging contracts, funded by the US Army Corps of Engineers.
• Revenue from Coastal Protection and Restoration projects.

Emerging revenue is growing from the Offshore Energy segment, which includes specialized services like subsea rock installation. During the third quarter of 2025, Great Lakes Dredge & Dock Corporation commenced rock placement operations on Equinor's South Brooklyn Marine Terminal. The company also started installation of armor rock for the Empire Wind 1 project in the fourth quarter of 2025. The specialized subsea rock installation vessel, the Acadia, is slated for delivery in the first quarter of 2026, with secured contracts for full utilization in 2026. The margins for this emerging offshore work were described as healthy.

The company secured new projects totaling $136 million during the third quarter of 2025.