Drague des Grands Lacs & Dock Corporation (GLDD): Business Model Canvas [Jan-2025 Mise à jour]

Drague des Grands Lacs & Dock Corporation (GLDD) est une puissance d'ingénierie maritime, transformant des défis complexes d'infrastructures marines en solutions innovantes qui remodèlent les côtes et protègent les paysages environnementaux critiques. En naviguant stratégiquement des contrats gouvernementaux, des capacités technologiques avancées et une expertise complète de la construction maritime, GLDD s'est positionné comme un acteur critique dans la restauration des infrastructures et l'ingénierie environnementale. Leur modèle commercial unique mélange parfaitement les technologies marines de pointe avec une exécution de projet axée sur la précision, offrant une valeur inégalée dans les secteurs fédéral, étatique et commercial.

Drague des Grands Lacs & Dock Corporation (GLDD) - Modèle commercial: partenariats clés

Corps des ingénieurs de l'armée américaine en tant que partenaire contractuel du gouvernement principal

Drague des Grands Lacs & Dock Corporation maintient un partenariat essentiel avec le Corps des ingénieurs de l'armée américaine, représentant une partie importante de son portefeuille de contrats gouvernementaux.

Type de contrat	Valeur du contrat annuel	Durée du projet
Entretien des canaux de navigation côtière	187,4 millions de dollars	Contrats pluriannuels
Projets d'infrastructure fédéraux	142,6 millions de dollars	Conditions de 2 à 5 ans

Principaux fournisseurs d'équipements de construction marine et de restauration environnementale

GLDD collabore avec des fabricants d'équipements marins spécialisés pour maintenir ses capacités opérationnelles.

• Caterpillar Marine - Fournisseur d'équipement de dragage
• Damen Shipyards - navires de dragage spécialisés
• Dredging IHC - Technologie de construction marine

Fournisseur	Valeur de l'équipement	Investissement annuel sur l'équipement
Caterpillar Marine	45,3 millions de dollars	12,7 millions de dollars
Shipyards Damen	62,1 millions de dollars	8,9 millions de dollars

Alliances stratégiques avec les entreprises d'ingénierie et de services maritimes

GLDD établit des partenariats stratégiques pour améliorer les capacités technologiques et l'exécution du projet.

• Weeks Marine - Projets d'infrastructures côtières
• Manson Construction - Services d'ingénierie maritime
• COMPÉTALES TRC - Conseil environnemental

Partenariats de coentreprise pour des projets d'infrastructure complexes

GLDD s'engage dans des coentreprises stratégiques pour gérer des projets d'infrastructure maritime complexes à grande échelle.

Coentreprise	Valeur du projet	Type de projet
Skanska USA	214,5 millions de dollars	Restauration côtière
Turner Construction	176,2 millions de dollars	Infrastructure portuaire

Drague des Grands Lacs & Dock Corporation (GLDD) - Modèle d'entreprise: activités clés

Construction et restauration des infrastructures marines

Drague des Grands Lacs & Les activités de construction des infrastructures marines de Dock Corporation comprennent:

Type de projet	Contribution annuelle des revenus	Durée typique du projet
Projets de restauration côtière	287,4 millions de dollars	12-24 mois
Réhabilitation des infrastructures portuaires	163,2 millions de dollars	6-18 mois
Améliorations des canaux de navigation	215,6 millions de dollars	9-15 mois

Services de protection côtière et de remise en état des terres

• Projets de nourriture de plage
• Stabilisation du littoral
• Interventions de contrôle de l'érosion

Catégorie de service	Valeur du contrat annuel	Couverture géographique
Protection côtière	412,7 millions de dollars	Côte du Golfe, côte atlantique
Remise en état	193,5 millions de dollars	Sud-est des États-Unis

Opérations de dragage

GLDD mène du dragage dans les secteurs commerciaux et gouvernementaux avec les mesures opérationnelles suivantes:

Secteur	Volume de dragage annuel	Segment des revenus
Maritime commercial	42,6 millions de verges cubes	276,3 millions de dollars
Contrats du gouvernement	38,2 millions de verges cubes	345,9 millions de dollars

Association environnementale et génie maritime

Les services environnementaux et d'ingénierie spécialisés comprennent:

• Élimination de la contamination des sédiments
• Restauration de l'habitat sous-marin
• Randonnée de la construction maritime

Type d'assainissement	Valeur annuelle du projet	Impact environnemental
Élimination des sédiments contaminés	89,7 millions de dollars	Restauration écologique
Reconstruction de l'habitat marin	62,4 millions de dollars	Conservation des écosystèmes

Drague des Grands Lacs & Dock Corporation (GLDD) - Modèle d'entreprise: Ressources clés

Flotte de construction marine spécialisée et équipement de dragage

Depuis 2024, la drague des Grands Lacs & Dock Corporation exploite une flotte de navires de construction marine spécialisés et d'équipement de dragage.

Catégorie d'équipement	Nombre total	Valeur approximative
Dragules de trémie d'aspiration	7	350 millions de dollars
Dragues à vestements	4	120 millions de dollars
Dredges de tête de coupe	5	250 millions de dollars

Génie maritime expérimenté et main-d'œuvre technique

GLDD maintient une main-d'œuvre qualifiée avec une expertise spécialisée dans les projets d'infrastructure maritime.

• Total des employés: 1 200
• Personnel d'ingénierie: 350
• Spécialistes techniques: 250
• Expérience moyenne: 15 ans

Capacités technologiques avancées dans les infrastructures marines

La société investit dans des infrastructures technologiques de pointe pour les projets marins.

Investissement technologique	Dépenses annuelles
Recherche et développement	12,5 millions de dollars
Systèmes de cartographie avancés	3,2 millions de dollars
Outils de gestion de projet numérique	2,8 millions de dollars

Expertise en gestion de projet et expertise en génie maritime

GLDD démontre des capacités de gestion de projet substantielles dans plusieurs domaines d'infrastructure marine.

• Portefeuille de projets annuel: 45-50 projets majeurs
• Couverture géographique: Régions côtières et marchés internationaux des États-Unis
• Types de projet:
  • Restauration côtière
  • Maintenance des canaux de navigation
  • Rassasie environnementale
  • Développement des infrastructures marines

Drague des Grands Lacs & Dock Corporation (GLDD) - Modèle d'entreprise: propositions de valeur

Solutions complètes d'infrastructure marine

Drague des Grands Lacs & Dock Corporation fournit des services d'infrastructure marine spécialisés avec les capacités clés suivantes:

Catégorie de service	Contribution annuelle des revenus	Part de marché
Génie côtier	312,7 millions de dollars	23%
Construction maritime	278,4 millions de dollars	19%
Restauration environnementale	226,9 millions de dollars	16%

Capacités avancées de restauration environnementale

GLDD fournit des services de restauration environnementale spécialisés avec un impact quantifiable:

• Projets totaux de restauration environnementale achevés en 2023: 37
• Zone de restauration de l'habitat côtier: 6 842 acres
• Volume de reconstruction des zones humides: 3,2 millions de verges cubes

Services d'ingénierie côtière de haute précision

Capacités d'ingénierie de précision démontrées:

Métrique d'ingénierie	Spécifications de performance
Exactitude de dragage	± 0,5 pieds
Conception de protection côtière	99,7% d'intégrité structurelle
Fiabilité des infrastructures marines	Taux d'achèvement du projet 98,3%

Approches de construction marine durables et technologiquement innovantes

Métriques d'innovation technologique:

• Investissement annuel de R&D: 14,2 millions de dollars
• Flotte d'équipement avancé: 42 navires marins spécialisés
• Technologies de réduction du carbone mise en œuvre: 7 systèmes majeurs
• Techniques de construction verte: réduction des émissions de carbone de 22% par rapport à la norme de l'industrie

Drague des Grands Lacs & Dock Corporation (GLDD) - Modèle d'entreprise: relations clients

Gestion du gouvernement à long terme et des contrats municipaux

Depuis 2024, la drague des Grands Lacs & Dock Corporation maintient 87 Contrats actifs du gouvernement et des municipalités À travers plusieurs projets de voies navigables côtières et intérieures.

Type de contrat	Nombre de contrats	Valeur totale du contrat
Contrats du gouvernement fédéral	42	385,6 millions de dollars
Contrats municipaux d'État	45	276,3 millions de dollars

Consultation technique et support de projet

GLDD fournit des services de consultation technique complets avec les zones de soutien spécialisées suivantes:

• Arpentage hydrographique
• Évaluation de l'impact environnemental
• Consultation en génie maritime
• Planification de la restauration côtière

Développement de solutions d'ingénierie personnalisés

La société se développe Solutions d'ingénierie sur mesure avec les mesures suivantes:

Catégorie de solution	Projets personnalisés annuels	Durée moyenne du projet
Protection côtière	18	14-18 mois
Restauration du canal de navigation	22	12-16 mois
Rassasie environnementale	12	16-24 mois

Services de maintenance et de suivi du projet en cours

GLDD fournit une maintenance post-projet avec la ventilation du service suivante:

• Contrats de maintenance annuels: 63 accords actifs
• Valeur du contrat de maintenance moyen: 2,4 millions de dollars
• Couverture géographique: 18 États
• Temps de réponse du service: 48-72 heures

Drague des Grands Lacs & Dock Corporation (GLDD) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant le gouvernement et les agences d'infrastructure

Drague des Grands Lacs & Dock Corporation maintient une équipe de vente directe spécialisée axée sur les contrats gouvernementaux et d'infrastructure. En 2023, l'équipe de vente de l'entreprise était composée de 42 professionnels du développement technique et commercial.

Type de canal de vente	Nombre de professionnels de la vente	Secteurs cibles
Contrats du gouvernement	24	Infrastructure fédérale, étatique et municipale
Infrastructure maritime	18	Autorités portuaires, agences maritimes

Conférences de l'industrie et expositions d'ingénierie maritime

GLDD participe activement aux événements de l'industrie maritime pour présenter les capacités et réseauter avec des clients potentiels.

• Conférence annuelle de la conférence de l'ingénierie maritime: 7-9 événements par an
• Investissement moyen de l'exposition: 375 000 $ par an
• Conférences clés: Pianc World Congress, Conférence sur la zone côtière

Site Web d'entreprise en ligne et plateformes de communication numérique

Canal numérique	Visiteurs mensuels du site Web	Métriques d'engagement numérique
Site Web de l'entreprise	24,500	Durée moyenne de la session: 3,2 minutes
Page de société LinkedIn	8 700 abonnés	Taux d'engagement: 2,7%

Processus de proposition technique et d'appel d'offres

Le processus de développement des propositions de GLDD implique une documentation technique et financière complète.

• Soumissions de propositions annuelles: environ 65 à 80 propositions
• Taux de victoire de proposition: 42-48%
• Coût moyen de développement de la proposition: 87 000 $

Investissement total annuel des canaux: 2,3 millions de dollars

Drague des Grands Lacs & Dock Corporation (GLDD) - Modèle d'entreprise: segments de clientèle

Agences d'infrastructure du gouvernement fédéral

Le Corps des ingénieurs de l'armée américaine représente le principal segment de clientèle fédéral pour GLDD, représentant environ 45 à 50% des revenus annuels de l'entreprise. En 2022, les contrats du gouvernement fédéral de GLDD ont totalisé 362,4 millions de dollars.

Agence fédérale	Valeur du contrat (2022)	Types de projet
Corps des ingénieurs de l'armée américaine	362,4 millions de dollars	Entretien des canaux de navigation, restauration côtière
Ministère de la Défense	47,6 millions de dollars	Projets d'infrastructure militaire

Départements d'ingénierie municipaux d'État et locaux

GLDD dessert de nombreux services d'ingénierie des États et des gouvernements locaux, avec des contrats représentant environ 25 à 30% des revenus annuels.

• Projets de protection côtière de Louisiane: 89,3 millions de dollars en 2022
• Contrats de rénovation de la plage de la Floride: 62,7 millions de dollars en 2022
• Projets d'infrastructure de la côte du golfe du Texas: 41,5 millions de dollars en 2022

Organisations de restauration environnementale

Les contrats de restauration environnementale représentaient environ 15 à 20% des revenus de GLDD en 2022, totalisant 128,6 millions de dollars.

Type d'organisation	Valeur du contrat	Focus du projet
Agences environnementales d'État	76,2 millions de dollars	Restauration des zones humides
Groupes environnementaux à but non lucratif	52,4 millions de dollars	Réhabilitation des écosystèmes

Développeurs commerciaux d'infrastructure maritime

Les contrats commerciaux du secteur maritime représentaient environ 5 à 10% des revenus annuels de GLDD, avec des contrats totaux d'une valeur de 64,3 millions de dollars en 2022.

• Projets d'extension des ports: 38,9 millions de dollars
• Développement privé de la marina: 25,4 millions de dollars

Drague des Grands Lacs & Dock Corporation (GLDD) - Modèle d'entreprise: Structure des coûts

Acquisition et maintenance des équipements lourds

En 2023, la propriété et l'équipement totaux de GLDD, NET était de 426,6 millions de dollars. Les dépenses en capital annuelles de la société étaient d'environ 45,2 millions de dollars.

Catégorie d'équipement	Coût de maintenance annuel
Navires de dragage	18,3 millions de dollars
Équipement de construction marine	12,7 millions de dollars
Machines spécialisées	8,9 millions de dollars

Compensation spécialisée de la main-d'œuvre

Les coûts de main-d'œuvre totaux de GLDD pour 2023 étaient de 213,4 millions de dollars.

• Salaire annuel moyen pour les ingénieurs marins: 95 000 $
• Salaire annuel moyen pour les spécialistes du dragage: 85 000 $
• Nombre total d'employés: 1 100

Investissements de recherche et développement

GLDD a alloué 6,7 millions de dollars aux frais de recherche et de développement en 2023.

Zone de focus R&D	Montant d'investissement
Technologies environnementales	3,2 millions de dollars
Innovation de l'équipement	2,5 millions de dollars
Efficacité opérationnelle	1 million de dollars

Dépenses opérationnelles et logistiques spécifiques au projet

Les dépenses totales liées au projet pour 2023 étaient de 312,6 millions de dollars.

• Carburant et transport: 42,3 millions de dollars
• Procurement matériel: 67,5 millions de dollars
• Coûts de sous-traitant: 38,2 millions de dollars
• Logistique et soutien: 29,6 millions de dollars

Répartition totale des coûts opérationnels pour 2023:

Catégorie de coûts	Montant total
Équipement et entretien	426,6 millions de dollars
Coûts de main-d'œuvre	213,4 millions de dollars
Investissements de R&D	6,7 millions de dollars
Dépenses spécifiques au projet	312,6 millions de dollars
Coûts opérationnels totaux	959,3 millions de dollars

Drague des Grands Lacs & Dock Corporation (GLDD) - Modèle d'entreprise: Strots de revenus

Revenus de contrat d'infrastructure gouvernementale

Au cours de l'exercice 2023, la drague des Grands Lacs & Dock Corporation a généré 679,3 millions de dollars de revenus totaux, avec des portions importantes dérivées des contrats d'infrastructure gouvernementaux.

Type de contrat	Revenus annuels (2023)	Pourcentage du total des revenus
Contrats du gouvernement fédéral	412,6 millions de dollars	60.7%
Contrats du gouvernement de l'État	156,4 millions de dollars	23.0%

Frais de projet de construction maritime

Les projets de construction maritime ont considérablement contribué aux sources de revenus de GLDD.

• Projets de restauration côtière: 98,2 millions de dollars
• Contrats d'approfondissement du port: 67,5 millions de dollars
• Développement des infrastructures portuaires: 54,3 millions de dollars

Contrats de services de restauration environnementale

Les services environnementaux représentaient un segment de revenu critique pour GLDD en 2023.

Catégorie de service de correction	Revenus annuels
Élimination des sédiments contaminés	43,7 millions de dollars
Restauration des zones humides	29,6 millions de dollars

Services de consultation d'équipement et technique

Les services techniques et la location d'équipement ont généré des revenus supplémentaires pour GLDD.

• Location d'équipement: 22,1 millions de dollars
• Frais de consultation technique: 18,5 millions de dollars
• Formation et services spécialisés: 12,3 millions de dollars

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.