We are now working to resolve the cost impacts through contractual discussions with our customers. As we navigated a challenging environment, driven by external factors, including supply chain delays, inflationary pressures and adverse weather conditions, combined with some atypical dredging project challenges.ĭuring the quarter, we had three projects encountering differing and unanticipated site conditions, which negatively impacted production and internal margins. With that, I will turn the call over to Lasse.Īs stated in our earnings release, our second quarter results did not meet expectations. During this call, we also refer to certain non-GAAP financial measures, including adjusted EBITDA, which are explained in the net income to adjusted EBITDA reconciliation attached to our earnings release and posted on our Investor Relations website, along with certain other operating data. Certain risk factors inherent in our business are set forth in our earnings release and in filings with the SEC, including our 2021 Form 10-K and subsequent filings. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from our expectations. Following their comments, there will be an opportunity for questions.ĭuring this call, we will make certain forward-looking statements to help you understand our business.
GREAT LAKES DREDGE UPDATE
Lasse will conclude with an update on the outlook for the business and market. Lasse will provide an update on the events of the quarter, then Scott will continue with an update on our financial results for the quarter. Joining me on the call this morning is our President and Chief Executive Officer, Lasse Petterson and our Chief Financial Officer, Scott Kornblau. Good morning, and welcome to our second quarter conference call. I would now like to hand the conference over to your speaker today, Tina Baginskis, Director, Investor Relations and Financial Planning. Please be advised that today's conference is being recorded. Welcome to the Q2 2022 Great Lakes Dregde & Dock Corporation Earnings Conference Call. Tina Baginskis - Director, IR and Financial Planning “We are highly experienced in supporting the delivery of Jones Act vessels and understand the special requirements as well as the unique operations demanded by dredging projects.Great Lakes Dredge & Dock Corporation ( NASDAQ: GLDD) Q2 2022 Earnings Conference Call Aug10:00 AM ET and North America,” said Roy Bleiberg, ABS Vice President, Business Development, North America. “ABS is proud of our long-standing relationship with GLDD and excited that our insight into dredges makes us the preferred choice for designers, shipyards and owners of these vessels which are critical to our maritime infrastructure throughout the U.S. We look forward to providing another ABS Class vessel to GLDD in furtherance of its mission to support the U.S. “Due to strong customer and vendor relationships, all three companies maintain a steadfast attitude of continuous improvement as it relates to safety and quality. “During the course of its rich 74-year history, Conrad Shipyard has forged solid relationships with both GLDD and ABS,” said Conrad Shipyard CEO Johnny Conrad.
It will be deployed for channel deepening, maintenance dredging, beach nourishment, and coastal restoration projects to meet our nation’s maritime infrastructure needs as well as supporting the dredging requirements of developers’ offshore wind projects.”
This highly automated new build vessel will be well-suited to multi-use applications on various project types. The Tier 4-compliant engines significantly reduce the vessel’s climate footprint, while other incorporated features minimize turbidity and marine species entrainment.
EPA Tier 4-compliant engines and additional features designed to minimize the impact of its dredging process on the environment. The dredge will be equipped with a direct high-power, pump-ashore installation, dredging system automation, dynamic positioning and tracking, U.S. dredging industry, Great Lakes continues to strategically invest in its dredging fleet. Steve Becker, Senior Vice President, Fleet Engineering at GLDD, said, “As the leader in the U.S. A second Great Lakes Dredge & Dock Company, LLC (GLDD) trailing suction hopper dredge (TSHD) is to be built to ABS Class at Conrad Shipyard.Īble to dredge at depths of up to 100 feet, the 6,500-cubic-yard-capacity vessel is expected to deliver in the first quarter of 2025 and will be a sister ship to the Galveston Island, currently under construction at Conrad Shipyard to ABS Class, with delivery expected in early 2023.
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