GLDD Awarded Galveston Dredging Contract

Great Lakes Dredge & Dock Company LLC (GLDD) of Houston has been awarded a $35,814,600 firm-fixed-price contract for dredging. Work will be performed in Galveston, Texas, with an estimated completion date of November 1. Bids were solicited over the internet with only one bid received. Fiscal 2025 Army operation and maintenance funds in the amount of the total contract award were obligated at the time of the award.

Balance Sheet, Dredging Backlog And Capital Expenditures

GLDD recently released its first quarter financial report for 2025. As of March 31, the company had $11.3 million in cash and cash equivalents and total long-term debt of $413.9 million with nothing drawn on its $300 million revolver.

The company had $1 billion in dredging backlog as of March 31 compared to $1.2 billion on December 31, 2024. The March 31 dredging backlog did not include approximately $265.3 million of low bids and options pending award. Total capital expenditures for the first quarter of 2025 were $11.4 million, including $3.9 million for the construction of the Acadia, $2 million for the Amelia Island and $5.5 million for maintenance and growth.