Great Lakes Dredge & Dock (GLDD) Noble Capital Markets Virtual Equity Conference summary

Strategic positioning and market overview

• Maintains largest and most diverse dredging fleet in the U.S., with a market share of 33–40% and growing due to recent project wins.

• Focuses on capital and coastal protection projects, which now dominate revenue mix in 2024, shifting away from maintenance work.

• Benefiting from consecutive record budgets from the U.S. Army Corps of Engineers and robust government funding, including disaster relief appropriations.

• Entered 2024 with a record backlog over $1 billion, with 85% in higher-margin capital projects.

• Early indicators suggest continued strong market conditions and project pipeline through 2025 and beyond.

Fleet development and operational updates

• Recently delivered the Galveston Island hopper dredge; Amelia Island expected in about a year, with no further new builds planned soon.

• Final vessel in the build program, Acadia, will be the first Jones Act-compliant subsea rock installation vessel for offshore wind.

• Vessel retirements and rationalization continue, with older ships scrapped or considered for reactivation based on market demand.

• Competitors are also balancing new builds with retirements to keep U.S. dredging supply stable.

Offshore wind and diversification

• Secured two U.S. offshore wind contracts for Acadia, with work scheduled for 2025–2026 and active bidding on additional U.S. and European projects.

• Offshore wind market in the U.S. is gaining momentum, with new power purchase agreements and successful auctions in 2024.

• Exploring further vessel builds for offshore wind, but decisions will be methodical and based on market analysis.

• Acadia's utilization expected to remain high through 2028, with potential for work in oil, gas, and telecom sectors.

• Negotiating reservation agreements with new wind developers due to vessel scarcity.