Great Lakes Dredge continues to see ‘strong support’ by Biden Administration

The company said, “We continue to see strong support from the Biden Administration and Congress for the dredging industry. In December 2022, the Omnibus Appropriations Bill for fiscal year 2023 was signed into law which included another record budget of $8.66 billion for the U.S. Army Corps of Engineers civil works program of which $2.32 billion is provided for the Harbor Maintenance Trust Fund to maintain and modernize our nation’s waterways. In addition, the Disaster Relief Supplemental Appropriations Act for fiscal year 2023 was approved which included $1.48 billion for the Corps to make necessary repairs to infrastructure impacted by hurricanes and other natural disasters, and to initiate beach renourishment projects that will increase coastal resiliency. This increased budget and additional funding resulted in a strong bid market for 2023. For the twelve months ended December 31, 2023, the bid market, not including LNG or offshore wind projects, was $2.2 billion, up from $2.0 billion in 2022. Great Lakes won 33.7% of the 2023 bid market. The increase in the bid market was driven by a strong market for capital projects, which has already seen seven bids for port improvement projects including Freeport, San Juan, and Norfolk. The total capital bid market for port improvement projects through year end totaled $671.4 million, of which 36% was won by Great Lakes. We expect budgeted appropriations to support the funding of several previously delayed capital port improvement projects that are expected to bid in the first half of 2024, including Sabine, Houston, and Mobile. In addition, Great Lakes won two LNG projects totaling over $500 million.”