Our fleet renewal program remains on budget with our mid-size hopper dredge, the Galveston Island, expected to be operational mid-year 2023 and her sistership, which will be named the Amelia Island, is expected to be delivered in 2025. The Company’s awarded work represents 33.1% of the fourth quarter bid market. In addition, we ended the quarter with $584.7 million in open dredging options pending award. Great Lakes ended the year with $377.1 million of dredging backlog, which does not include approximately $50.0 million dollars of performance obligations related to offshore wind contracts. Correspondingly, we are adjusting our general and administrative, and overhead cost structures to reflect the changed market conditions and dredging fleet. We have retired the 42-year-old hopper dredge, the Terrapin Island, and we have cold stacked two major dredges as we wait for the bid market to gain momentum in 2023.
We are adjusting to the current situation by taking swift and proactive action on cost reductions and fleet adjustments. Lasse Petterson, President and Chief Executive Officer commented, “The fourth quarter continued to be impacted by a significantly delayed bid market combined with high inflation, significant weather delays on projects in the Northeast, fewer high margin capital projects, dredging project production issues, higher than anticipated drydock costs, and the retirement of the Terrapin Island. Adjusted EBITDA was $17.0 million for the full year 2022.Net loss was $34.1 million for the full year 2022.Total operating loss was $27.7 million for the full year 2022.Revenue was $648.8 million for the full year 2022.15, 2023 (GLOBE NEWSWIRE) - Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (Nasdaq: GLDD), the largest provider of dredging services in the United States, today reported financial results for the quarter and year ended December 31, 2022. Net loss and adjusted EBITDA include $8.1 million charge for retirement of the Terrapin Island hopper dredge in Q4ĭredging backlog of $377.1 million at December 31, 2022 Fourth quarter negative adjusted EBITDA of $24.2 millionįull year adjusted EBITDA of $17.0 million
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