Lasse Petterson, President and Chief Executive Officer at Great Lakes, didn’t sugar coat that it has been a challenging year, but expressed some optimism for an improving market next year. Great Lakes operates a diverse dredging fleet of approximately 200 specialized vessels with an increasing focus on the offshore wind sector. The Padre Island is now out of drydock and in operation and the Ellis Island is out of drydock and expected to be in operation before year end.”

“Additionally, unexpected drydocking scope increases resulted in additional costs and delays for the hopper dredges Ellis Island and Padre Island. “These results were impacted by the earlier than expected retirement of the Terrapin Island hopper dredge, significant weather delays on several projects in the northeast and some project production issues,” GLDD said in an update.

Houston-based Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) issued an update Tuesday announcing that both revenues and gross profit margins are expected to be lower than previously anticipated in the current quarter but business could begin to bounce back next year. The largest provider of dredging services in the Unite States lowered expectations for earnings in the fourth quarter due primarily to external factors such as supply chain issues and weather.

Great lakes dredge and dock careers