Great Lakes Dredge & Dock Corporation announced its third-quarter 2025 results, delivering solid performance in revenue, adjusted EBITDA and backlog — underscoring the company’s position in the dredging and offshore energy sector.
The company reported revenue of US$195.2 million, operating income of US$28.1 million, net income of US$17.7 million, and adjusted EBITDA of US$39.3 million for the quarter ended September 30, 2025. Backlog stood at an impressive US$934.5 million as of that date.
Management highlighted that the high equipment utilisation, strong project execution and a modernised fleet drove these results. Capital and coastal protection projects account for more than 84 % of the dredging backlog — a segment recognised for generating higher margins in dredging and marine construction.
Among the major projects embedded in the backlog are three significant port-deepening LNG assignments: one in Port Arthur, one in Brownsville (as part of the Rio Grande LNG initiative) and another in Louisiana. Two of these projects commenced in Q3 2024, and the third is scheduled for early 2026.
On the financial side, the company amended its revolving credit facility in October 2025, increasing capacity by US$100 million to a total of US$430 million, lowering the interest rate and extending maturity to 2030. At the same time, the company repaid its US$100 million second-lien term loan, reducing annual interest expense by about US$6 million and strengthening its balance sheet.
Operationally, capital expenditure in Q3 totalled US$32.8 million, allocated largely to the construction of its new offshore rock-placement vessel “Acadia” (US$18.6 million) and hopper dredge “Amelia Island” (US$8.3 million). The Amelia Island entered service in August 2025, while the Acadia is expected to be fully commissioned in Q1 2026.
In the offshore energy segment, the company has initiated rock-placement operations on a major marine terminal and commenced armour-rock installation on a wind-farm project — with the Acadia’s forthcoming deployment ensuring full vessel utilisation into 2026 and beyond. To hedge against potential delays in U.S. offshore wind markets, the company has diversified the Acadia’s role to include subsea cable, pipeline and telecommunication-infrastructure protection in both domestic and international markets.
Importantly, despite the U.S. federal government shutdown commencing October 1, 2025, Great Lakes reports that its operations remain unaffected — projects continue uninterrupted, and funding for its backlog is intact.
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Source: Globe Newswire
