![]() ![]() The Company’s awarded work represents 50.1% of the third quarter bid market. This indicates that the bid market is in the process of recovery from the bidding difficulties that we have seen in 2022. In addition, we ended the quarter with $625.7 million in open options pending award. The bid market did start to gain momentum in the third quarter and Great Lakes was awarded $338.9 million in dredging projects and open options, ending the quarter with $452.6 million of dredging backlog, which does not include approximately $50.0 million dollars of performance obligations related to offshore wind contracts. Great Lakes has delivered strong performance over the past years, we have demonstrated our ability to manage through a challenging environment and we believe the current challenging conditions will improve over the next quarters. In addition, the quarter was impacted by increased inflationary pressure, follow-on impact from second quarter site condition claims and some dredging project challenges. ![]() Lasse Petterson, President and Chief Executive Officer commented, “We continue to see the effects from a significantly delayed bid market the last three quarters, which has impacted vessel utilization for 2022. Adjusted EBITDA was $1.3 million in the third quarter.Net loss was $9.9 million in the third quarter.Total operating loss was $9.5 million in the third quarter.Revenue was $158.3 million in the third quarter.01, 2022 (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 ended September 30, 2022. Third quarter adjusted EBITDA of $1.3 millionĭredging Backlog of $452.6 million at September 30, 2022 ![]()
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