Our recently announced offshore wind award by Equinor and BP, with expected commencement in 2025, solidifies Great Lakes’ goal of participating in the U.S. In addition, the liquified natural gas export projects that are bid but not yet awarded are getting closer to final investment decisions. The delivery of the Galveston Island will provide us with added capacity and the opportunity to potentially retire some of our older dredges which is expected to have a positive impact to our overall margins in the coming years. Our new build program is on schedule, with the new hopper dredge, the Galveston Island, expected to be ready for operations in the first half of 2023 and her sister ship is expected to be ready for operations in the first half of 2025. 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.
0 kommentar(er)
