Great Lakes Dredge and Dock Q2 2025 profit and revenue rise

US dredging contractor Great Lakes Dredge and Dock (GLDD) reported a net income of $9.7 million for the second quarter of 2025, an increase from the $7.7 million net income recorded in the same period of 2024. Revenue for the quarter was $193.8 million, up from $170.1 million in the second quarter of last year.

Lasse Petterson, GLDD’s President and CEO stated the higher revenue and improved gross profit were primarily due to strong project execution, high equipment utilization, and a larger share of capital and coastal protection projects, which typically yield higher margins. These results were achieved despite four of the company's dredges undergoing regulatory drydocking during the quarter, he added.

GLDD's dredging backlog stood at $1 billion at the end of June, with an additional $215.4 million in low bids and options pending award. Petterson noted that activity in the liquefied natural gas (LNG) sector remains strong, with a notice to proceed received for dredging on the Woodside Louisiana LNG project.

The company's newbuild program is also nearing completion. The hopper dredge Amelia Island is expected to be delivered within weeks, while the subsea rock installation vessel Acadia was launched from drydock in July and has secured full utilization for 2026 with contracts for Equinor’s Empire Wind I and Orsted’s Sunrise Wind projects.