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Investing.com -- Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) stock rose 1.9% in after-hours trading Wednesday after the company announced it has received seven new work awards totaling over $130 million.
The largest U.S. dredging services provider said the new projects include maintenance and coastal protection work across multiple states, with the largest being a $27.9 million Mississippi River project. Other significant awards include a $26.9 million harbor dredging contract in North Carolina and a $25.5 million maintenance project in Virginia.
These seven newly awarded projects will expand the company’s 2025 dredging backlog, providing revenue visibility through the remainder of this year and into 2026. The work is primarily funded by federal sources, with some projects also receiving state and local funding.
"These awards position Great Lakes as a key contributor to strengthening the resilience and sustainability of our nation’s environment, coastlines, and essential infrastructure," said Lasse Petterson, President and Chief Executive Officer of Great Lakes Dredge & Dock.
The company noted that despite the current government shutdown, its operations remain unaffected. Most of the new projects are expected to commence in the fourth quarter of 2025, with one project already underway.
Great Lakes Dredge & Dock is the largest provider of dredging services in the United States, with these new contracts reinforcing its market position in both maintenance dredging and coastal protection work.
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