Company Overview

Great Lakes Dredge & Dock Corporation is a U.S.-based marine infrastructure company specializing in dredging, coastal protection, and related marine construction services. The company operates primarily within the infrastructure, energy, and coastal resilience industries, serving federal, state, and local government agencies as well as commercial customers. Its core activities include capital dredging, maintenance dredging, beach nourishment, land reclamation, and marine construction projects that support ports, waterways, and coastal communities.

Founded in 1890, Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and one of the longest-operating companies in the sector. Over time, it evolved from a regional dredging contractor into a national infrastructure operator with specialized expertise in complex and environmentally sensitive marine projects. The company’s long operating history, large and diverse dredge fleet, and compliance with U.S. maritime regulations provide a durable competitive position in its core markets.

Business Operations

The company generates revenue primarily through its Dredging and Coastal Protection business segments, which together account for the vast majority of consolidated revenue. These segments encompass capital and maintenance dredging of ports and waterways, beach nourishment, and flood and storm damage reduction projects, largely funded by public-sector infrastructure budgets. A smaller portion of revenue is derived from offshore energy support and specialized marine construction services.

Operations are conducted almost entirely through company-owned vessels, including hopper dredges, cutter suction dredges, and material placement equipment. Great Lakes Dredge & Dock Corporation operates under the U.S. Jones Act, which limits competition in domestic dredging to U.S.-flagged and U.S.-crewed vessels. The company conducts projects throughout the United States and selectively undertakes international work, typically tied to specialized projects or strategic opportunities.

Strategic Position & Investments

The company’s strategic direction emphasizes disciplined capital investment, fleet modernization, and expansion in coastal resilience and climate adaptation projects. Management has prioritized investments in larger, more efficient dredges designed to improve project economics, reduce environmental impact, and meet evolving regulatory standards. These investments are aligned with increased federal and state funding for port deepening, shoreline protection, and disaster mitigation.

Great Lakes Dredge & Dock Corporation has also expanded its exposure to offshore wind infrastructure, leveraging its marine construction capabilities to support cable installation and seabed preparation. The company operates through its principal subsidiary, Great Lakes Dredge & Dock Company, LLC, which holds substantially all operating assets. Acquisitions and joint ventures have been selective, with a focus on enhancing technical capabilities rather than broad diversification.

Geographic Footprint

The company’s operations are concentrated in the United States, where it maintains a nationwide presence across the Atlantic Coast, Gulf Coast, Pacific Coast, and Great Lakes regions. Its headquarters are located in Houston, Texas, reflecting the operational focus on coastal and offshore markets. The majority of revenue is derived from U.S. government-funded projects, particularly those sponsored by the U.S. Army Corps of Engineers.

While domestic operations dominate, Great Lakes Dredge & Dock Corporation has historically executed projects in select international markets, including the Caribbean, Middle East, and Latin America. These activities are opportunistic and project-specific, and international revenue is not considered a core or recurring driver of overall financial performance.

Leadership & Governance

The company is led by an executive team with extensive experience in marine construction, infrastructure contracting, and capital-intensive operations. Leadership emphasizes operational execution, safety, regulatory compliance, and long-term value creation through disciplined capital allocation. The board of directors provides oversight with a focus on governance, risk management, and strategic alignment with infrastructure investment cycles.

Key executives include:

• Lasse Petterson – President and Chief Executive Officer
• Mark A. Shea – Senior Vice President and Chief Financial Officer
• Christopher D. Gunsten – Senior Vice President, General Counsel, and Corporate Secretary
• Brian J. Parker – Senior Vice President, Strategy and Business Development
• David C. McNinch – Senior Vice President, Operations