GLDD - Earnings call transcript Q2 2020 | Great Lakes Dredge & Dock Corporation

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Operator

Ladies and gentlemen thank you for standing by and welcome to the Q2 2020 Great Lakes Dredge & Dock Corp. Earnings Conference Call. [Operator Instructions] As a reminder this conference call is being recorded. I would now like to turn the conference over to our host today Tina Baginskis. Thank you. ahead. go Please

Tina Baginskis

welcome and quarterly call. conference Good to morning, our

the provide this our Petterson; of Chief Joining Lasse on our me Officer for Then will the the and markets of the outlook remainder is an call the will of will conclude Marinko. our financial Mark update for Mark Lasse Lasse on on quarter. with the XXXX. Executive the morning and Financial Officer, update an with on Chief results continue quarter. an events update and business President,

questions. Following will their comments, be there an opportunity for

expectations. During forward-looking and business understand a you including SEC, subsequent Certain in this earnings inherent actual factors will call, our in statements of our and number we cause make differ are forth XXXX other and factors in with our release statements to involve filings. to These Form XX-K business. risk from filings certain set that help uncertainties risks, our could the materially our results

this the and During continuing Relations explained our reconciliation release refer are to financial our non-GAAP on over certain adjusted which operations, EBITDA that, certain Lasse. in including to attached to adjusted will website, With turn income from measures, along I continuing from to earnings EBITDA operating operations we Investor with other posted net call, also data. the call

Lasse Petterson

Lakes Dock working we've Corp & been Great be company. Dredge federally as a continue The able designated to Tina. to you, critical Thank fortunate infrastructure

than million the continuing employees. year we safety of million income second of operations continued our effectively the XXXX. projects second COVID-XX quarter results $XX.X As and were of net of such XXXX with performing during our of while this have $X in less quarter remained on versus pandemic previous focused unprecedented faction ensuring The

a half operation of of $X income from first million net from was year-to-date prior the was continuing increase year XX% operation XX% XXXX. increase an was adjusted over million EBITDA $XX.X $XX.X year which million For or and continuing the

$XX.X In in from [indiscernible] healthy net X.X. debt by net to resulting million debt XXXX EBITDA and addition a our adjust ratio decreased continuing operations of from year to

earnings pushed results release, pace vessels impact dock quarter. certain of first from expected we second quarter as on into the last planned dry noted dry second had the we As dockings an quarter

During we dredge the mechanical XX the Ellis had Island, dredge, dredges, and Illinois quarter drydock. Dodge the hopper in hopper and Island

than the We follow Illinois in Ellis work the of anticipated and dredge will such productivity Dodge work project, quarter ongoing the fourth. on be the on Jacksonville expect project. Island, in were better Delaware the project as deepening offset returning Reach west will additional and the XX dry third docks projects effects of the all River with deepening the B The Shinnecock and to inlet

pending bids company the the award. remember not is rate quarter contract year achieve win from is to an wins Please of quarter year XX rate low and from year. likely unusual additional variable the and domestic awarded bid and year we XX.X million XXXX, the of XX.X quarter with second projects the to was protection million down project of end During which total quarter in XXX in of capital, prior to in win not indicative that this won than the and to work million the gain market coastal maintenance or product we million subsequent were comprised is bid

the backlog and with update results for plans. quarter updates well-positioned to potential economic for And said the current in to Lakes's operational development. actively will to turn procedures safety of update dock the continue and we dredging be the As those our on an and financially changes Great Mark I continues call environment to over discuss

Mark Marinko

from discuss. dredging business. I results not our the included some E&I will into specifics all Thank in results the were therefore related segment with then and remember results that you start our quarterly in XXXX and Lasse. I to discontinued discuss that placed will operations Please

$XX XXXX of or lower XXXX For second Total EBITDA revenues of was compared coastal second represented was offset decrease were million rivers partially change higher XXXX. continuing gross and million margin quarter. by drop year Gross the a prior mix quarter operations margin in on revenue $XX.X million last profit domestic was XXXX. protection performance in continuing profit second the the second X.X% The million a Jacksonville quarter from the lakes $X in of decrease company to caused XX.X quarter to XXXX and project $XXX.X million and compared to the operations is maintenance project $XX.X The by quarter revenue. strong due foreign, from profit for the XX.X% to Gross was and continuing in was revenues year. capital million. income and in slight operations deepening adjusted from of compared versus XXXX XX.X%

from adjusted million and tax was of $XX.X tax in year, G&A quarter which operations quarter. Income quarter second quarter the quarter second total have material pandemic $X million in million of decrease decrease an was of some million for have additional XXXX million operations expenses million includes continuing compared and second quarter. of operations COVID-XX $X.X million year quarter expense net not employees second for to was of of the second company continuing current year the quarter $X.X over income continuing XXXX of is expenses quarter, to remain net current income a income expense gap the equipment the to expense. gross related During Income interest keep additional and XXXX changes procedural on XXXX. prior half $XX the our to flat company The lower first million million. $X.X but $X.X prior year $X.X million the related a from year interest of Adjusted the the The half margin, does to $XX.X [audio it compared included did in income of prior impact the expense for between EBITDA our first operating EBITDA $XX.X safe and from our results.

XX, to sheet turn XXXX had where cash. June million in balance we $XXX.X our Next we

a During the revolver. quarter continued to maintain balance zero cash on we a

at XXXX XX, debt was June million. $XX.X net Our

the total to capital to expenditures capital XX, total compared the excluding capital share historical million back $XX.X of million first company was XXXX Lasse decrease I XXX.X the for This at Our XXXX. June XXX.X as achieved bid $XX.X and the quarter XXXX This half of call expect the continues in were backlog outlook additional second revenue of dredge. his backlog half XXXX for to spending million. Contracted to market totaled at the capital to $XX XXXX. during be will expected expenditures new moving the company a June the company for earned and compares million million. second that Hopper during for XXXX over quarter of remarks below The the expenditures XX, its forward. With turn the

Lasse Petterson

Thank you, Mark.

and types storm is damage has capacity majority avoid corps country hurricane the oversees facing follow an and and and projects the deemed of protection are of the season. to of to expansion restoration that maintenance infrastructure challenges industry their in during upcoming essential U.S. operate projects. and and deepening, all continue still port potential the dredging engineers COVID-XX, projects of continued dredging prioritize and coastal work The schedule these necessary army including port service the needed this bid critical As infrastructure to on

pandemic COVID-XX a pandemic. and in an projects. safety COVID-XX and This XXXX, effectively value-based a its of incident safety any proactive occur. a preparing Through supplying, and allowed we continue pandemic and as of Turning our us team pandemic our Experts Great to in impact has six approach to not the has to operations. to program. result quickly Any fall first planning committed months and impact a contract new material lead Dredge through of should may from of which respond challenges remains the Lakes future and delays or and or to potential maintaining be June members had prolonged in Dock continuously we clients, the COVID-XX shipyards management on to are COVID-XX employees, injury-free to XXXX response. of cancellations & the the health wave to the with -- safety this

bid the similar year. the be market similar last to bid we to to XXXX, to XXXX Moving market, expect

in the We than well Boston of in expect in the more year in the remainder deepening include year. Charleston, introduced billion maintenance of the for which new the fund as We've President's CARES support ports includes the bids industry increase Upcoming XXXX budget deepening substantially and of first the the dredging in Sabine-Neches. projects years active for July $X.X half the army activity additional an of caps to of a Christi projects XXXX the in Jacksonville in bid in of and harbor requests port half appropriation Act corps be house which the for showed Mobile and provision bill Corpus for that lifts U.S. above cases the engineers. seen the second

the engineers to project passed be channel widening the for chiefs the construction. when to signed major proceed allow Florida will Port Houston legislation [indiscernible] to will report the This market ship addition in project expansion In project. recently included XXXX domestic demand. which

fleet continue domestic new technologies upgrade equipment increase to productivity. We existing with our to and

renourishment working most Ohio project. to is Egg the Great U.S. upgraded has on market the returned powerful presently Our Cardia dredge Beach and and the

with increase contract cubic Shipyards the In address Hopper as XXXX. This in market. announced Louisville and first highly automated we new build X,XXX vessel protection our needs Conrad's of a quarter in Hopper coastal to offshore capabilities fleets as execution of a the the in the with of maintenance models well yard addition, specific in growing dredge build in wind expected delivery will June the

at and channel petrochemical natural in and being larger the in Oil, quarter XXXX crude This widening for The Gulf last long vessels designing involves stated for involved of lasting trade. export liquefaction, for days. of liquefaction deepening need and week Park Mexico with last commencing this port liquefaction and the gas Bechtel dredging third our quarter Chemicals, developments Inc. and are developed third the XXX As complex accommodate marine meeting to navigational project. of projects and several approximately oil the Sabine-Neches in petroleum pumping Gas dredging and subcontract work distance the for

planned XX prior for generation capacity XX As these for to power power U.S. being timeline wind offshore projects generation of earnings the call the coming with are than more years. installation discussed now next the At over gigawatts is developed. on

demonstrates morning to enhancement company the use which authorized creation equipment developers built, may construction board our of program U.S. common in operated commitment to and on our operations advance a maintained delivering value this Related a through conclusion both to partners and to strengthened financial these pandemic million and position outlook have stock. up focus to its future on This In repurchase market and program board's the sharp a repurchase we this a a we shareholders. $XX confidence by repurchase strong our for the and that fleet questions. project announced that investing fleet during our share safety long-term and performance while to the call continuing I continuing phases. U.S. value the are will over projects to with in a in enhancing balance turn local strategy our content the We employee engage sheet. with And strengthening and of

Operator

first Instructions] [Operator Financial Poe Noble Markets. comes Fratt Your Capital from question with

Poe Fratt

pass highlight you. award quarter, the was and you whether the million that subsequent then Hey, of at was quarter? XX Sabine the your of look million I Thank you announced the hoping in the XX end awards the good morning. to included overall, had in pending. just it's LNG Can to

Mark Marinko

up little a bit broke but. you Poe Yes.

Poe Fratt

apologize. I Yes,

Mark Marinko

No. That's okay.

yes, quarter. LNG project the is in actually the awarded So was in It Sabine quarter.

in quarter. So backlog it's the our in

Poe Fratt

little great the that then bit Great. of the the announced pending was late [indiscernible] Okay. pending in Jersey? by award was XX week, the DOD New a million And last that of

Mark Marinko

X XX is the is option a XX that in there's because low and there. Now so, that bid yes million. of announcement X of million awarded was million

Poe Fratt

release Okay. Is pending your referenced far one as you that that as in award? the bids press low

Mark Marinko

Yes. we announced No, that. haven't

Poe Fratt

that's incremental. So

Mark Marinko

Correct.

Poe Fratt

that was There after installation when market, intend company compete you Lasse build to then tune to want we segment dry $XXX is that is interesting bulk or And to that of look or that there it wind highlighted in you million the the participate the installation Great. compete to another so an you you've vessels in segment where in? market. the market to announcement the yesterday closed at intend going is what of Okay.

Lasse Petterson

are our on we is that Well, to that parts work going wind when expand which we comes it the that of can market it underwater. offshore into existing our and is from looking capabilities at equipment the particularly market and

and allowed kit lifting vessels investments very-very U.S. and currently We high international lift heavy the also to operation. come that do market needed the not for targeting to the installation are into installation it in is and participate is that

So we're part not market. the of targeting that

Poe Fratt

undisciplined that's That's competitor and because good news market. too a inexperienced fairly that's generating that

watch run rate we if Mark, high can out looked So right. the in your When second little at on we SG&A, relative quarter look the a of to some just in there hone was mainly unusual in an the then for of in could any year? the of expenses what and half idea outlook it you quarter are second G&A the there us give an first the whether and

Mark Marinko

we kind related we where get from pay to year. incentive true of we G&A reforecast so adjust When like Sure. there year quarter, for are. Yes. for up the the is to second that the we things where We

really rest additional change from the year for So be only pay. of incentive quarter the as look the be first that'd would we forward

we to be second expect quarter. of to number out in look we rest through year, G&A that had as So the close that I the the

Poe Fratt

then second build a come one million especially context shows confidence it new you then in positive the any timing Do on Okay back announcement flatten program. to expect the your have is half when that last one and I and open-ended? the execute the the on or outlook $XX buyback, to I'll but you in of need if

Mark Marinko

place period. to finalized it a going probably We'll that put expect but very in be board yet I be, it's We just We're to received do Yes. It'll XX-month that. within shortly. authorization. not

Poe Fratt

Great. Thank you.

Operator

with Your comes Walthausen Co. Hinman DeForest question from & next

DeForest Hinman

my taking questions. for thanks Hey,

authorization share think positive purchase is I announcement. a the

under theory Just so that's in to you [XXvX-X] XX said you periods use can everyone blackout that months understands the that is during expectation so in buy correct?

Mark Marinko

Correct.

DeForest Hinman

of borrowings we everybody terms an Okay. debt give of It's terms you rate fall? on stand update and where update very could where in the an helpful. you refinancing us think the Can give the our outlook in on on

Mark Marinko

sure. Yes

kind So a touch we better. can, it's actually quarter to maybe where we similar of were last

can every it So it's we X% notes an We and to continue them but memories senior today XXX call re-refresh X% and monitor to just day a premium. now. essentially everybody's at right

they're in in an let's Next and call them XXXX so of now obviously not as pre-COVID. that was May maybe rates market little range quarter of can middle than it X.X better the but the a today last middle in basis to in bit we refinance say right if The were better XX par COVID as is than I points the still are was the Xs, better. good

interest versus the monitor are wait. but So sense it math make you this point forward would tell going at to but XXX we to this wait premium looking that risk savings and does the continuing to lower at at rate the point at that

DeForest Hinman

Okay. That's a good update.

just thoughts the markets think generally? house of numbers. appropriations any number just bill interesting serve have Can that that pretty around how a It's you about You into the there. us increase help sizable to versus made the you that trickle Do mention might you request?

Lasse Petterson

from be of for than to has engineers. request what appropriated the the the Well, core lower executive been traditionally tends branch

see or is U.S. of the at into corps which then army of from with we that what had committee the level us the we the projects funding is than engineers corps supporting for. appropriation higher is then and year what that last the house same So contracting translates the here

this the next gives year the market it confidence year. in and bid of very us for So remainder a strong into

DeForest Hinman

quarter think the the in or helpful That's last quarter you they the and quarter compare how and would Okay. third and how year? those us second the months dry can about would to then third help compare of either the dockings days of to cadence

Lasse Petterson

can take Mark that? Yes. you

Mark Marinko

Sure.

dock had dry four we in vessels QX. So in

double I remember how QX as I have two in we'll to, move dry we of and half last dry look we have for in we year. dock to that. two the check QX QX those [Padre] last into at Illinois yes, in QX when it the and We or have I'm have to but trying vessels two in would QX had I same believe vessels dock about many was

DeForest Hinman

back Okay. I can on circle that.

I on questions. it the think Thanks. that's

Mark Marinko

Thanks.

Operator

Poe next Financial Markets. Fratt [Operator question with Noble Capital Instructions] from comes Your

Poe Fratt

I had Yes. if don't mind. follow-ups couple Thanks a of you

didn't pass Can that. noticed potential the of you LNG what sort the award us is On the frame quantify Sabine I help on there? you

Lasse Petterson

can Mark you?

Mark Marinko

Sure.

working the of some first or XXXX. we I be pricing it. windows but won't finished fairly Per work the Yes. of It'll you dollar of project we and on that we that's use give can't agreement XXX value about a So kind days there's quarter We done of and that's why the large amount these be where leaving so work.

what you that's So time. I size but to can point the of for it's in a us extent nice very this project at give

Poe Fratt

Mark a Ellis that it of or Island job is is type another?

Mark Marinko

No, be on Alaska. will Alaska that it's actually cutter working the dredge

Poe Fratt

like second in Okay all and Ohio dock is back the at then wasn't quarter? quarter fleet third fleet dry partially in maybe the it sounds to and activity going the the in the in and

Mark Marinko

That it a of the bit in was end quarter. second the little worked

full in and the it's yes So That's really third quarter. then correct.

Poe Fratt

cash give at income Okay. if of or the variants a a the then and items quarter. both pretty depreciation were capital. non-cash And the the quarter you have looking happened on in might lot big in statement the seems us those on with an items It wouldn't like sort cash expectations. of Can you much Net in for outlook what to flavor mind? flow generated second half line been you working

Mark Marinko

Yes.

other the way is this some So of little we the the timing, project. the timing of last way on billings movements upon terms projects depending year bit project the of revenues structured work in and do of we some this around similar depending have our talked a or is how excess about upon

in half for year there. the the see positives first of we we like the rest expect So did the don't

that neighborhood of XX level reverse the of that of the So increase capital projects depends year. for the we on yes just in the XX million working will of million. some expect but timing It the to wouldn't of half back same

Poe Fratt

Okay. number? or capital to It looks total operating Do working to you a it like one flow changes happen do or the queue? file of expect cash have flow number before when you operating cash items either an those

Mark Marinko

the going to actually file are We tonight. queue

Poe Fratt

if second as bid And bid as far you the looks appropriations, half as Great. you that a some then there highlighted over and fund also I Spanish big far the of maybe of higher potential Charleston, -- and and Can in trust market? like other Mobile the that over that harbor or whether potentially ridge you you like state see talked the more a needs of of the to it's that Is year the the then that a Okay. or seems and the changes just for you when maintenance about more revenue billion is opportunities as Jacksonville one. deep isn't you that's of a opportunities? included at quantify also in exclusive billion; the be Corpus maybe look correctly a do sort the opportunity math pretty different from market

Lasse Petterson

or corps for their, at is looking can I that just the the we're market of on -- projects announced comment their and ranges. between at year, bid a look billion Well, Engineers Corps the the on of giving bids a for the the and half range Yes. major of list. is that somewhere when a billion at to the market second of look half in the general you They

where addition, the are for run Please opportunities interesting to smaller you're strength or and projects that other said, our as getting there there And up. excel, in on projects included coming Jacksonville, large Charleston are not simply sweet when seen some I offshore, as remember conditions difficult not we've are that's little is not that this. in that's we less core soil where but in are that working working necessarily spot. and several on In complex you're going are is a getting

Corpus further start is Mobile It is forth. mostly of and continued the Charleston phases up on the so and there are inland. widening phase is coming work and projects deepening which Christi the the of project one Jacksonville So

for region So us two or in here it is the next a quarters. quarter very active

Poe Fratt

Lasse. Great

So are ones spot? complex it less sounds in the more more be like more other are your Charleston sweet may complex but all and

Lasse Petterson

when the general to comment the as distances are and working conditions conditions. a to offshore due complex fleet complex have that's we large in very you the equipment soil the when or our and or forth weather excel soil that use Well, varying our we're impacts from specialized flexibility where special go environment the our ability pumping for difficult conditions so when to soil or the gets you

equipment been it's there larger we to fairly years that as project seen where difficult we Hence, projects where has also and of execute. and for awarded the large typically rule, easier over general easy we've that excel been local that's have has that them smaller target you lot contractors So they're that projects a to projects may use clearly projects last two a but some been but target. dredging has to to vary

Poe Fratt

million for That's helpful the number build $XX.X and Great. did that include on new any Okay. quarter CapEx the CapEx? Mark

Mark Marinko

Yes. Yes. X million.

Poe Fratt

So new compare in of for $X second for we the will should CapEx quarter CapEx $X so what the year? and million build the you be exclusive when back think million do then $XX we the that out million

Mark Marinko

Yes.

year. another of the a $X end have million the at We

So around million, $XX the $XX million for year.

Poe Fratt

Okay.

the on on of to top your normal you million expect that that's $XX spend maintenance CapEx. So roughly

Mark Marinko

Correct.

Poe Fratt

Thank so Great. and much you congratulations.

Mark Marinko

Thanks Poe.

Operator

from comes Glass Glass question next Your with Richard Capital.

Richard Glass

kind of way. Hey is guys boring in nice boring good industry this in quarter a

Mark Marinko

Thanks.

Richard Glass

these? times maybe you and other stability mean with more are stool Where some lending about should while in these over term? legs help will and in how these can the potentially define start be opportunities on we maybe time? niche passing should longer for buffeting wind think more are markets or Lasse, sizable the we opportunities tougher that us LNG I

Lasse Petterson

Yes.

greenfield the facility earlier train LNG the then highly go as and projects this year to being LNG depressed for be it to we year and and because recognized existing our interesting this opportunities saw operators for both will temporarily is anticipate projects. material highly on to seen high dredging traditional with from the us. market. When need are market. gas Turning greenfield our safety What projects profitable financing But comes that front when record, is that do Saudi are in very started and But very the in oil and or for on a something we these additional the developments, difficult and pricing opportunities I comes are a in I and war price our and focus it little a comes delay will the to bit professionalism LNG business the to on LNG facility it that very the developments procedures, with out about see gulf. environment those facility you when first added the to international and our is and with likely picture track more think that an is Sabine. when executing those LNG and have owners the Russia oil we that it getting contract is there ahead into XXXX substantial permissions

very nice XX construction get number you that view see the for large looks per take you somewhat can it turbine, offshore are uncertain. is installation of megawatts renewable from market wind delays most spent those is XX to their our in. clearly it us international pick if and a years a the have very target that's contractors would say into and maintenance that's how developments off you now to interest XX-year the new the work can We've come the market a but is an happening and is to and gigawatts I of they markets, need that being the target equipment comes market developed, existing energy is just it's that prices in for can look There we I good market When and the and international and timing And in techniques develop it's So taking seen large coming participate modify in the our up. market north equipment equipment. to we market XX do niches or it. their to the a that to contractors U.S. upon that sea, engaged

So they experienced. are efficient very and

have some market to and niche shareholders. confidence our have which we margins define can where good we in it's So where we approach can a where generate and that for our we

Richard Glass

sounds good. lot. a Thanks That Okay.

Operator

Your next from question comes Neil [indiscernible].

Unidentified Analyst

guess tonight new credit taking you the is out comment questions. said are coming the the Yes. what your are dredge? I outstanding you for of overall and expected if secure was on one, queue the Quick you of number outstanding, letters Hopper Thanks can your cost then

Mark Marinko

Yes. Sure.

letters So million think [indiscernible] that in dredge the give going It's cost $XX round outstanding a to number. of $XX the credit, new million. I our I'm out $XX about Hopper and - of million it's then our, was

Unidentified Analyst

Thanks a Mark.

Mark Marinko

Sure.

Operator

Tanwanteng Jon Your comes CJS question next with Securities.

Jon Tanwanteng

quarter first the guess talk impact of storms My morning. the on about I recall Nice Good can you Hannah and and the Atlantic [indiscernible] quarter coast guys. first question, don't in the Texas now? I this up being area but mentioned right the

Mark Marinko

Sure. that can I take Lasse. Yes.

by impact Jacksonville, or about So through it will four going yes impacted Charleston, storm projects with of projects four most Great New impacted York, this Egg days. are our tropical those of

and out. it the So storm after take in the we take then in we before moves comes we it take storm

example work for Jacksonville to So that today be expecting at back actually.

it's So in our these and out already and delays weather we put been in obviously, we've estimates. these contingencies

of that this hurricane we're time we year area in the So at especially when working season. during know

our from delays. in on these we're So weather covered type estimates

Jon Tanwanteng

to outlook two outperformed flat in an you a perspective compared row absolutely the last basis. an up Got just are that you thinking then your you've which LNG annual how you've either it. about about EBITDA project talk for your from expectations year just and landed now quarters prior also the year Thank relative or excluded from

Mark Marinko

Yes.

this be a different Just first quarter to about year in so, from we above data you few the not what we revenues but XXXX. give expect talked points too

I profit the quarter think We XXXX. be about last margin, our I to gross said expect as same

Now I'm better. expecting it to be a little bit

to expect give I points, the at those and data this year point. you than higher G&A We the slightly can prior be are

talked about we in So than a quarter. what little the bit more positive first

Jon Tanwanteng

the it showing just few Got rate you've over in that of then been quarters. terms the last Okay. and win

the give lettings under higher should year competitions competitiveness projects know two Can coming your how on been end a I up project market there's your quarters. actually the it's Now a we just backlog you update having out you of by think share. the about us of by of as in big chances lot and the an there next

Mark Marinko

can excited about I Yes Yes. We're with bid sure. up. coming really that's start Yes, that. the actually market

projects a you billion if large As Lasse just it's half look said, a or a at the and the between between range. billion and

that's our the bid is X to to year going way market is put looking. this this So close billion

it could of that that was not really the to market be talking be market. type thing does that to add Lasse So that expecting XXXX opportunities and in LNG bid any about. close Those bid one we're other include

large couple to the these Boston for are Jacksonville we're back project those are those year. that are a or those the hard or that rock; the deepening projects market of and of the So done ones well these example this in before larger our Boston projects, in you're complex equipped whether talking do projects about bid we've half

of that's so we're the back the good the us why and opportunities pretty half So look about excited for year.

Jon Tanwanteng

much guys. Thank very Okay. you Great.

Mark Marinko

Sure.

Operator

question Matt Wynne Capital. Baxter next comes Your from with

Matt Baxter

us what for what if for heard little Hi about I foreign of vessels work Act for mention question. guys. understanding vessels? Jones in compete reserved the to my reserved a that competed is about wind is you wondered foreign it foreign for you portion be Lasse, didn't a I portion bit and the was can't taking and tell substantial that portion but Thanks opportunity you'd Jones vessels the have against isn't would Act talking it. vessels

Lasse Petterson

uncertainty around seems turbines some to be that of is customs equipment What and the very there rule these of are the blades this are installation the or Jones clear installation you administration borders the Act. the know is excluded from towers, several and questions. the the into questions monopile to with and There lift that Max. of heavy to is some foundation on Yes and as

So Jones protection. there's Act no

the come in can vessels international that the and work. So do from market

the and active the is the offshore also just U.S. markets installations. years You but have wind extremely Asian in are European generation remember active to that next market XX the not

several for looking that competition The looking So are segment and underwater. we there groups U.S. that and vessels segment. at on be what are that there is will are these international goes at

that we and maximize but something that the for making the installation. requirements local Jones installation, at equipment forth this we we clearly could looking are for done and trenching see so be cable help required states for protection looking uncertainty goals these is other can will in we parts installation the segments are the to can looking around foundations So content. sure that at site is that requiring by achieving protected we're our of rock is content which at the We're and so local genocide compete dredging around how compete our operators those

Matt Baxter

protected would at it U.S. Lasse was be Jones I power that guess correct is my point to back these Act stage the up the the bring that that in any was of trenching I back this in or that waters still was air? to U.S. the understood is coming from cables

Lasse Petterson

that clear. It is my is that understanding not

Matt Baxter

for you us, you. and it gets clear thank We hope

Lasse Petterson

you. Thank

Operator

this time have further no And questions. you at

Tina Baginskis

discussion our Thank our discussion. and earnings look you. employees during We thank appreciate this us support next of in we to in We joining partners you shareholders, speaking business. developments and important our initiatives forward you for and about the the business with

Operator

concludes this day. gentlemen conference. your you for Thank today's wonderful and and a participation have Ladies

You may all disconnect.

Great Lakes Dredge & Dock (GLDD) 4 Aug 202020 Q2 Earnings call transcript