GLDD - Earnings call 3 2023 | Great Lakes Dredge & Dock Corporation

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Operator

Good day, and thank you for standing by. Welcome to the Q3 2023 Great Lakes Dredge & Dock Corp Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

And I would now like to hand the conference over to your speaker today, Tina Baginskis, Director of Investor Relations. Please go ahead.

Tina Baginskis

you. Thank welcome quarter and conference our to morning, XXXX third call. Good

the Officer, the morning on quarter. Petterson; with President Financial the will quarter, the with events me the will update on is outlook an and market. Kornblau. update business update provide an call Chief then Lasse Joining for of and Officer, on conclude this our the our Lasse the results Lasse for will Executive and our on continue Scott Scott an Chief financial

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

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

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

over call Lasse. With will turn that, I the to

Lasse Petterson

Thank you, Tina.

half and a in was and quarter onwards. XXXX. third due successful docks first for and XXXX Despite XXXX due to from were a idle the backlog we building the as The of quarter, to the expected, the for and equipment quarter challenges, challenging vessel dry solid market fourth delays

confidence we XXXX. operations to coming provides a to path see projects a are better of We on to larger normal projects that positive with a continue number and both which into with market, us the going capital to mix developments return of

wind which Lakes not offshore approximately the pending obligations award. in and include million does billion, backlog a $X.XX related with in to and low dredging bids contracts $XXX options performance Great $XX record of million ended quarter

capital of XX% Corporation's projects, of Brownsville LNG third the project two Grande LNG The Phase the the in years. history. LNG we projects. project of In QX X is effort quarter, end Grande Great project. in which Decade quarter, year work largest third Ship for capital in consisted major LNG Lakes' the to Port Brownsville Next Rio and At this proximately undertaken dredging Rio on projects, million X.X starting is includes backlog Subcontract Great project $XXX projects Channel the and lasting for project anticipated with the Lakes start later of XXXX a Arthur added this

performance proven support execute the LNG culture to us U.S. in safety of and allows Our and win these the and exports projects growth

two projects protection million In Great capital the to in Lakes third addition in quarter. projects, maintenance to our added these and backlog dredging $XXX coastal

and during bidding from reductions our adjustments, and navigated reduced than the more overhead As the XXXX, XX% by and proactive administrative continue to be ramp-up in XXXX fleet general challenges and and have headcount in the we have we seen have on year. cost we

be easily temporarily previously, and of can as did one stated market we cold were new for reduce stacked recent to these as reactivated have costs we vessels vessels projects. the As improved our

Island, dredge, operational fourth pipeline strong sister quarter, with be to culture. is delivered Hatteras the to quarter, platform we XXXX. Our newest is in quickly the the condition, a our and Galveston in took work In which hopper supports our and the later ship, of expected our for with safely Cape line Cape operations multicats, two be most in safety Amelia Island in expected making and pipeline connections stable the delivery weather our Canaveral,

installation for U.S. expected XXXX. In vessel, Great to the have the honored offshore wind which to attend President in our on July XXXX, executing enter ceremony another with are rock begins step Biden were construction forward strategy as the Acadia, we delivery steel-cutting market. wind Lakes' marks We offshore

into for -- the U.S. New ever solidify in our In market, awarded signed the York. first we quarry contracts I estimated Lakes and [ with subcontract state with Both procurement Great II XXXX. installation in entry Gravel, Carver for wind addition, support milestones the rock of the offshore ] of windows a Sand U.S. and we XXXX projects and Wind installation & Empire

Research after our monitor renegotiate agreements Authority to purchase to refusal projects. offshore York and agreements continue State Orsted's We projects related the Empire BP's the Equinor power the Sunrise on for Energy wind and New by Wind and developments Development

plans on first potential updates quarter development in Empire expect from Wind the impacts the to We for Equinor the projects.

has The U.S. rates canceled projects and or inflation. to other offshore interest seen delayed market due wind higher

year, third XX of of projects the operators, the offshore with of gigawatts saw York awarded However, on onwards. to continue New PPAs round state in XXXX three we new for PPAs and windows this scheduled October to on and bid installation X

and to quarter, the I'll further to the around discuss business. over market Scott our now results will the commentary I further call then and the provide turn for

Scott Kornblau

Lasse, you, morning, Thank and everyone. good

Net due market For $XX.X from million the hydraulic soft. segment prior that has million as $XXX.X third quarter third quarter-over-quarter the the revenues of decrease decreased remained to loss of quarter. quarter in in lower million. year utilization million revenue The XXXX, and fleet primarily the the million. adjusted $XXX.X was $X.X of for Revenue EBITDA was were third was of $X.X XXXX

to during However, we the quarter. improve do expect fourth hydraulic utilization

continued the to The profit million gross primarily margin capital X.X%, and our to gross of project improved current Despite and and is to and quarter quarter-over-quarter reductions. million in $XX operating $X.X compared costs quarter less due to focus including respectively, respectively, due the performance margin cost revenue, revenue, increase increased lower profit lower $X XXXX. million gross in third on X.X%,

operating last and incentive G&A net in XXXX than sharing of to year, $XXX,XXX profit quarter Third current year's million, quarter $X.X partially quarter's initiatives. is pay primarily of loss the continued by profit. quarter $XX.X Current driven cost-cutting by due of offset higher million improved from higher prior million lower $X.X year costs the pay, $X.X severance loss same the due quarter million gross improved to the our

the of third expense $X.X in our partially quarter the XXXX, interest third current program, related for in quarter $X.X was expense. down new capitalized of increase build an million interest by offset Net to quarter from to primarily due XXXX interest million revolver

income. benefit prior to third Third tax in due quarter. million year compared same quarter income improvement million, $X.X quarter higher net XXXX the Rounding in an net of current to of from million out income net for tax the million a was quarter P&L, loss $X.X the $X.X XXXX XXXX $X.X of loss the the quarter net benefit

Acadia, sheet. until of quarter $XX $XX.X capital revolver, with Total in third construction our of for for rock the the of were recently balance XXXX. million, the the and We ended installation our doesn't multicast. million Turning third mature quarter million million the Galveston on XXXX vessel, third the the delivered expenditures million of quarter $XX.X which for the to drawn $XXX $X.X Island XXXX includes subsea and cash for $XX.X million $XX.X which million

the in currently payments an quarter, and far build the million $XX for on $XX million new additional So paid have have revolver. drawn fourth we

the due guidance payments of $XXX to year delivery expect guidance the down on Acadia, in take from Full the which $XX million approximately XXXX. is of to timing we previous first of million CapEx milestone half

of few or next ago, Title we year, a leaseback is is hit the terms. we the a capital. our review various Maritime explore for Transportation independent a But and Department unit [ of in in continue sale is process. parallel, typically $XX ongoing, comes key MIRAD commencement January in equipment, applied discussed, the very with previously vessel, of of bringing an support ] financing weeks in with milestone other step new sources with of which ], closed which The approximately a we Administration cash. assessment, on million of wind XI we the this the As [ of quarter attractive end, on financial Post to which

Looking typically should maintenance no as a stacked also to of towards of and increase greatly from expect are amount coming the margin than are which come see with beach quarter, most and to vessels larger fourth there the projects, projects. non-cold planned the dry higher quarter work we scheduled capital dockings. We third from revenue utilization

turn for his to remarks I'll Lasse that, on moving outlook forward. over With the call back the

Lasse Petterson

Scott. you, Thank

The as won San third . Freeport, projects, for Norfolk. port and for by market, Great capital already $XXX Juan market Lakes through XX% port year-to-date which months of Lakes. the For XX, LNG including mid-market September in a XXX%. was of for X the has bid and strong was the not The the improvement bids projects, the bid by offshore ending which total which million, seven market of seen projects billion, quarter increase market wind $X.X projects driven ports capital totaled including was Great such improvement

the several report We are expected Houston expect including of funding improvement projects support and the bid Sabine, to capital the budgeted of before the Mobile. delayed end that year, appropriations still previously to

to year, year for of fiscal which amount of storm budget. million Corps industry. continue billion, $X.X Trust $XXX and XXXX year and the support record XXXX, proposed and for from the the the House this executive for includes President's Maintain flood year, the the above for $X.X President's March $X.X the the an strong reduction. Harbor increased budget XXXX $X.X billion the proposed budget. is We dredging quarter, Congress In In Administration and which for Biden Biden President see is released The amount this June damage targets, fiscal a Fund billion billion

approved. the passed considerations. Senate the and the move to Corps. the further the budget, billion XXXX Senate government This resolution under proposed budget over for $X.X targets is Appropriations by floor if for will few July, for the the is deliberations strong is until expected In This Committee months. passed which to continued next budget a provide operating a market, Congress bid Currently,

for around United generation place provided XXXX, wind The for offshore Act, is loan offshore administration of about culminated wind by XX largest the installed the XXXX the Globally, of ambitious reach billion support the been wind gigawatts ever Offshore XXX by in wind Climate administration Inflation by a gigawatt recognized from States projects. goal announced Mitigation as XX $X in power in offshore to renewable XXXX. wind gigawatts Congress. reliable Biden federal in Reduction passed and targeted the up in world Act has energy. guarantees offshore XXXX, source the In capacity

rejected Rock developer the Wind adjustments for Empire for previously, are installation requested Great and installation potential project on estimated awaiting York awarded As and was XXXX. we the Equinor Lakes which fourth the with in power schedules. I XXXX BP's two October, and II and windows projects, in contract for agreements projects stated The these quarter impacts the to New purchase in updates

approximately of renewable forward three offshore was their capacity continues new announced in goals York and fourth X with that XXXX, new awarded wind of for XX, in accelerated New an round gigawatts of early energy to a energy PPAs a for announcement meeting XXXX. with projects take step bid October a additional

challenges, market by outlook U.S. based fundamentals the meet is short-term independence offshore and decarbonization for U.S. to long-term in targets. the Although wind on some the and energy commitments is strong its facing optimistic the

in market, installation vessel currently unique States tender a the Acadia established bids multiple our, for continue projects has we offshore Lakes being business wind constructed. Great to and position the offshore rock wind United on subsea

a main year-over-year our various with, delivering presented has focus improved to the with keep year conclusion, results. the managing goal XXXX for that delayed challenges In been market through the us of

leading backlog we us continue This, expected, record capital bid reductions place overall a to As with fleet this coming the large in so number improved seen in years. projects will results the bid, of year, cost production $X initiatives and market, strong billion. combined provide have the including adjustments over finally that and to of a have got we far

turn call for that, And I'll with the questions. over

Operator

[Operator Instructions] Joe will NOBLE come Markets. Capital from question first Our of Gomes

Joseph Gomes

morning. Good

you quarterly lowest But come square about to revenue wanted then the the and of color mean, us generated second that trying back least to rest year. a number which to dredges a there, the the an you give little start at more ] was end, delayed very for at quarter, the the with few coming number were just was had that. I if number, X revenues. in talked that in revenue bid actually your on availability and market years wondered number of very, the the look So [ in completely is at booked that commentary quarter. the on could comment I off you and I

Scott Kornblau

expect we and that bid and year market, an Joe, of Yes, the what commentary at and had -- to said beginning the I did said even the didn't be to we of change we would fair not improving were that throughout that winning those, though then see continuing going said were next the turn quarter see was We'd until somewhat into always first X share revenue muted. fourth year. our the quarters really into and

talked quarter, was scheduled about the we're well. see still we addition, also as hydraulics market had now we had In last to And all third the that about I'd talked recover somewhat the LNG. starting docks three quarter and challenged, dry year with for that

pieces in more in Utilization all in $XX QX. would outperformed time quarter QX. we've out you're year still long think the revenue. that this is prior be thought be I revenue laid revenue down down the and And I very million had would yet, right, lowest a very, we with

billion to about the $X forward proving reduction is things of is this cost we on supported think I So with the The control can by worth we is on production are. backlog. out come revenue that

Joseph Gomes

backlog, but you week. I the in comfortable but great fourth the if on be Tuesday that in Monday understand the it's coming on further think a revenue there, have guys actually -- -- or great So next we next the quarter, supposed job that resolution to backlog, into continuing it's you than how I are continuing a done goes and that, resolution do have

Lasse Petterson

that our Yes, from good to dredging. that with it will revenues backlog in that you're how the will impact revenue I also capital that starts the up been continue projects perform. is project impact asking the LNG our think forward. -- in already will that has And the going QX not news the is awarded The

XXXX impact impact goes continued a have will resolution the time short-term projects, and not did for continued there. lasts new short. will that be end the the we towards It what just new and and Corps Congress on to optimistic for in will getting on to impact monitor long contracts as So of is ability resolution have it not really in half. of that the XXXX the But first about an being the issue

it X, But problem. X is, months had it lasts a normal. in X created As normally and of X, resolution continued that's we months, XXXX, that

Joseph Gomes

you'd other And to segment, not over to plan be do I anymore? on. in would of seems some were Empire unfortunate -- to wind be the and there out comfort be the forward some able if you the delays mean on some go there going projects to the have move Acadia What level the these projects? I the that move of bids Acadia that with those II

Lasse Petterson

Yes. The short answer is yes.

who some seen and was Acadia vessel have for their which II there, for that demand I the a installation tells me of the once it. The will in be article cost for Jersey. We and there uncertainty shortage market, particularly Ocean good project, citing New Orsted, capacity out also canceled with and is Wind inflation

and sets rounds new And onwards. XXXX installation also the happened up in bidding that the in windows for PPA October, -- the

bit optimistic also at you out offshore U.S. European execute comes we of this seen, a point have that And of going It's wind and here towards a what time. slipping construction. do was I'm an is There very international can 'XX/'XX. of strong have that as XXXX, is for the the in it address. market we fluid outpaces 'XX, some to backlog a we But far is market Acadia And installation projects in the on when 'XX slated that into for situation installations

Joseph Gomes

question if every Okay. quarter. you may. One more, get I Scott, this

last So the year, [indiscernible]. we had

resolved quarter, talked the had in You fourth one of the third one would issues [indiscernible] about the be quarter. in

those stand update an give us maybe on today? Just where

Scott Kornblau

Yes.

have give quarters. I last I you the different for answer So four to a get actually than

of medium got had of And if -- during large you two and medium those was we that it was small and large kind the it remember, and to have We the a quarter. settled settled.

has it of we mostly the of smaller way did larger and QX. been be and a booked will that and piece half and just The is settled one the in fully The fully QX About now now two accounting booked the get that resolved maybe works. the other resolved. stub into quarter, half little settled the

the book about low revenue digits. settlement previously the for of this came kind quarter, of guided and double to millions mid-single-digit as in to we've able were we So total

Operator

Thalhimer Our next . Thompson, of question will come from Davis. Adam

Adam Thalhimer

the the can I'm should be how thinking we on see sales? about backlog. if year-over-year. potential comment record for Congrats of you QX just kind you on Scott, curious growth

Scott Kornblau

of ], not mentioned I fleet and the more mentioned rest QX Yes. of third full going now pretty most had in remarks are hydraulics, is the the completely backlog of that fruits some Those stacked were the quarter stressed be earlier that utilized we're is non-cold for a to the should in in the they year. seeing prepared quarter start I of vessels booked [ the busy quarter. this the were QX. are -- but lot expect fully the during we won than and which definitely the my

And seeing of first had having we start, now projects we for year. than the think, more revenue months will in the capital X shift the I of

how laid of seeing I'm bear. similar yes, to to start of this come the So expecting we fruits at the we'll fantastic bid very to market beginning year, the out starting

Adam Thalhimer

the or the talked capital And general? I'm then backlog, just Great. some 'XX. larger QX projects is Was currently let's backlog of of significant to in dredging that -- see, are that for a in begins you last, really in Rio Okay. Grande comment trying that about on

Lasse Petterson

No, a LNG on was comment really two the it projects.

is which been with the challenged in the market the has revenues with active. we once and putting really Arthur those good are all ] -- As are, are the they full [ of assets Brownsville Port hydraulic we or generating been project, some over Scott saying, operation, market And back has XXXX.

Adam Thalhimer

any docking you have like then, in schedule sense for do And XXXX? dry Scott,

Scott Kornblau

But it's be you, give tell I'll next the going color call. little a to this probably on early. year. I'll relatively flat Yes, more to

than to the I the it though, dry much weighted is especially we on give so X% more out think get that way. X% the go as have this that range. to the more pull left, the the say going beginning it's execute to and end, the ahead LNG, those way year-end [ will again, it we ] scheduled done ready year and can docks of some those call, will be to I'll of in to Adam, color and I of on get hydraulics out the we now,

stop. So once payroll, on don't we get have we to

Adam Thalhimer

next we just dock. with have I'm in still all the full Got then have vessels high now your it. for the the backlog, we ], pieces curious. boats [ potential level, moving what year, I'm then what -- revenue some curious is point, And annual given at this dry And a like that revenue

Scott Kornblau

will Yes. I'm say, a going projects, though, potential the one with some large of is XXXX backlog of starting. are they're LNG into give these going full it you well of our $X the XXXX. billion mix going of lot the and roughly not I know, and projects of because, I into as on when to mean depends capital jobs

probably will backlog, rough half of XXXX. of numbers So earn about we year the it next in

So white of but have out. we year, still couple 'XX there typically a years lot backlog some we to for next 'XX us also more already a into have into is fill space and

Operator

Our next come from Securities. CJS Tanwanteng question will of Jon

Jonathan Tanwanteng

project if And be the do construction or wind, canceled financing you what that timing pushed the expect Acadia market of or your first Equinor guess, so, and end? on your end if the delivery out options are for My on somehow to is, one, happens? I renegotiated just of the the

Lasse Petterson

to situation by we renegotiate PPAs. new are that were been that thing only informed is those that have the we know New -- We did or they as York not reluctant Equinor the reevaluating Yes.

from quarter. expecting are information in we So the fourth them

a with going headlines. Wind and number fluid have the this a the There towards in of we of the most good. XXXX the in press are that But deck other bit can onwards. is very see a situation, are these It's Orsted outlook projects windows have from as biddings of of forward end installation for you the that projects and

Jonathan Tanwanteng

-- better that supplying states to coming are they're have that contract have bidding projects agreements interest Are in the that the not rates they We under Okay. the those and with on, up. still you're updated cost to? been power still been are reflect

Lasse Petterson

before now had Yes. the in that COVID that for delayed includes the we've canceled or Ocean from -- pressures power that has been the inflationary win and includes Most of purchase then. XXXX Empire, Wind, seen projects since 'XX was has agreements that before That kicked Orsted. and revolution includes

through, included discussions projects going been which for are successful we And forward, now PPAs the in inflation York adjustments that that new RWE, and had inflation projects continuing. has that has are New those tender -- projects total then, coming energies PPAs see currently for have those So awarded has were that adjustments CIP, [ for in since new just projects. And the to been winning them. we bid ] are those there

Jonathan Tanwanteng

Okay.

to in out say that pretty fair for made have news priced push that to ones the recently. risk seen it's So we've on the have much are projects 'XX potential the have the cancellation scheduled for that in as as and much and don't

Lasse Petterson

we And both have others proceeding bad Orsted, forward. from are from the Equinor. the think seen BP, I from headlines,

the continuing them, are So particularly that in the as for PPAs adjustments planned. inflation had they

Jonathan Tanwanteng

it. Got

utilization. a on you the for Scott, question just Okay.

hydraulics think. the wouldn't I mentioned be QX, -- You

expected have there? expect the of number utilization your to QX just what's for So on vessels QX and out you

Scott Kornblau

time. we half And busy more. still and for QX bid right of continue a the QX going mentioned in of and a to because work have that's the utilization to LNG We keep for works, hydraulics period the that's and when Yes. QX first of now those number

the Hydraulics just QX be utilization will QX. in more saw double So what than on we

they busy. to again, starting So get are

up. and LNG two those on a projects. up be tied we have number to will starting Then beyond, that is of shape As I mentioned, QX QX the

Jonathan Tanwanteng

there is more environment update now how there's that competitive an there? on are people quickly, bidding just then and the And projects out and Understood. work

Lasse Petterson

last vessels over of the and there of that added segment dredging Hopper to is years, industry United is in very the number the competitive, segment. couple have in new the in the -- environment, fleet Well, a and the the both competitive been States

records aggressive projects the is So there announcements awarded the projects that can from bidding see we Corps. quite some and recently. But capital -- U.S. competitive you bidding seen projects, been very on of good. on that has engineers the have some some also that is from market the Strong

I'm about optimistic over that with just but of market, as estimate the projects the months. bid now also backlog So current our with next and to X the coming are number we

Operator

William Reorg question next Hong from will ]. Our Research come ] of [ [

Unknown Analyst

Perhaps to Scott, you your your company currently can financing the tackle this one. notice When any do sources you application? approval of fund to Is initiatives? seeking guys XI additional expect to for receive of CapEx Title

Scott Kornblau

Yes.

So the as we was step milestone ago, a waiting been few on. in did remarks, a I mentioned weeks we've which key the hit next prepared

Now has ] diligence, done what's process ongoing is right review. their that acquired still third-party get statutory That now. a [ -- And to that due they're is ongoing.

late If again, to early this My different line. on that think I I a not of guess, had pace QX, specific have projects to QX, is one going. this just time guess, of cadence and is and a based the and each the are of these kind kind

but hopper, of another And what we're -- then build the second but the yes, conversations Amelia We year, have Island. [ into we'll the nitty-gritty the get through this to part Acadia, program. still at. take this But Galveston MRD not others of later with not new to we only we're delivery many still ] I'm in looking the going question, parallel with of your all yes, having get

lot have still CapEx go. a we of to So

the leaseback, look ]. of the in bring So that I parallel continue [ in at to so week that we're in a to conversations Mira going and mentioned having I'll lot we continue with last I'm on million about $XX initiatives. did a sale or

Operator

Our Brooke next will of come from Jacob [ X Christianson ] question [ ]. Capital

Unknown Analyst

to we the of expect way about year and you CapEx much XXXX? give CapEx sort the of for rest how about think expect and for to Could us the talk what cycle investment a

Scott Kornblau

Yes.

spent $XX year, the have So this $XXX quarter. year as we've CapEx and of million million another I in for mentioned, we'll already about fourth full

have And on the Galveston very left there's make we'll range So spend We $XXX in the to at for right this we're just little some to million. maintenance year, so. XXX-ish the payment just final now, CapEx. or and Island be the

look call million, give the to in it the I that so on a little probably next $XXX on I'll it's million but [ dial out laying more to guidance in XXX, forward $XXX call. year, now, and call, upper specific I'll next the to but As more right ] be year-end

Unknown Analyst

Got And ballpark to into that it. maybe you parse could try XXXX maintenance projects?

Scott Kornblau

Yes.

the is that CapEx CapEx our vessels. decreased new last bring expectation your down. the So maintenance couple you years of as comes on That's maintenance has over

Amelia So we million the run the for hopper $XX wind the new be Island. in about Acadia a the will year and dredge, rest maintenance then the CapEx, vessel, and

Operator

next Our will come of Bennett question from Gregory ]. [ Sell

Unknown Analyst

next delayed is are environment. low-margin you have XX half costs we of expect inflationary you for contracts going to with up this were the be contracts much fuel stuck expect Do in several could that over these or last of months? fixed months. that personnel? monetize in How the of Or you adjustments that Half it your current backlog think over said you I that at

Scott Kornblau

Yes.

So our fixed-price those of the are contracts. government majority for contracts,

way on the However, into inflation have year, we based and that what bid we happened -- changed those. last costs

So like we -- and we're again going to year. last we not did burned get

built our we taken out. into will some on assumptions we've priced was be. aggressive bid So when That what very it inflation

into specifics government those. the contracts. of to all Now but RFPs negotiate get can also can't a favorable I of they contracts, of the and lot those are that [ our ] you than win nongovernment contracts, jobs, a And those off-the-shelf starting we're lot more

Unknown Analyst

and you your -- Is the expectation that is next hear us? we your when what fourth earnings expecting that with you're you're flow. announcement significant So have be cash telling quarter should profitable

Scott Kornblau

we in Telling the margin higher seen of this have higher much you the fourth quarters we're expecting year. three quarter revenue much than first that a and in

signed Those a other One union cost larger inflation. of are labor. X-year a the one labor. fixed, We agreement. have, labor too, and the and the have comment, on Two recently we agreements of do lot that just is we costs

So know is. what that we

we impact a mitigate large contract, well. Another fuel of but we hedge is fuel, our we win component that the as as and

Unknown Analyst

the and contract, lot going wait happen. contracts, in of you at my and financing On financing place, new construction, vessel until in your contracts offshore -- until to building you your risk? have vessel wind, you're stop definitive wait the contracts for aren't your Why take put for financing is place take-or-pay favorable contracts, wait that have us not until a that you have not your

Lasse Petterson

X.X build vessel to X the for in United contract a the Well, vessel. to years the it States, takes

So on we of obligation. what That go also X.X performance entered which up ago. And we most which have contract, have contract, XXXX. Empire then in fills the now Equinor's the to is a we where we backlog, contract. firm Empire years comes II, XXXX, our a XXXX I delivery in have into work to is firm And this our

earlier require quarter be you projects, with call, on that a As Equinor in second to operational. 'XX fourth and be the in have two and come -- we planned. is will projects time program will those whatever scheduled, the the a for us But the back heard to firm of quarter plans their we bidding onwards are ready that and currently, and to will as construction reconsider vessels for going number

Unknown Analyst

happens happen? they don't What if

Lasse Petterson

fourth we and speculations. reconsider to to back have it's we then the in just come Otherwise, Well, will that quarter.

Operator

for I to closing the conference like And remarks. seeing now turn Baginskis, no would Tina the in further to questions queue. back I'm

Tina Baginskis

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

Operator

for you conference This concludes all call. today's participating. Thank

disconnect, have now a pleasant and You may day.

Great Lakes Dredge & Dock (GLDD) 7 Nov 232023 Q3 Earnings call transcript