Posted on December 1, 2025
HOUSTON — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced today that the Company’s issuer credit rating has been upgraded to “B” from “B-” by S&P Global Ratings (“S&P”) with the outlook remaining stable.
S&P based its ratings upgrade in part due to the Company’s improved revenues, earnings and expanding margins along with decreasing capital expenditures that will support healthy free cash flow generation over the next couple of years. The stable outlook reflects S&P’s expectation that Great Lakes will continue to grow revenue and expand margins through 2026 and their expectation that the Company will generate increasingly positive free cash flow as the new build program comes to an end.
Great Lakes’ Senior Vice President and Chief Financial Officer, Scott Kornblau, commented, “The recent credit rating upgrade from S&P validates the strong progress we’ve achieved this year in strengthening our balance sheet, driving positive cash flows, and elevating overall performance. This milestone not only affirms our strategy but also sets the stage for even greater growth and long-term success.”
The Company
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, which is complemented with a long history of performing significant international projects. In addition, Great Lakes is fully engaged in expanding its core business into the offshore energy industry. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production, and project management functions. In its over 135-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
For further information contact:
Eric Birge
Vice President of Investor Relations
313-220-3053
