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Jonathan Berger News

27 Dec 2016

Petterson Named Great Lakes CEO

The Board of Directors of Great Lakes Dredge & Dock Corporation, provider of dredging, environmental and remediation services, announced the selection of Lasse Petterson as CEO, as well as his appointment to the company’s board of directors. Petterson will join the Board immediately and assume the role of chief executive officer once his application for U.S. citizenship, as required by the Jones Act, is finalized, which is expected in Q1 2017. During this time, Lasse and current CEO Jonathan Berger will work to ensure a seamless transition. Petterson brings to the role 35 years of experience in the engineering, construction and maritime industries.

15 Nov 2016

GLDD Sells Terra Contracting Assets

Great Lakes Dredge & Dock Corporation, the largest provider of dredging services in the U.S. and a major provider of remediation and geotechnical services, announced the completion of the sale of assets associated with the service lines of the Terra Contracting Services, LLC business for $6.1 million in cash.    GLDD Chief Executive Officer, Jonathan Berger, commented, “This sale marks an important step in executing the company’s strategy of focusing on the environmental and iInfrastructure segment’s core strengths and divesting of nonstrategic services. I am pleased that we have successfully completed this transaction, and I am optimistic that we are well-positioned for the future success of this segment.”

04 Oct 2016

Great Lakes Launch Hopper Dredge Ellis Island

Great Lakes Dredge & Dock Corporation announced today the successful launch of the Ellis Island, the barge component of its Articulated Tug & Barge (ATB) hopper dredge currently under construction. The launch occurred on September 30, 2016 at Eastern Shipbuilding’s shipyard in Allanton, Florida. After two years of construction and hundreds of thousands of man hours, the launch marks a significant milestone in the construction progress of the vessel. CEO Jonathan Berger commented, “This ATB hopper dredge is a state-of-the-art “Jones Act” vessel designed and constructed to meet the nation’s growing maritime infrastructure needs. This vessel will help to contribute to the U.S.

13 Aug 2014

GLDD Report Solid Q2 2014 Dredging Sector Performance

For the three months ended June 30, 2014, Great Lakes reported Revenue of $184.7 million, Income from continuing operations of $3.9 million and Adjusted EBITDA from continuing operations of $19.8 million. "Dredging had a solid quarter with $157.1 million in revenue, driven by increased activity in all of our domestic markets, and improved gross profit margin to 14.4%. During the second quarter, we benefited from improved weather and higher productivity as well as greater fixed cost coverage. Although foreign revenue was down from the second quarter in 2013, we worked on projects in Saudi Arabia, Brazil and Australia during the quarter…

26 Jun 2014

US Dredging Needs Growth as Army Corps’ Budget Shrinks

USACE photo: NY/NJ Harbor dredging action.

Spend dollars up on dredging, cubic yards moved down. Combined with a reduction in the USACE federal budget, the situation threatens a perfect storm for domestic requirements. U.S. dredging this decade, measured in cubic yards, is only half as active as it was in the early 1960s, with maintenance down slightly since then and new work off considerably, according to the U.S. Army Corps of Engineers or USACE. The nation’s spending on dredging in unadjusted dollars has swelled tenfold since the 1960’s, however.

24 Jun 2014

GLDD Appoint Mark Marinko Senior V-P & CFO

Great Lakes Dredge & Dock Corporation (GLDD) informs that Marinko joins the Company to fill the role vacated in April 2014 and held in interim by the Vice President and Controller, Katherine Hayes. The Company adds that it would like to thank Ms. Hayes for her leadership in managing the transition to the new CFO who will report to the Chief Executive Officer, Jonathan Berger. GLDD explains that Mark Marinko starts at Great Lakes with a strong background in operations and finance working for TransUnion, LLC through August 2013, where he was most recently President of the Consumer Services division at TransUnion leading the direct to consumer and business market, customer service, consumer compliance and marketing for the credit information company. Mr.

25 Apr 2014

GLDD Sells Historic Demolition Business

Largest provider of dredging services in the United States, Great Lakes Dredge & Dock Corporation (GLDD) informs it has completed the sale of NASDI, LLC and Yankee Environmental Services, LLC, its two subsidiaries that comprise the historical demolition business, to a privately owned demolition company located in the Midwest for US$5.3 million. GLDD points out that it retains the right to collect all outstanding accounts receivable and work in process at the date of close, as well as any outstanding claims, and retains certain obligations, including obligations related to performance bonds issued for existing projects. The Company also retained a significant remediation project that will be performed by its Terra subsidiary.

11 Aug 2013

GLDD Q2 2013 Results: Demolition Segment Strategy for Review

Great Lakes Dredge & Dock Corporation (GLDD) the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services, report financial results for the 3 and 6 months ended June 30, 2013. Jonathan Berger, Chief Executive Officer stated, “For the three months ended June 30, 2013, Great Lakes reported Revenue of $152.9 million, a Net Loss of $25.2 million and Adjusted EBITDA of $11.0 million. Included in the Net Loss is a $21.5 million noncash charge for goodwill impairment related to the demolition segment. “Our dredging segment won $346 million or 62% of the domestic bid market through the first six months of 2013.

18 Mar 2013

GLDD Reports Dredging Profitable in 2012, Demolition Not So

Great Lakes Dredge & Dock Corp reporte financial results for the final quarter and year ended December 31, 2012. â—¦    The above increases were partially offset by decreases in demolition revenue (52%) and coastal protection (previously referred to as beach nourishment) revenue (27%). Significant work was done in the demolition segment in 2012 on projects where revenue was not recognized because of pending change orders. In addition, demolition revenue was higher in 2011 due to the revenue recorded on a large bridge demolition project in Louisiana that did not reoccur in 2012. Coastal protection revenue was atypically high in 2011. â—¦    This was partially offset by an increase in revenue in the dredging segment, specifically higher margin capital projects.

20 Aug 2012

GLDD Appoints New Senior Executive

Great Lakes Dredge & Dock Corporation (GLDD) appoint Bill Steckel Senior Vice President & Chief Financial Officer. Mr. Steckel brings nearly 30 years of financial and operating management experience in public and private companies. Bruce Biemeck, who has served as President and CFO since September 2010, will remain as President and Chief Operating Officer of the Company. Mr. Steckel will report to Chief Executive Officer Jonathan Berger. Bill Steckel's background includes success in increasingly responsible financial positions, where he dealt with the full spectrum of financial and operating responsibilities including SEC reporting, financial planning, restructuring, taxes, IT, acquisitions, international operations, capital formation and strategic planning.