![]() ![]() Backgroundĭredging is the mechanical and physical movement of the sea bottom from one place to another. As the only publicly traded US dredging firm, peer comparisons are most difficult at best. As a shareholder, I appreciate the uniqueness of both the company and its market. I initiated a position in Sept 2019 and added to position between March and April 2020. While most problems could be considered as fleeting, there is one major structural issue that is inherent with its business model.įirst off, I am biased towards Great Lakes Dredge & Dock as a long-term speculative capital gains investment. The largest US dredging company, Great Lakes Dredge & Dock ( NASDAQ: GLDD ) is currently "caught in irons" with an abundance of transient issues stalling its business and share price. When a sailing vessel points directly in the wind with no momentum to either side, the boat will become motionless and dead in the water. "Being caught in irons" happens when the boat is turning from one tack direction to another and momentarily is pointing straight into the wind. ![]() ![]() She supported its transition into new and economically viable wind energy resources and managed the Makani wind-borne energy spar offshore platform installation in partnership with Shell and Google X.There is a predicament in sailing which is the epitome of a navigational nightmare called "being caught in irons". The vessel represents a critical advancement in bolstering the offshore wind industry, including establishing a U.S.-based rock supply chain network spanning eastern seaboard states with active offshore wind leases.īeyko most recently served as director of energy transition for the Americas at TechnipFMC, a global oil and gas company. “This is the optimal time for us to leverage our expertise in this exciting and transformative market.”īeyko, based at GLDD’s Houston headquarters, reports directly to Petterson, who in December announced that the company is moving forward with the regulatory design of the first U.S.-flagged Jones Act compliant vessel for subsea rock installation. “Beyko has a record of demonstrated success across global platforms and she’ll be joining a team that sees offshore wind’s potential growth as a true economic stimulus for the U.S.,” says Lasse Petterson, president and CEO of GLDD. ![]()
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