Great Lakes Dredge & Dock is the largest dredging contractor in the U.S., with dredging accounting for virtually all of its revenue. Dredging involves removing or replenishing sediment in waterways and along shorelines. Great Lakes operates primarily on the U.S. East and Gulf Coasts, serving federal agencies (notably the U.S. Army Corps of Engineers), state and local governments, and private customers like LNG developers. Work breaks into three types: capital dredging (port deepening and widening, coastal restoration, and LNG terminal work), coastal protection (beach nourishment), and maintenance dredging (re-dredging silted waterways on a recurring basis). Capital and coastal protection projects tend to carry higher margins. Great Lakes wins work through competitive bidding — government contracts go to the lowest qualified bidder — and executes projects with its fleet of specialized vessels. Profitability is driven by fleet utilization, project mix, and performance on fixed-price contracts. The Foreign Dredge Act and Jones Act effectively bar foreign competitors from U.S. waters. Beyond dredging, Great Lakes is building an offshore energy business centered on the Acadia, the first Jones Act-compliant subsea rock installation vessel in the U.S., which places rock on the seafloor to protect offshore infrastructure. The Acadia is expected to be operational in Q1 2026 with contracts already secured for U.S. and European offshore wind projects. In February 2026, Great Lakes entered a merger agreement to be acquired by Saltchuk Resources at $17.00 per share, expected to close in Q2 2026.