NOVEMBER 14, 2016 — In a November 9 ceremony, Mr. Kommer Damen, Chairman of the Damen Shipyards Group, officially reopened the offices of Damen Dredging Equipment (DDE) in Nijkerk, Netherlands, following an
JULY 8, 2016 — Papendrecht, Netherlands, headquartered Royal Boskalis Westminster N.V. has completed a fleet rationalization study announced earlier this year and has decided to take 24 vessels out of service in
APRIL 12, 2016 — With river-carried sand and silt depositing at the dam, reservoirs are notoriously tricky to maintain. And, as reservoirs are usually rather deep, dredging can be quite a challenge.
FEBRUARY 3, 2016 — Zwijndrecht, Belgium, headquartered dredging and hydraulic engineering specialist DEME has ordered a new generation trailing suction hopper dredge (TSHD) at Royal IHC, which will provide turnkey delivery of
JANUARY 8, 2015 — Zwijndrecht, Belgium, headquartered dredging and hydraulic engineering specialist DEME reports the start of construction of its latest newbuild, the dual fueled multipurpose vessel Living Stone. The vessel is
JANUARY 4, 2016 — Papendrecht, Netherlands, headquartered Royal Boskalis Westminster N.V. (Boskalis) has reached a heads of agreement with STRABAG SE for the acquisition of the dredging activities and assets of STRABAG
DECEMBER 30, 2015 — The U.S. Coast Guard has issued a safety alert reminding recreational boaters and commercial vessel operators to use caution when operating their vessels near areas where dredging operations
After markets closed Friday, Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) announced it has “initiated a process to review potential strategic alternatives to enhance stockholder value.” This phrase is generally accepted as being corporate gobbledygook meaning “we’re for sale, if the price is right?”
The company also withdrew its previously announced adjusted EBITDA guidance for the year ending December 31, 2015 “due to unanticipated project losses, delays and lower than expected new business in the environmental and remediation segment during the third quarter, and continued uncertainties in the segment.”
When the company reported its second quarter results on August 4, CEO Jonathan W. Berger said, “looking forward to the rest of the year, we expect robust revenue and earnings in the dredging segment as fleet utilization will continue to be at an elevated level. We expect the environmental and remediation segment’s performance to improve in the second half of the year, likely peaking in the third quarter, and thus we continue to expect to achieve total company adjusted EBITDA in the range of $97 million to $107 million for the year.”
On Friday, though Great Lakes said it now “does not intend to provide adjusted EBITDA guidance going forward for the year ending December 31, 2015. Greater detail on the third quarter results will be provided in the upcoming earnings release and investor call.”
Mr. Berger has notified the board of his intention to retire, “effective as of the earlier of April 13, 2017 or a date chosen by the board.” The company is “in the process of identifying a successor to fill the vacancy that will be created by Mr. Berger’s retirement.”
In changes to the board, Nathan D. Leight, director and chairman of the board and Denise E. Dickins, director and chair of the audit committee, have both handed in their resignations effective as of October 13, 2015.
Current director Major General (Ret.) Michael J. Walsh has been appointed as chairman, effective immediately.
Joining the board is Robert Uhler. He is president and owner of a privately held strategy and marketing firm that assists companies with successful execution of strategic objectives.
Previously, Mr. Uhler spent 36 years in the engineering and construction field, most recently at MWH Global Inc., a water and natural resources firm that provides technical engineering, construction services, and consulting services.
While at MWH, says Great Lakes Dredge and Dock, “Mr. Uhler acted as the company’s chief business strategist for over 20 years through a variety of corporate leadership positions, including chief strategy officer, president, chief executive officer and chairman. In addition, he led the international expansion of MWH through a disciplined sequential approach of geographical and client set expansion, widening the service offering and automating the delivery system.”
“We strongly believe in the need for sustainable ‘drop in’ marine bio-fuels and their potential as part of the long term fuel mix, as we see them as an important means of improving the sustainability of the industry,” said Theo Baartmans, COO of Boskalis. “Participating in this pilot and making our vessels available is in line with Boskalis’ approach to seeking innovations that work hand in hand with sustainability.”
Drop in bio-fuels are liquid hydrocarbons that are functionally equivalent to petroleum derived fuels, meaning that they can be effectively interchanged with conventional fuels. Minimal engine modifications may be necessary in some cases.
Boskalis says that right now bio-fuels “are not part of the marine fuel mix that operators and owners can choose from” and that this means that shipping is missing an opportunity to utilize what should be a price competitive, environmentally friendly fuel option.
Boskalis and its partners believe that bio-fuels will play a viable role in reducing emissions that no other fuel can currently achieve, without a capital-intensive fleet renewal or retrofitting.
The three companies will test several next generation bio-fuels at the Wärtsilä laboratory in Vaasa, Finland before carrying out sea trials in various Boskalis’ global fleet.
The pilot program will focus on delivering and analyzing a sustainable feedstock, securing industry certification, and preparing the building blocks for large-scale production. Additionally, the consortium will initiate a global scalability study involving leading shipowners, universities, NGOs, ports, biofuel companies and other industry stakeholders. The aim will be to identify tangible opportunities for scaling supply to the world’s commercial shipping fleet.
Netherlands-based GoodFuels Marine, which has been developed by a team with track record in commercializing sustainable bio-fuels for the aviation industry, has also created a “sustainability advisory board,” consisting of leading NGOs and academics. Its role is to ensure that fuels are 100% sustainable, and that GoodFuels Marine complies with standards and principles set by the Roundtable on Sustainable Biomaterials (RSB)
“Wärtsilä, together with its customers, is highly committed to continuously finding better, more sustainable marine engine solutions,” says Roger Holm, Senior Vice President, Engines, Wärtsilä Marine Solutions. “This is another great example of that commitment, whereby we support pioneering innovations that provide ship operators with greater flexibility and choice about how they can reduce emissions.”
Bids were solicited via the Internet with three received. Fiscal 2015 other procurement funds in the amount of $11,552,862 were obligated at the time of the award.
Army Corps of Engineers, New York, NY, is the contracting activity (W912DS-15-C-0016).
