What's Happening?
Saltchuk Resources has announced its agreement to acquire Great Lakes Dredge and Dock Corporation, the largest provider of dredging services in the United States, for $1.5 billion. This acquisition is structured
as an all-cash offer, with Great Lakes becoming a standalone business within the Saltchuk group. Great Lakes, a 136-year-old company, operates a fleet of approximately 200 specialized vessels, making it the largest and most diverse in the U.S. dredging industry. The company has a significant backlog of projects, including major undertakings like the Port Arthur LNG Phase 1 project in Texas and the Woodside Louisiana LNG project. The acquisition is expected to close in the second quarter of 2026, pending customary closing conditions.
Why It's Important?
This acquisition is significant as it consolidates Saltchuk's position in the U.S. maritime services sector, particularly in dredging and offshore energy. By acquiring Great Lakes, Saltchuk enhances its capabilities in supporting the offshore energy industry, a sector poised for growth with increasing investments in renewable energy projects. The deal also provides Great Lakes' shareholders with immediate value, offering a 25% premium over the company's 90-day volume-weighted average price. This move could potentially lead to increased efficiency and expanded service offerings in the U.S. dredging market, benefiting infrastructure development and energy projects.
What's Next?
Following the acquisition, Saltchuk is expected to integrate Great Lakes into its existing portfolio of maritime services, which includes companies like TOTE Group and Foss Maritime. The completion of the acquisition is contingent upon the expiration of the Hart-Scott-Rodino Act, with the deal anticipated to close by mid-2026. As Saltchuk expands its operations, stakeholders in the maritime and energy sectors will likely monitor how the integration affects project execution and service delivery. Additionally, Great Lakes' ongoing projects, such as the Empire Wind 1 project, will continue to progress, potentially opening new opportunities in the international market.
