Saltchuk Agrees to Buy Great Lakes Dredge & Dock in $1.5B Deal
Saltchuk Resources, which continues to build a diversified holding in marine services, freight transport, and energy distribution, has agreed to buy Great Lakes Dredge and Dock Corporation, the largest provider of dredging services in the United States. The deal, which has a total value of $1.5 billion, is an all-cash offer for the public company, which will become a standalone business within the private, family-owned Saltchuk group.
A 136-year-old business, Great Lakes Dredge & Dock reports it has a fleet of approximately 200 specialized vessels, which it calls the largest and most diverse fleet in the U.S. dredging industry. As of the end of November, the company reported it had a substantial dredging backlog of $934.5 million with an additional $193.5 million in low bids and options pending awards. Among the major projects it is working on are the Port Arthur LNG Phase 1 project in Texas, the Brownsville, TX Ship Channel, and the Woodside Louisiana LNG project. The company is scheduled to report year-end financial results next week.
“After extensive review, we have determined that this transaction is in the best interests of Great Lakes’ shareholders as it delivers immediate and certain value at a premium to the company’s all-time high valuation,” said Lawrence R. Dickerson, Chairman of the Great Lakes Board of Directors.
Saltchuk and Great Lakes’ board agreed to the terms, which call for a $17 per share cash tender offer for all the outstanding shares of the company. The companies highlighted that it is a 25 percent premium to Great Lakes’ 90-day volume-weighted average price and a 5 percent premium to the company’s all-time high closing price. Investors drove the stock price up 5 percent today to $16.95, up nearly 30 percent since January 1.
Great Lakes has also been working to expand its business, including supporting the offshore energy industry. It ordered the first U.S.-flagged Jones Act-compliant subsea rock installation vessel, Acadia, from Philly Shipyard (now Hanwha Philly). The vessel was launched in July 2025 and is scheduled to be delivered in the first quarter of 2026.
The company is already handling rock placement work for Equinor at the South Brooklyn Marine Terminal in New York and for the Empire Wind 1 project. The Acadia is booked to support the Empire Wind 1 project and then Orsted’s Sunrise Wind project. Great Lakes said the projects provide full utilization for the vessel in 2026 while noting it can also be used in the international market.
“Our long-term growth strategy will continue with a partner who shares our vision while maintaining our leadership position in U.S. dredging and global offshore energy,” said Lasse Petterson, Great Lakes’ President and Chief Executive Officer, commenting on the acquisition by Saltchuk.
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The group already owns a broad portfolio of shipping-related companies, including TOTE Group, Tropical Shipping, Young Brothers, the New Bedford Foss Marine Terminal, and Saltchuk Marine companies, which include AmNav, Cook Inlet Tug & Barge, Foss Maritime, and Foss Offshore Wind. In 2024, it also acquired OSG (Overseas Shipping Group). Headquartered in Seattle, Saltchuk reports consolidated annual revenues of approximately $5.6 billion.
The closing of the tender offer is subject to customary closing conditions, including the expiration of the Hart-Scott-Rodino Act. The companies said they expect the deal to close in the second quarter of 2026.
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