Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Q3 2023 Earnings Call Transcript

Lasse Petterson: Well, the contract for the vessel in the United States, it takes three to three and a half years to build a vessel. So we entered into this contract, what is now year and a half ago. And we have a delivery in 2025 to go to work on the Equinor’s Empire I contract. That is a firm contract, the firm backlog, which fills up most of our 2025. And then we have Empire II, which comes in 2026, where we also have our performance obligation. As you heard earlier on the call, Equinor will come back to us in the second quarter — in fourth quarter with their firm plans for those two projects, and that will be a time to reconsider whatever we have planned. But currently, the construction program is going as scheduled, and we are bidding a number of projects for 2026 and onwards that will require the vessels to be ready and operational.

Unidentified Analyst: What happens if they don’t happen?

Lasse Petterson: Well, then we have to reconsider and we will come back to that in the fourth quarter. Otherwise, it’s just speculations.

Unidentified Analyst: Okay. Thank you.

Operator: Thank you. And I’m seeing no further questions in the queue. I would now like to turn the conference back to Tina Baginskis for closing remarks.

Tina Baginskis: Thank you. We appreciate the support of our shareholders, employees, and business partners, and we thank you for joining us in this discussion about the important developments and initiatives in our business. We look forward to speaking with you during our next earnings discussion. Thank you.

Operator: This concludes today’s conference call. Thank you all for participating. You may now disconnect and have a pleasant day.