Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Q4 2022 Earnings Call Transcript

Jon Tanwanteng: And any sense of whether the earlier or later in the year?

Lasse Petterson: Mid-year to third quarter. But, listen the way that these projects are being developed, the developer is going to sell the power and secure the power sales agreements. And that determines the timing of when we are being awarded our contracts. But the way it looks currently, I’m very hopeful that we can secure one additional contract here, mid-year 2023.

Scott Kornblau: And, Jon, when the bids have come out, we have submitted bids. Now we’re at their timing on when they’re going to do the award. So it’s not when other bids are going to come out. It’s when are they going to award on based on the bids that are already outstanding.

Jon Tanwanteng: Understood. Thank you, Scott, the G&A run rate you had in Q4, so we expect that to keep coming down with the cost savings that you put your planning or is that the right one rate to be using?

Scott Kornblau: Yes, I mean, not normalized for incentive, I think that is comparable to the run rate. There’s always some Q4 adjustments, as you’re aware. So it’s not quite but I think if you kind of look at maybe Q3 and Q4, together, that’s kind of how we’re trending.

Jon Tanwanteng: Okay, great. And then last one for Lasse, when you return those chips from cold storage. Are there any costs associated with getting a backup that would be unusual?

Lasse Petterson: Yes, there will be some costs to start up to this. And again, I don’t see that as a major outlay for us, and any additional costs that we need to put into the vessels to get them articles that will be included for in the bids that we are putting in. If not, we will not take them out, of course.

Jon Tanwanteng: Got it. That makes sense. Thank you.

Operator: Thank you. I am not showing any further questions in the queue? I was trying to call back over to Tina for any 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.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect. Everyone has a great day.