Great Lakes Dredge & Dock Corporation

Good day and thank you for standing by. Welcome to the Q2 2025 Great Lakes Dredgen DOT Corp earnings conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Eric Burge, Vice President of Investor Relations. Please go ahead.

Good day and thank you everyone for joining us. Welcome to Great Lakes Dredgen DOT Corp's second quarter 2025 financial results conference call. Before we begin, please note that certain statements made during this call are forward-looking in nature and are subject to various risks, uncertainties, and assumptions. These factors may cause extra results to differ materially from those anticipated. For a detailed discussion of these risks, please refer to our filings with the Securities and Exchange Commission. We will also discuss certain non-GAAP financial measures including adjusted EBITDA. Reconciliation of these measures to the most direct comparable GAAP measure can be found on our earnings release and on our investor section of our website at .gldd.com along with other supplemental operating information. Joining me on today's call is Lassa Pedersen, our President and Chief Executive Officer, and Scott Kormlau, our Senior Vice President and Chief Financial Officer. Lassa will begin with a review of the quarter's key developments, followed by Scott, who will provide detailed overview of our financial performance. Lassa will then conclude the call with commentary on the business outlook and market trends. With that, I will now turn the call over to Lassa.

Thank you, Eric. Following strong financial results in the first quarter over this year, the momentum continued into the second quarter. The solid results driven by high equipment utilization and strong project performance, executing complex port deepening and coastal restoration projects, leveraging the capability of our extensive fleet. We ended the quarter with revenues of $193.8 million and adjusted EBITDA of $28 million. Our dredging backlog remains strong at $1 billion, with 93% coming from capital and coastal protection projects, plus an additional $215.4 million in awards and options pending. Our successful bid strategy from last year resulted in a large number of project wins and a quality backlog, which will support high asset utilization and a solid revenue generation for the remainder of 2025, as well as providing a good base and revenue visibility for 2026. During the quarter, we received notice to proceed on the Woodside Louisiana L&G project. The awarded work is included in our second quarter backlog, along with two options that are included in our options pending award. Dredging operations on the project are expected to commence early 2026. Our strong performance in Q1 and good outlook for the remainder of the year contributed to our decision to initiate a $50 million share repurchase program in March, as we believed our share price did not reflect the company's financial performance and long-term outlook. As of June 30, we have repurchased 1.3 million shares, with a total spend of $11.6 million under this program. During the quarter, we upsized our revolving credit facility to further enhance liquidity, which Scott will provide more details on. Moving to our new build program, which is nearing completion, our newest hopper dredge, the Amelia Island, is expected to be delivered in the next few weeks. We will go straight to work on projects already in backlog. The Amelia Island and our sister ship, the Galveston Island, have been specially designed for the shallow and narrow waters in our U.S. coastlines and are efficient tools for us to work on coastal protection projects, such as beach restorations, wetland improvements, and barrier island construction. The final vessel in our new build program, the Arcadia, the first U.S. flag Jonesat compliant subsea rock installation vessel, is also currently under construction and hit a key milestone with her launch from dry dock in July. Delivery is expected in the first quarter of 2026, at which time she will go straight to work on Equinox Empire Wind 1 project. The target markets for the Arcadia include domestic and international projects for protection of critical subsea infrastructure, such as oil and gas pipelines and power and telecommunication cables and offshore wind installations. I now turn the call over to Scott to further discuss the results of the quarter, and then I'll provide further commentary around the market and our business. Thank you, Lhasa, and good morning,