Saltchuk Expands Maritime Portfolio with $1.5 Billion Great Lakes Dredge & Dock Acquisition

Seattle-based Saltchuk Resources, Inc. has agreed to acquire Nasdaq-listed Great Lakes Dredge & Dock Corporation, the largest dredging contractor in the United States, in an all-cash deal valued at $1.5 billion.

Under the terms announced Tuesday, Saltchuk will launch a tender offer to purchase all outstanding shares of the Houston-based company for $17.00 per share in cash. The offer represents a 25% premium to Great Lakes’ 90-day volume-weighted average price as of February 10 and a roughly 5% premium to its all-time high closing price.

“This transaction delivers immediate and certain value at a premium to our highest valuation,” said Great Lakes Chairman Lawrence R. Dickerson, adding that the board determined the deal to be in shareholders’ best interests after an extensive review.

The acquisition marks another major expansion for Saltchuk, which completed its $950 million purchase of Overseas Shipholding Group in July 2024. The privately held, family-owned company reports annual revenue of about $5.6 billion and employs roughly 8,800 people across its freight transportation, marine services, and energy distribution businesses. Other major brands include TOTE Maritime and Foss Maritime.

Great Lakes President and CEO Lasse Petterson said the deal aligns the company with a long-term owner that shares its focus on safety and people. “Our growth strategy will continue with a partner who shares our vision while preserving our leadership position in U.S. dredging and global offshore energy,” he said.

Saltchuk Chairman Mark Tabbutt said the company plans to retain Great Lakes as a standalone operation and welcomed its roughly 1,200 employees. “Our goal is to provide a permanent home for great companies that serve their communities, and Great Lakes is a strong fit,” he said.

Great Lakes operates the largest and most diverse dredging fleet in the U.S., with about 200 specialized vessels, and says it has never failed to complete a marine project in its 136-year history.

The transaction is backed by fully committed financing from Bank of America, Wells Fargo, U.S. Bank, and PNC, and is not subject to a financing condition. Closing is expected in the second quarter of 2026, pending regulatory approvals and the tender of a majority of outstanding shares.

Following the deal, Great Lakes will continue operating under its existing brand as a Saltchuk subsidiary, and its shares will be delisted from Nasdaq.

Guggenheim Securities and Sidley Austin are advising Great Lakes, while Evercore and Fried, Frank, Harris, Shriver & Jacobson are advising Saltchuk.

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