🔎 What This Document Is

This is a final press release attached to an SEC filing. It officially announces that the previously planned acquisition of Great Lakes Dredge & Dock (GLDD) by Saltchuk Resources is now complete. Think of it as the closing announcement for a major business sale.

🏢 The Two Companies Involved

Great Lakes Dredge & Dock (GLDD) was a publicly-traded company and the largest dredging contractor in the United States. They also work in offshore energy projects. Saltchuk Resources is a large, privately-owned family of transportation and marine services companies based in Seattle. They are like a holding company that owns many related businesses.

👉 In simple terms: A big private company (Saltchuk) has bought another big company (Great Lakes) that was previously owned by stock market investors.

💰 The Deal's Price Tag

• Purchase Price: $17.00 per share in cash.
• Total Enterprise Value: Approximately $1.5 billion. This is a rough estimate of the total value of the deal, including assumed debts.

📦 How The Buyout Happened

The deal was completed through a "tender offer," where Saltchuk offered to buy shares directly from GLDD shareholders.

• Expiry: The offer expired on March 31, 2026.
• Result: About 53.7 million shares (or 79.88% of all shares) were tendered. This was enough for the deal to go through.
• The End of Public Trading: Before the market opened on April 1, 2026, GLDD's stock stopped trading on the NASDAQ and will be formally delisted. It's no longer a public company.

🚀 What Happens Next For Great Lakes

Great Lakes is not being merged into Saltchuk's other operations. It will now operate as a stand-alone business unit within Saltchuk's family of companies, keeping its own leadership and brand.

• The current CEO, Lasse Petterson, stated they will continue to focus on growth in U.S. dredging and global offshore energy.

📞 Key Contacts & People

• Eric Birge - Vice President of Investor Relations
  • Phone: 313-220-3053

🧠 The Analogy

This is like a large, established family (Saltchuk) adopting a successful, independent business (Great Lakes) into their household. The business keeps its own room and identity but now has the family's full support and resources for the long term.

🧩 Final Takeaway

The $1.5 billion acquisition of Great Lakes Dredge & Dock is complete. As of April 1, 2026, the company has left the public stock market and is now a privately-owned subsidiary of Saltchuk, ending its era as a standalone public corporation.