Offshore energy and dredging company Great Lakes acquired by Saltchuk

A definitive agreement for Saltchuk to acquire Great Lakes at an aggregate equity value of approximately US$1.2Bn and a total transaction value of US$1.5Bn was announced on 11 February 2026.

Under the terms of the agreement, which has been unanimously approved by the board of directors of both companies, Saltchuk will commence a tender offer to acquire all outstanding shares of the company for US$17.00 per share in cash. 

The per share purchase price represents a 25% premium to Great Lakes’ 90-day volume-weighted average price as of 10 February 2026, the last trading day before the announcement, as well as a 5% premium to the company’s all-time high closing price.

Great Lakes Dredge & Dock is best known as a dredging company, operating in the US and worldwide, but recently expanded into the offshore energy sector, building a subsea rock installation vessel, Acadia. Acadia was ordered primarily for the needs of the US offshore wind industry, although it is designed to work on projects in domestic and international markets, providing protection for subsea infrastructure, including subsea cables for power transmission, telecommunications cables, and oil and gas pipelines.

Great Lakes chairman Lawrence Dickerson said, “We are pleased to have reached this agreement with Saltchuk. It delivers significant value for our shareholders.

“After extensive review, we have determined that this transaction is in the best interests of Great Lakes’ shareholders as it delivers immediate and certain value at a premium to the company’s all-time high valuation.”

“We are happy to join Saltchuk’s family of companies, which shares our unique company culture, with a focus on safety and our community, customers and employees,” said Great Lakes president and chief executive Lasse Petterson.

“Our long-term growth strategy will continue with a partner who shares our vision while maintaining our leadership position in US dredging and global offshore energy.”

Saltchuk chairman, Mark Tabbutt, said its goal “is to provide a permanent home for great companies.” He said Great Lakes is a perfect match for that ambition.

On completion of the transaction, Great Lakes will operate as a standalone business within Saltchuk, and its common stock will no longer be listed on the Nasdaq. The transaction is not subject to a financing condition.