New CFO arrives. Scott Kornblau has joined as SVP and CFO. He was previously SVP and CFO of Diamond Offshore Drilling and has more than 20 years of industry and financial experience. He will report directly to CEO Lasse Petterson and serve on the executive team. His responsibilities include strategic planning and financial reporting, in addition to investor relations. There should no change in the current strategic direction or financial strategy.CFO change driven by relocation of HQ to Houston from Chicago. Former CFO Mark Marinko left the company a short time ago to pursue opportunities in Chicago. We are not aware of any disagreements on financial reporting or other areas, including the planned entry into the offshore wind market. Mark played a major role in turning GLDD around and leaves the company on solid ground, as evidenced by the successful debt refinancing in May. We enjoyed working with Mark and are sorry to see him leave.Including recent awards, 3Q2021 awards to date total $302.9 million. Including three recent awards of $65.9 million and previously announced 3Q2021 awards of $237 million, total 3Q2021 awards approximate $302.9 million. Please note the previously announced awards of $261.3 million included work of $24.3 million awarded in 2Q2021 so the 3Q2021 award total was $237.0 million as of mid-September.No change in positive dredging market outlook. The dredging market outlook remains solid and potential infrastructure spending creates a tailwind. Bidding has been active, and bids on several other projects are slated for opening shortly so 3Q2021 bidding sets up for a 2H2021 recovery.Maintain Outperform rating and price target of $17.05/share due to recent awards, the fleet renewal program and disciplined capital allocation. While the stock is up 15% this year, softer 2Q2021 results have dampened stock price performance over the past two months. We attribute most of the 2Q2021 shortfall to COVID-19, which should be transitory, the risk/reward profile remains favorable so we expect the stock to rebound. We believe that the current EV multiple of 8.5x 2021E EBITDA is attractive due to recent awards and a successful debt refinancing in 2Q2021. Read More >>