New Awards of $132.3 million announced. Six projects were awarded, ranging in size from $11.5 million to $37.2 million. Four of the awards totaling $94.9 million relate to Coastal Protection, one award of $25.9 million relates to Maintenance and one award of $11.5 million relates to Capital.Two awards of $37.3 million is related to 4Q2021 activity and the other four awards of $95.0 million relate to 1Q2022 activity. All of the work is shorter term in nature and will enhance 2022 equipment utilization.Combined with 4Q2021 backlog of $552 million, but a large amount of 4Q2021 low bids pending award, the outlook looks solid this year. Also, it appears that the prospects for one of the LNG projects in low bids pending award has improved with FID on the horizon, which would push $100-$150 million of the low bid pending award number into backlog.Recovery expected this year and no change to 2022 EBITDA estimate. With moderating COVID- 19 costs, we estimate that 2022 EBITDA will recover to $144.2 million. More than 80% of current backlog should be converted to revenue this year and the announced 4Q2021/1Q2022 awards are shorter term. The awards help temper three factors that represent headwinds this year, including dry docking activity, higher offshore wind support infrastructure and a tighter labor market.Maintain Outperform rating and price target of $17.05/share due to new awards, recovering backlog and fleet renewal program. We are encouraged that 4Q2021 execution was solid after a couple of challenging quarters, and last year ended on a high note. Still, the stock is off to a relatively weak start this year following a loss of 13% in January partially offset by gains of 9% in February, and 5% in March. We believe that the risk/reward profile is very favorable and the stock remains attractive trading at an EV multiple of 8.4x 2022 EBITDA due to recent awards, strong execution and solid backlog. Read More >>