Fleet renewal on the horizon. New build one moves forward and option for new build two creates optionality. Final investment decision (FID) to build a 6,500 cubic yard (CY) hopper dredge was reached and a contract has been signed with Conrad Shipyard in Louisiana. The total cost of new build one approximates $97 million and delivery is expected in 1Q2023. There is a one-year option for new build two for $92.7 million so the total new build program could approach $190 million with delivery of new build two in late 2023. Full details of the new build program should be available once the 2Q2020 10-Q is filed in early August.Strong credit profile makes new build program manageable and debt refinancing likely. The decline in net debt into the sub-$120 million range in 1Q2020 strengthened the credit profile and should allow for funding of the new build(s), plus refinancing of $325 million of existing debt once...Read More >>