Saltchuk Resources Inc., Seattle, has agreed to acquire Great Lakes Dredge & Dock Corp., Houston, in an all-cash transaction valued at approximately $1.5 billion, the companies announced.
The Coast Guard continues to need better management over its troubled $20 billion Offshore Patrol Cutter program, which is years behind schedule, well over budget, has no ships delivered, and recently had two ships canceled, according to a new report by the Government Accountability Office.
The Coast Guard announced Feb. 11 that it had completed awarding contracts for five Arctic Security Cutters, meeting the Trump administration’s target of expanding the U.S. icebreaker fleet to 11 vessels. The first delivery is expected in early 2028.
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