Great Lakes Dredge & Dock : Current Investor Presentation

GREAT LAKES

DREDGE & DOCK

CORPORATION

INVESTOR

PRESENTATION

AUGUST 2020

Dredging Worldwide Since 1890.

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

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SAFE HARBOR

Forward-Looking Statements

This presentation includes "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 or in releases made by the SEC, all as may be amended from time to time. Such statements include declarations regarding the intent, belief, or current expectations of the Company and its management. The Company cautions that any such forward-looking statements are not guarantees of future performance, and involve a number of risks, assumptions and uncertainties that could cause actual results of the Company and its subsidiaries, or industry results, to differ materially from those expressed or implied by any forward-looking statements contained herein, including, but not limited to, as a result of the factors, risks and uncertainties described in securities filings of the Company made with the SEC, including the Company's most recent Report on Form 10-K and Form 10-Q. You should not place undue reliance upon these forward-looking statements provided herein are made only as of the date

hereof or as a specified date herein and the Company does not have or undertake any obligation to update or revise them, unless required by law.

Non-GAAP Measures

This presentation includes certain non-GAAP measures, including Adjusted EBITDA from continuing operations, Pro Forma Adjusted EBITDA from continuing operations and operational results excluding restructuring. In addition to providing key metrics for management to evaluate the Company's performance, we believe these measurements assist investors in their understanding of period-to-period operating performance and in identifying historical and prospective trends. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measure are available in the Appendix. Investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP.

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

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TABLE OF CONTENTS

COMPANY OVERVIEW

INVESTMENT HIGHLIGHTS

FINANCIAL OVERVIEW

APPENDIX

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

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COMPANY OVERVIEW

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

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ABOUT US SNAPSHOT

• 130 YEAR HISTORY
• DEEMED ESSENTIAL CRITICAL INFRASTRUCTURE SERVICE DURING COVID-19 PANDEMIC
• DOMESTIC & INTERNATIONAL DREDGING
• CAPITAL, COASTAL PROTECTION & RESTORATION
• PORT DEEPENING, SHORELINE PROTECTION, BARRIER ISLANDS & LAND RECLAMATION
• AN INCIDENT & INJURY-FREE® (IIF®) COMPANY

LTM REVENUE $720 MILLION

LTM EBITDAª $149 MILLION

COMPANY BACKLOG $423 MILLION

$ as of June 30, 2020

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

(a) See Appendix for reconciliation of Net Income (Loss) to Pro Forma Adjusted EBITDA

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5

ABOUT US SNAPSHOT

GREAT LAKES DREDGE & DOCK COMPANY

Overview

• The largest provider of dredging services in the United States
• Dredge Act and Jones Act provide significant barriers to entry in the domestic market
• A long history of performing significant international projects
• Large and diverse fleet of hydraulic, mechanical and hopper dredges

Core Services

	Port, harbor and waterway maintenance, deepening		Pipeline, cable and tunnel trenching
	and expansion		Subaqueous rock drilling
	Coastal restoration and protection		and blasting
	Land reclamation		Environmental restoration

• Lake and river dredging

Clients

• Federal, state, local, and foreign governments, and domestic and foreign private companies, such as utilities and energy companies

	~1,200
	EMPLOYEESa
~$720M	~$423M
REVENUE	BACKLOGb
	GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS
Note: Figures as of Trailing Twelve Month Period ended June 30, 2020	[e-mail] | GLDD.COM
(a) as of FYE 2019; (b) Company Backlog at 6/30/2020

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ABOUT US DREDGING MARKETS

NORTH AMERICA'S LEADING DREDGER WITH 130 YEARS OF EXPERIENCE

					~45%
					Capital and Coastal
					Restoration Projects
				BALANCED MIX OF DEMAND
		COASTAL PROTECTION
CAPITAL
42% OF REVENUE(A)		25% OF REVENUE(A)
↓		↓	~55%
PORT DEEPENING /		CREATING AND REBUILDING
EXPANSION, COASTAL		Maintenance and Coastal Protection
RESTORATION, LAND		BEACHES		recurring revenue projects
	BID MARKET SHARE(B) 22%
RECLAMATION, & EXCAVATION
OF UNDERWATER TRENCHES
BID MARKET SHARE(B) 33%

MAINTENANCE		FOREIGN		RIVERS & LAKES
15% OF REVENUE(A)		7% OF REVENUE(A)		11% OF REVENUE(A)
↓		↓		↓
MAINTAINING DEPTH OF	INTERNATIONAL LAND	INLAND MAINTENANCE AND LAKE
RECLAMATIONS, CHANNEL	DREDGING, ENVIRONMENTAL &
WATERWAYS AND HARBORS
DEEPENING & PORT	HABITAT RESTORATION
BID MARKET SHARE(B) 41%
		INFRASTRUCTURE DEVELOPMENT	BID MARKET SHARE(B) 4%

3-YEAR AVERAGE REVENUE:
$35MM	GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS
(a) Revenue of FY 2019		[e-mail] | GLDD.COM
(b) The Company's dredging bid market is defined as the aggregate dollar value of domestic projects on which the Company bid or could have bid if not for capacity
constraints. Bid market share represents bid market average over the prior three years (2017-2019)				7

ABOUT US DREDGING FLEET

LARGE & FLEXIBLE FLEET WITH TWO MAJOR VESSELS ADDED TO FLEET SINCE 2018

HOPPER		MECHANICAL		HYDRAULIC

• 6 VESSELS: 5 U.S., 1 MIDDLE EAST (5
  U.S. FLAGGED, 1 INTERNATIONAL FLAGGED)
• THE ELLIS ISLAND IS THE LARGEST HOPPER IN THE US FLEET
• HIGHLY MOBILE, ABLE TO OPERATE IN ROUGH WATERS
• LITTLE INTERFERENCE WITH OTHER SHIP TRAFFIC

• 5 VESSELS: 5 U.S. (ALL U.S. FLAGGED)
• OPERATES ONE OF TWO ENVIRONMENTALLY FRIENDLY ELECTRIC CLAMSHELL DREDGES IN THE U.S.
• THE DREDGE 58 IS THE LARGEST CLAMSHELL IN THE US FLEET
• MANEUVERABILITY IN TIGHT AREAS SUCH AS DOCKS AND TERMINALS

• 5 OCEAN CLASS VESSELS: 5 U.S. (ALL U.S. FLAGGED)
• 6 INLAND CLASS VESSELS: 6 U.S.
• MOST POWERFUL ROCK CUTTER DREDGES IN US MARKET
• SUPPORTED BY 8 BOOSTER PUMPING STATIONS： 8 U.S.
• CAPABLE OF EXCAVATING CHALLENGING SOILS, INCLUDING ROCK

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

Note: Excludes vessels that are currently slated for rationalization.	[e-mail] | GLDD.COM

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ABOUT US PROJECTS

TOP RECENT DREDGING PROJECT AWARDS AS OF 6/30/2020

	DATE	PROJECT / LOCATION	AMOUNT	TYPE
	JUNE 2020	SABINE PASS LNG BERTH 3, LA 2019	UNDISCLOSED	CAPITAL
	JUNE 2020	CAMERON MEADOWS, LA	$27 MILLION	MAINTENANCE
	MARCH 2020	CAMINADA HEADLAND, LA	$30 MILLION	COASTAL PROTECTION
	DECEMBER 2019/FEBRUARY 2020	SOUTH ATLANTIC REGION HOPPER	$22 MILLION	MAINTENANCE
	NOVEMBER 2019	CHARLOTTE/SARASOTA BEACHES, FL	$31 MILLION	COASTAL PROTECTION
	SEPTEMBER 2019	SEA ISLE - PECK BEACH, NJ	$41 MILLION	COASTAL PROTECTION
	AUGUST 2019	MSCIP PHASE 3&4	$57 MILLION	COASTAL RESTORATION
	AUGUST 2019	BALTIMORE HBR & CHNLS	$38 MILLION	MAINTENANCE
	JULY 2019	EMERALD ISLE/PINK KNOLL/ATL BCHES	$28 MILLION	COASTAL PROTECTION
	JUNE 2019	GALVESTON SHIP CHANNEL, TX	$21 MILLION	MAINTENANCE
	JUNE 2019	SANDBRIDGE, VA	$20 MILLION	COASTAL PROTECTION
	MAY 2019	VIRGINIA BEACH, VA	$23 MILLION	COASTAL PROTECTION
	JANUARY 2019	EMERALD ISLE/INDIAN BEACH, NC	$20 MILLION	COASTAL PROTECTION
	DECEMBER 2018	CORPUS CHRISTI CHANNEL DEEPENING	$93 MILLION	CAPITAL
	SEPTEMBER 2018	TAMPA HBR, BIG BEND CHNL, FL	$74 MILLION	CAPITAL
	SEPTEMBER 2018	JACKSONVILLE DEEPENING "B"	$210 MILLION	CAPITAL
	SEPTEMBER 2018	FIRE ISLAND INLET, NY	$26 MILLION	BEACH
	JULY 2018	SAN JACINTO RIVER, TX	$70 MILLION	RIVERS & LAKES
	JUNE 2018	NAGS HEAD, NC	$35 MILLION	COASTAL PROTECTION
	JUNE 2018	MYRTLE BEACH, SC	$35 MILLION	COASTAL PROTECTION
	MAY 20108	LA QUINTA CHANNEL WIDENING	$21 MILLION	CAPITAL
	APRIL 2018	LONG BEACH, NY	$54 MILLION	COASTAL PROTECTION
	OCTOBER 2017/MARCH 2018	CHARLESTON II	$278 MILLION	CAPITAL
		GREAT LAKES DREDGE & DOCK CORPORATION >	INFRASTRUCTURE SOLUTIONS
			[e-mail] | GLDD.COM

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INVESTMENT

HIGHLIGHTS

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

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INVESTMENTINV TMENT HIGHLIGHTSHIGHLIGHTS

I

II

III IV

V

MARKET LEADER IN DOMESTIC DREDGINGa

ROBUST MARKET OUTLOOK WITH HIGHLY VISIBLE OPPORTUNITY

MAJOR COMMITMENT TO FLEET IMPROVEMENT

SUCCESSFULLY COMPLETED RESTRUCTURING PROGRAM

EXPERIENCED MANAGEMENT TEAM

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

(a) Based on bid market share average over the prior three years (2017-2019)

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INVESTMENTI. CLEAR ARKET LEADERHIGHLIGHTSIN DOME TIC DREDGING

I. LEADING FRANCHISE  LARGEST U.S. DREDGING CONTRACTOR

GREAT LAKES IS THE LARGEST PROVIDER OF DREDGING SERVICES IN THE UNITED STATES

COMPETITORS INCLUDE NATIONAL

• REGIONAL PLAYERS

ONLY U.S. DREDGING CONTRACTOR OPERATING IN THE INTERNATIONAL MARKET

GREAT LAKES HAS MAINTAINED ITS POSITION AS MARKET LEADER FOR DECADES

• Market share driven in part by fleet capacity and technical leadership / know- how developed over 130-year history
• Deep talent pool leads industry in project management and production engineering capabilities
• Large and diverse fleet of equipment spanning all major dredge types provides competitive edge
• Dredge Act, Jones Act effectively serve as barriers to entry for non-U.S.-owned,non-U.S.-crewed and non-U.S.-built dredges

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

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INVESTMENTI. CLEAR ARKET LEADERHIGHLIGHTSIN DOME TIC DREDGING

II. THE DOMESTIC COMPETITION

3-YEAR AVERAGE

DOMESTIC BID MARKET SHARE ($1,605 MILLION)(a)

NUMBER OF

DREDGES

							OTHERS
	39%
		21%					16%
			10%	7%
			4%	3%
	22	12	10	5	4	4	N/A

	GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS
(a) 2017 - 2019 including Rivers & Lakes	[e-mail] | GLDD.COM
.

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INVESTMENT HIGHLIGHTS

II. ROBUST MARKET OUTLOOK WITH HIGHLY VISIBLE OPPORTUNITY

ATTRACTIVE NEAR & LONG-TERM CATALYSTS IN U.S. DREDGING

DEEPENING OF U.S. PORTS POST-PANAMA CANAL DEEPENING

• Growing use of "post-Panamax" vessels is expected, requiring the deepening of many ports along East Coast and Gulf in order to accommodate these deeper draft vessels

GULF COAST RESTORATION

• RESTORE Act requires 80% of penalties associated with Deepwater Horizon oil spill to be deposited into a coastal restoration works fund, a portion of which is expected to be allocated to dredging
• BP finalized $20.8 billion settlement in October 2015

WATER RESOURCES REFORM & DEVELOPMENT ACT ("WRRDA") &

HARBOR MAINTENANCE TRUST FUND ("HMTF")

• First water legislation to be signed into law since 2007; authorizes dozens of large- scale water infrastructure projects
• Provision in CARES Act lifts caps on the Harbor Maintenance Trust Fund, thereby allowing full access to future annual revenues to be used for their intended purpose of dredging our nation's ports and harbors

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

Sources: Congressional Research Service, RESTORE Act and WRRDA	[e-mail] | GLDD.COM

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INVESTMENT HIGHLIGHTS

III. MAJOR COMMITMENT TO FLEET IMPROVEMENT

• ELLIS ISLAND - A GAME CHANGING VESSEL
• • Largest hopper dredge in U.S. market with 15,000 cubic yard capacity
  • Significantly larger than a traditional self-propelled hopper dredge
• DREDGE 58 - LARGEST CLAMSHELL DREDGE IN U.S.
• OHIO - CUTTER DREDGE UPGRADED AND REJOINING U.S. FLEET
• NEW HOPPER DREDGE - MID-SIZED SHALLOW DRAFT
• • Competitive advantage in coastal protection market

Ellis Island

Dredge 58

Ohio

New hopper dredge

Commitment to fleet improvement is expected to result in:

• Improved Competitive position
• Improved Market share
• Improved Operating margin

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

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INVESTMENT HIGHLIGHTS

IV. SUCCESSFULLY COMPLETED RESTRUCTURING PROGRAM

• ANNOUNCED OCTOBER 2017
• COMPLETED DECEMBER 2018
• 100+ INITIATIVES PUT IN PLACE TO ACHIEVE $40M IN EBITDA SAVINGS
• 100+ ASSETS RATIONALIZED, INCLUDING EIGHT LARGE DREDGES

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

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INVESTMENTV. EXPERIENCED MANAGEMENTHIGHLIGHTSTEAM

V. EXPERIENCED MANAGEMENT TEAM

LASSE PETTERSON

Chief Executive Officer and President, Director

• Appointed CEO on May 1, 2017 and board member on December 30, 2016
• Has over 35 years of industry experience, including his most recent role as a private consultant to clients in the Oil & Gas sector
• Previously served as COO and EVP at Chicago Bridge and Iron from 2009 to 2013

DAVID SIMONELLI

Chief Operating Officer

• Appointed President of Dredging Operations in 2010
• Joined Great Lakes in 1978 as a Field Engineer and has over 40 years of industry experience

MARK MARINKO

Senior Vice President, Chief Financial Officer

• Appointed Senior Vice President & Chief Financial Officer in June 2014
• Served as interim CEO from January 2017 to April 2017
• Has over 30 years of financial leadership practice, specializing in accounting, finance, sales, systems and business operations

KATIE LAVOY

Senior Vice President, Chief Legal Officer, Chief Compliance Officer

• Chief Legal Officer since 2018
• Appointed Vice President and General Counsel, Dredging Operations in July 2012
• Joined the Company in 2007 as Assistant General Counsel; Fourth generation dredger

ANNETTE CYR

Senior Vice President, Chief Human Resources & Administrative Officer

• Joined Great Lakes in January 2018
• Career key focus areas have included mergers and acquisitions, leadership and talent development, and the implementation of global processes and systems
• Over 25 years of human resources experience

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FINANCIAL OVERVIEW

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FINANCIALFIN CIAL HIGHLIGHTSOVERVIEW

HISTORICAL FINANCIAL PERFORMANCE

REVENUE	$ millions	ADJUSTED EBITDA (% MARGIN)

$ millions

CAPITAL EXPENDITURES

$ millions

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

Note: See Appendix for reconciliation of Net Income (Loss) to Adjusted EBITDA	[e-mail] | GLDD.COM
(a) Pink shaded area represents the impact of the restructuring charge on Adjusted EBITDA.
(b) Excludes $16.2MM for the purchase of Terrapin Island dredge that was previously on an operating lease	19
(c)	Excludes $15.6MM for the purchases of equipment that was previously on operating leases

FINANCIALFIN CIAL OUTLOOKOVERVIEW

SUMMARY OF Q2 2020

• TOTAL REVENUE
• $167.9MM in Q2 2020, a $16.9MM decrease compared to Q2 2019, due to:
• • Decrease in foreign and rivers and lakes revenue
  • Partially offset by the increase in domestic capital and maintenance revenue
• GROSS PROFIT MARGIN
• Decreased to 19.7% for Q2 2020 compared with
  20.3% for Q2 2019, due to:
• • Changes in project mix vs. 2019
• ADJUSTED EBITDA
• Adjusted EBITDA from continuing operations, was $28.1M for Q2 2020.

CONSOLIDATED REVENUE	$ millions

GROSS PROFIT	$ millions

ADJUSTED EBITDA	$ millions

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

Note: See Appendix for reconciliation of Net Income (Loss) to Adjusted EBITDA	[e-mail] | GLDD.COM

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FINANCIALFIN CIAL HIGHLIGHTSOVERVIEW

BACKLOG

AVERAGE BACKLOG

BY WORK TYPE $ IN MILLIONS

5 YEARS  $591MM

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

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APPENDIX

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

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APPENDIXAP NDIX

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

		FISCAL YEAR ENDING DECEMBER 31		QUARTER ENDING JUN 30	6/30/2020
($ IN MILLIONS)	2015	2016	2017	2018	2019	2019	2020	TTM
INCOME (LOSS) FROM CONTINUING	$14.7	$0.5	($15.4)	$11.0	$55.7	$11.5	$9.0	$66.6
OPERATIONS
ADJUSTED FOR:
LOSS ON EXTINGUISHMENT OF DEBT	--	--	2.3	--	--	--	--	--
INTEREST EXPENSE - NET	23.7	23.5	26.0	33.6	27.0	7.2	6.7	26.1
INCOME TAX PROVISION (BENEFIT)	11.1	(0.2)	(33.8)	5.4	15.3	4.2	3.1	18.6
DEPRECIATION AND AMORTIZATION	50.6	54.8	56.0	50.4	37.1	9.1	9.3	37.9
ADJUSTED EBITDA FROM CONTINUING	$100.1	$78.7	$35.2	$100.4	$135.1	$32.0	$28.1	$149.2
OPERATIONS
EXCLUDED FOR:
IMPACT OF RESTRUCTURING	--	--	22.0	9.4	0.5	--	--	--
ADJUSTED EBITDA FROM CONTINUING	$100.1	$78.7	$57.2	$109.8	$135.6	$32.0	$28.1	$149.2
OPERATIONS, EXCLUDING RESTRUCTURING

GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

NOTE: ITEMS MAY NOT SUM DUE TO ROUNDING

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GREAT LAKES DREDGE & DOCK CORPORATION > INFRASTRUCTURE SOLUTIONS

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