Saltchuk Resources, Inc., based in Seattle, has decided to buy Great Lakes Dredge & Dock Corporation, the largest dredging contractor in the U.S., in a cash deal worth $1.5 billion.

As announced on Tuesday, Saltchuk plans to make a tender offer to buy all outstanding shares of the Houston-based company for $17.00 per share in cash. This offer is a 25% premium over Great Lakes’ average stock price over the last 90 days and a 5% premium over its highest closing price ever.

Lawrence R. Dickerson, Chairman of Great Lakes, stated, “This transaction gives immediate and certain value above our highest valuation.” He explained that after a thorough review, the board determined this deal was the best choice for shareholders.

This acquisition is a significant move for Saltchuk, which previously completed a $950 million purchase of Overseas Shipholding Group in July 2024. Saltchuk is a privately-held family-owned company with about $5.6 billion in annual revenue and around 8,800 employees working in freight transportation, marine services, and energy distribution. Notable brands include TOTE Maritime and Foss Maritime.

Lasse Petterson, President and CEO of Great Lakes, mentioned that the deal partners them with a long-term owner who shares their commitment to safety and community. He stated, “Our growth strategy will continue alongside a partner who shares our vision while maintaining our leadership in U.S. dredging and global offshore energy.”

Mark Tabbutt, Chairman of Saltchuk, emphasized that they intend to keep Great Lakes as a separate operation and are pleased to welcome its approximately 1,200 employees. He said, “Our goal is to provide a permanent home for outstanding companies that serve their communities, and Great Lakes is a great fit.”

Great Lakes has the largest and most diverse dredging fleet in the U.S., with about 200 specialized vessels, and highlights that it has never failed to complete a marine project in its 136-year history.

The transaction is supported by guaranteed financing from Bank of America, Wells Fargo, U.S. Bank, and PNC, and does not depend on financing conditions. The deal is expected to close in the second quarter of 2026, pending regulatory approvals and the acquisition of a majority of outstanding shares.

After the acquisition, Great Lakes will continue to operate under its current brand as a subsidiary of Saltchuk, and its shares will be removed from Nasdaq.

Guggenheim Securities and Sidley Austin are advising Great Lakes, while Evercore and Fried, Frank, Harris, Shriver & Jacobson are advising Saltchuk.