GLDD posted 3Q:25 EPS above our forecast, driven by another quarter of strong utilization, execution, and mix benefits, more than offsetting drydocking activity. The Offshore Energy division surprisingly began to contribute to sales in 3Q:25, using a chartered vessel to conduct rock placement operations, with plans for the Acadia to complete work on delivery to GLDD (expected in 1Q:26). We fine-tune our interest expense assumptions (from our initial take post-refinancing in our October 29, 2025, note), and layer in an $8 million sales contribution from Offshore Energy in 4Q:25 and $36 million in 2026. We also introduce our 2027 EPS estimate of $1.20, a 17% increase from 2026E, driven by a full year's revenue contribution from the Acadia and lower year-over-year interest expense. We continue to model cash flow improvement in 2026, followed by acceleration in 2027, given the expected conclusion of GLDD's newbuild vessel spending program, thus significantly lower capital expenditures, supporting our moderate risk rating. Our unchanged $16 price target continues to be based on 16x our raised 2026 EPS estimate of $1.03 (from $0.97).