Lake Union Drydock Company — Federal Contractor Profile
LAKE UNION DRYDOCK COMPANY: $221.2M in Federal Ship Repair Contracts
Contractor Overview
Total Contract Value: $221,204,316 ($221.2M)
Total Awards: 32
Company Profile
LAKE UNION DRYDOCK COMPANY is a federal contractor with a significant presence in government spending, having secured contracts totaling $221.2 million. The company specializes in ship repair, maintenance, and modernization, with a focus on naval vessels. Their core capabilities include drydocking, hull and machinery repairs, and ship conversion services. The contractor has a diversified portfolio, working with multiple agencies, though specific agency clients are not disclosed. Their contract patterns reveal a stable business strategy, with a mix of new awards and recompetes. The company has not engaged in any sole-source contracts, indicating a preference for competitive bidding processes. Notable projects include support for the U.S. Navy, showcasing their expertise in naval vessel maintenance and repair. LAKE UNION DRYDOCK COMPANY's track record suggests a strong performance history, with consistent contract renewals and competitive wins. The company's business strategy appears to be centered on maintaining a strong relationship with the Department of Defense, particularly the Navy, while also exploring opportunities with other federal agencies. Their financial performance and contract patterns suggest a stable and expanding business trajectory, with a focus on long-term relationships and competitive bidding.
Specializations
- Ship repair and maintenance
- Drydocking
- Hull and machinery repairs
- Ship conversion
- Naval vessel support
Contractor Metrics
Average Contract Size: $0
Competitive Win Rate: 100%
Agency Concentration: moderate
Growth Trajectory: expanding
Sole Source Rate: 0%
Recompete Rate: 62.5%
Competitive Position
LAKE UNION DRYDOCK COMPANY is a niche specialist in ship repair and maintenance, particularly for naval vessels. They hold a dominant position in this sector, with a strong track record of competitive wins and consistent contract renewals. Their expertise in drydocking and hull and machinery repairs positions them as a go-to contractor for the Department of Defense, especially the Navy. The company's focus on competitive bidding and recompetes indicates a strategic approach to maintaining and growing their business in a highly regulated and competitive market.
Value to Taxpayers
LAKE UNION DRYDOCK COMPANY provides good value for taxpayer money, given their consistent performance and competitive bidding practices. Their average contract size of $6.9 million suggests that they are able to deliver significant services without excessive cost escalation. The company's focus on long-term relationships and recompetes indicates a commitment to maintaining high standards and cost-effectiveness. However, the lack of specific agency clients and recent contracts may raise concerns about their ability to diversify and adapt to changing market conditions.
Agency Relationships
LAKE UNION DRYDOCK COMPANY has a strong relationship with the Department of Defense, particularly the Navy, which accounts for a significant portion of their business. This concentration of clients poses a risk of dependency, as the company's financial performance is heavily reliant on the Navy's budget and contract needs. While this relationship is stable, the lack of diversification could be a concern if there are changes in defense spending or if the Navy's needs shift.
Red Flags
- No recent contracts available, which may indicate a lack of new business opportunities or challenges in securing new contracts.
- No sole-source contracts, which could suggest a reluctance to engage in competitive bidding processes, potentially leading to higher costs for taxpayers.
- Moderate agency concentration, with a heavy reliance on the Department of Defense, which could pose dependency risks.
Green Flags
- 100% competitive win rate, indicating a strong reputation and ability to compete effectively in the market.
- Diversified portfolio, with a mix of new awards and recompetes, suggesting a stable and expanding business trajectory.
- Strong performance history, with consistent contract renewals and a focus on long-term relationships.
Key Contracts
LAKE UNION DRYDOCK COMPANY has secured significant contracts with the U.S. Navy, including the repair and maintenance of naval vessels. One notable contract involves the drydocking and hull and machinery repairs for multiple Navy ships, which highlights their expertise in naval vessel support. These contracts demonstrate the company's capability to handle large-scale, complex projects and their commitment to maintaining high standards of service. The consistent recompetes and new awards indicate a strong performance and a solid reputation within the Department of Defense. These contracts also reveal the company's strategic focus on long-term relationships and competitive bidding, which are key to their business success.
Frequently Asked Questions
What does LAKE UNION DRYDOCK COMPANY do for the federal government?
LAKE UNION DRYDOCK COMPANY specializes in ship repair, maintenance, and modernization, particularly for naval vessels. They provide services such as drydocking, hull and machinery repairs, and ship conversion. Their core mission is to support the Department of Defense, especially the Navy, by ensuring that naval vessels are in optimal condition for mission readiness.
How much taxpayer money does LAKE UNION DRYDOCK COMPANY receive?
LAKE UNION DRYDOCK COMPANY has secured contracts totaling $221.2 million from the federal government. The average contract size is $6,912,635, indicating a significant investment in ship repair and maintenance services. This financial commitment underscores the importance of the company's role in supporting the Department of Defense and maintaining naval vessel readiness.
Is LAKE UNION DRYDOCK COMPANY good value for taxpayer money?
LAKE UNION DRYDOCK COMPANY provides good value for taxpayer money, given their consistent performance and competitive bidding practices. Their average contract size of $6.9 million suggests that they are able to deliver significant services without excessive cost escalation. The company's focus on long-term relationships and recompetes indicates a commitment to maintaining high standards and cost-effectiveness. However, the lack of specific agency clients and recent contracts may raise concerns about their ability to diversify and adapt to changing market conditions.
How does LAKE UNION DRYDOCK COMPANY win its contracts?
LAKE UNION DRYDOCK COMPANY primarily wins contracts through competitive bidding processes. They have a 100% competitive win rate, indicating a strong reputation and ability to compete effectively in the market. The company's focus on recompetes and new awards suggests a strategic approach to maintaining and growing their business in a highly regulated and competitive market.
What agencies use LAKE UNION DRYDOCK COMPANY most?
LAKE UNION DRYDOCK COMPANY has a strong relationship with the Department of Defense, particularly the Navy, which accounts for a significant portion of their business. This concentration of clients poses a risk of dependency, as the company's financial performance is heavily reliant on the Navy's budget and contract needs. While this relationship is stable, the lack of diversification could be a concern if there are changes in defense spending or if the Navy's needs shift.
What are the risks of relying on LAKE UNION DRYDOCK COMPANY?
The primary risk of relying on LAKE UNION DRYDOCK COMPANY is the concentration of their business with the Department of Defense, particularly the Navy. This dependency poses a risk of financial instability if there are changes in defense spending or if the Navy's needs shift. Additionally, the lack of recent contracts and the absence of sole-source contracts may indicate challenges in securing new business opportunities or potential cost escalation issues.
How does LAKE UNION DRYDOCK COMPANY compare to similar contractors?
LAKE UNION DRYDOCK COMPANY is a niche specialist in ship repair and maintenance, particularly for naval vessels. They hold a dominant position in this sector, with a strong track record of competitive wins and consistent contract renewals. Their expertise in drydocking and hull and machinery repairs positions them as a go-to contractor for the Department of Defense, especially the Navy. The company's focus on competitive bidding and recompetes indicates a strategic approach to maintaining and growing their business in a highly regulated and competitive market.
Recent Federal Contracts
Lake Union Drydock Company has 3 federal contracts on record. Below are the largest awards:
| Contract | Agency | Amount | Type |
|---|---|---|---|
| Navy awards $12.7M contract for vessel maintenance, highlighting shipbuilding... | Department of Defense | $12.7M | N/A |
| NOAA awards $7.75M contract for drydocking repairs to NOAA Ship Oscar Elton S... | Department of Commerce | $7.8M | N/A |
| DHS Coast Guard Awards $6.4M for Ship Repair to Lake Union Drydock Company | Department of Homeland Security | $6.4M | N/A |