Orion Group Holdings, Inc. (NYSE:ORN) (the "Company") a leading
specialty construction company, today provided an update regarding
the ongoing impact of Hurricane Harvey on the Company.
Hurricane Harvey, and the associated tropical
weather and flooding, has greatly impacted a significant portion of
the Company’s operations in both its marine and concrete
segments. Specifically, marine segment operations along the
Gulf Coast in Texas and Louisiana were suspended for the storm
event, and will resume as soon as it is safe to do so.
Additionally, concrete segment operations in the greater Houston
area and Central Texas have been impacted, with a complete
suspension of operations in the greater Houston area, which will
likewise resume when it is safe to do so.
“Our top priority is the safety and well-being
of our co-workers, their families, and our communities, all of
which have been impacted by this event in some way,” said Mark
Stauffer, Orion Group Holdings’ President and Chief Executive
Officer. “This hurricane and subsequent rains generated 500+
year flooding levels, and has impacted every part of the greater
Houston area, as well as coastal communities from Corpus Christi,
Texas to New Orleans, Louisiana. While this unprecedented
event will cause a short-term disruption in the timing of our
business operations in the affected areas, particularly along the
Texas coast and in the greater Houston area, we will resume
operations and resume work on our customers’ projects as soon as we
are safely able to do so. Additionally, we are ready to
assist our communities and customers in the cleanup and rebuilding
efforts over the next few months and years.”
At this time, the Company cannot determine the
extent to which Hurricane Harvey and the associated flooding will
affect its third quarter results. Once the flooding recedes
and a full assessment can be made, the Company will provide an
update with estimated third quarter 2017 financial impacts from
Hurricane Harvey. Additionally, the Company is in contact
with its lenders and will work with them to make necessary
adjustments to its credit agreement, if warranted.
“Our thoughts and prayers go out to all the
people and communities that have been impacted by Hurricane Harvey
and the flooding in Texas and Louisiana,” continued Mr.
Stauffer. “This unprecedented storm has had a significant
impact to Texas and the greater Houston area. However, as a
company and a community, we will rebuild and we will work together
to recover from this devastating event.”
About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty
construction company, provides services both on and off the water
in the continental United States, Alaska, Canada and the Caribbean
Basin through its heavy civil marine construction segment and its
commercial concrete segment. The Company’s heavy civil marine
construction segment services includes marine transportation
facility construction, marine pipeline construction, marine
environmental structures, dredging of waterways, channels and
ports, environmental dredging, design, and specialty services. Its
commercial concrete segment provides turnkey concrete construction
services including pour and finish, dirt work, layout, forming,
rebar, and mesh across the light commercial, structural and other
associated business areas. The Company is headquartered in Houston,
Texas with regional offices throughout its operating areas.
Forward-Looking Statements
The matters discussed in this press release may
constitute or include projections or other forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, the provisions of which the Company is availing
itself. Certain forward-looking statements can be identified by the
use of forward-looking terminology, such as 'believes', 'expects',
'may', 'will', 'could', 'should', 'seeks', 'approximately',
'intends', 'plans', 'estimates', or 'anticipates', or the negative
thereof or other comparable terminology, or by discussions of
strategy, plans, objectives, intentions, estimates, forecasts,
outlook, assumptions, or goals. In particular, statements regarding
future operations or results, including those set forth in this
press release and any other statement, express or implied,
concerning future operating results or the future generation of or
ability to generate revenues, income, net income, profit, EBITDA,
EBITDA margin, or cash flow, including to service debt, and
including any estimates, forecasts or assumptions regarding future
revenues or revenue growth, are forward-looking statements. Forward
looking statements also include estimated project start date,
anticipated revenues, and contract options which may or may not be
awarded in the future. Forward looking statements involve
risks, including those associated with the Company's fixed price
contracts that impacts profits, unforeseen productivity delays that
may alter the final profitability of the contract, cancellation of
the contract by the customer for unforeseen reasons, delays or
decreases in funding by the customer, levels and predictability of
government funding or other governmental budgetary constraints and
any potential contract options which may or may not be awarded in
the future, and are the sole discretion of award by the customer.
Past performance is not necessarily an indicator of future results.
In light of these and other uncertainties, the inclusion of
forward-looking statements in this press release should not be
regarded as a representation by the Company that the Company's
plans, estimates, forecasts, goals, intentions, or objectives will
be achieved or realized. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. The Company assumes no obligation to update
information contained in this press release whether as a result of
new developments or otherwise.
Please refer to the Company’s Annual Report on
Form 10-K, filed on March 24, 2017, which is available on its
website at www.oriongroupholdingsinc.com or at the SEC’s website at
www.sec.gov, for additional and more detailed discussion of risk
factors that could cause actual results to differ materially from
our current expectations, estimates or forecasts.
Orion Group Holdings Inc.
David Griffith, Investor Relations Manager (713) 852-6582
Orion (NYSE:ORN)
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