Orion Group Holdings, Inc. Announces a Contract Award of Approximately $8 million
November 13 2018 - 7:08PM
Orion Group Holdings, Inc. (NYSE: ORN) (the "Company"), a leading
specialty construction company, today announced a contract award of
approximately $8 million.
The Company’s marine segment has been awarded a
contract from the Alaska Department of Transportation and Public
Facilities for construction improvements to the Ketchikan North
Tongass Bridges at Waterfall Creek in Ketchikan, Alaska. The
contract calls for the demolition and replacement of the First
Waterfall Creek bridge and the Second Waterfall Creek bridge, as
well as the re-grading and re-paving of both bridge approaches. The
project is expected to begin late in the fourth quarter of 2018
with a duration of approximately twelve (12) months.
“Orion has been active in the Alaskan
construction market for over two decades,” said Mark Stauffer,
Orion’s President and CEO. “Orion is very proud to continue to play
a significant role in helping develop Alaska’s vital
infrastructure.”
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 13, 2018, 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.Shane Martin, Investor
Relations Manager (972) 850-2001
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