Orion Group Holdings, Inc. (NYSE: ORN) (the "Company") a leading
specialty construction company, today announced a change in the
position of Board Chair effective at the end of the year.
As the next step in the Company’s Board refreshment process,
effective December 31, 2020, Richard Daerr will be retiring as
Chair of the Board of Directors of Orion Group Holdings after more
than 13 ½ years of service in that position. However, Mr. Daerr
will remain on the Board of Directors.
As a result, the Board of Directors has elected Austin J.
Shanfelter as Chair effective January 1, 2021. Mr. Shanfelter has
served on the Company’s Board since 2007 and currently serves as
Chair of the Compensation Committee.
Mr. Daerr stated, “It’s been an honor and a privilege to serve
as Board Chair. I have no doubt that Austin’s deep knowledge of the
Company, coupled with his recognized leadership, will help realize
Orion’s full potential as it executes its strategy.”
Mr. Shanfelter commented, “I’m honored to be the next Chair of
Orion’s Board of Directors. I’m confident in our future and in our
leadership as we continue to work to deliver strong value to our
customers, employees and stockholders. On behalf of the entire
Board, I want to thank Richard for his dedicated service as
Chair.”
“It’s been a pleasure working with Richard as Chair and I’m
fortunate to be able to continue to count on his experience and
expertise as a Board member,” said Mark Stauffer, Orion Group
Holdings’ President and Chief Executive Officer. “I look forward to
continuing to work with Austin as incoming Chairman. Austin’s
wealth of knowledge and experience will continue to help me as we
drive operational performance and execute our strategic plan.”
About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty construction
company serving the infrastructure, industrial and building
sectors, provides services both on and off the water in the
continental United States, Alaska, Canada and the Caribbean Basin
through its marine segment and its concrete segment. The Company’s
marine segment provides construction and dredging services relating
to marine transportation facility construction, marine pipeline
construction, marine environmental structures, dredging of
waterways, channels and ports, environmental dredging, design, and
specialty services. Its 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 February 28, 2020, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201130005878/en/
Orion Group Holdings Inc. Francis Okoniewski, Vice President
Investor Relations (346) 616-4138 fokoniewski@orn.net
www.oriongroupholdingsinc.com
Robert Tabb, Vice President & CFO (713) 852-6500
www.oriongroupholdingsinc.com
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