Orion Group Holdings Inc, Announces Contract Awards of Approximately $14 Million
October 02 2019 - 8:00AM
Business Wire
Orion Group Holdings, Inc. (NYSE: ORN) (the "Company") a leading
specialty construction company, today announced contract awards
totaling approximately $14 million.
The Company’s Marine segment has been awarded two contracts from
the US Army Corps of Engineers (Corps) following successful
competitive bids to provide dredging services along the Texas Gulf
Coast. The first project calls for dredging of the Gulf
Intracoastal Waterway (GIWW) from Freeport Harbor to the upper
Matagorda Bay in Brazoria and Matagorda counties. The work is
valued at approximately $6.6 million and is expected to be
completed in the third quarter of 2020. The second award, with a
value of approximately $7.8 million, will see Orion dredge the GIWW
between Corpus Christi and Port Isabel and the channel to Harlingen
in Kennedy, Willacy and Cameron counties. This project is expected
to be completed by the fourth quarter of 2020. Both projects also
include options at the Corps’ request for additional work that may
increase the scope of work and contract value.
“We have been actively bidding on several key Texas dredging
projects throughout the last quarter and these two awards provide
significant backlog for our dredging fleet going into 2020,” said
Mark Stauffer, President and Chief Executive Officer.
About Orion Group Holdings
Orion Group Holdings, Inc. is a leading specialty construction
company serving the Infrastructure, Industrial, and Building
sectors in the continental United States, Alaska, Canada and the
Caribbean Basin through its marine construction segment and its
concrete construction segment. The Company’s 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
concrete construction 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 27, 2019, 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/20191002005247/en/
Orion Group Holdings Inc. Robert Tabb, Vice President & CFO
(713) 852-6500 www.oriongroupholdingsinc.com
INVESTOR RELATIONS COUNSEL: The Equity Group Inc. Fred
Buonocore, CFA (212) 836-9607
Orion (NYSE:ORN)
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