HOUSTON--(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.
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.
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
Source: Orion Group Holdings, Inc.