Orion Group Holdings, Inc. Announces Contract Award of Approximately $16 Million
Orion Group Holdings (NYSE: ORN) has secured a contract worth approximately $16 million from the US Army Corps of Engineers for dredging services in Galveston, Texas. The project involves removing around 5 million cubic yards of maintenance material from the inner Galveston Harbor to the Galveston Channel. Scheduled to commence in Q1 2021 and conclude by mid-year, this contract highlights Orion's ongoing relationship with a key client, enhancing the utilization of its dredge fleet for the year.
- Award of a $16 million contract improves revenue outlook.
- Strengthens relationship with the US Army Corps of Engineers.
- Supports fleet utilization for 2021.
- None.
HOUSTON--(BUSINESS WIRE)--Orion Group Holdings, Inc. (NYSE: ORN) (“Orion” or “the Company”) a leading specialty construction company, today announced a contract award of approximately
The Company’s Marine segment has been awarded a competitively bid contract from the US Army Corps of Engineers to provide dredging services in Galveston, Texas. The project calls for the dredging and removal of approximately 5 million cubic yards of maintenance material from the inner Galveston Harbor out to the Galveston Channel. The work will begin in the first quarter of 2021 and be completed by mid-year.
“The US Army Corps of Engineers is one of Orion’s most valued clients and the ability to continue to service their needs is a great opportunity. This award adds further visibility into the utilization of our dredge fleet for 2021,” said Mark Stauffer, Orion’s President and Chief Executive Officer.
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.
