Orion Group Holdings, Inc. Announces Contract Awards of Approximately $20 Million

Rhea-AI Summary

Orion Group Holdings (NYSE: ORN) has announced new contract awards totaling approximately $20 million. The Marine segment secured two contracts in Florida, the first valued at $10.7 million for bridge replacement in St. Petersburg, projected to start in Q1 2021 and take about 10 months. The second contract, worth $10 million, involves replacing a quay wall at Naval Station Mayport, set to begin immediately and end by the year's close. CEO Mark Stauffer emphasized that these projects enhance the company's backlog and align with their expertise.

Positive

• Contracts awarded totaling approximately $20 million
• Enhancement of backlog for the Marine segment
• Projects align with company's expertise and capabilities

Negative

• Projected timeline for completion may extend past initial estimates
• Potential unforeseen delays due to contract complexities

Orion Group Holdings, Inc. (NYSE: ORN) (the "Company") a leading specialty construction company, today announced contract awards totaling approximately $20 million.

The Company’s Marine segment has been awarded two contracts for projects in Florida. The first project, valued at approximately $10.7 million, is for the City of St. Petersburg, Florida, and requires the demolition, removal and replacement of the 40^th Avenue NE Bridge spanning Placido Bayou with a new dual carriageway concrete structure. The work is expected to begin in the first quarter of 2021 and will take approximately 10 months to complete.

The second contract is with Brantley Construction Services, LLC, to support a project for NAVFAC Southeast at Naval Station Mayport. The work, valued at approximately $10 million, involves the replacement of a 550-foot wharf quay wall with a new steel sheet pile bulkhead. Activity on the contract will begin immediately and is expected to be completed by the end of 2021.

“These two projects not only add backlog for our Marine segment but represent the type of work that we are well suited to perform. We look forward to starting work on these jobs and safely delivering long-lasting and high-quality structures to our clients,” 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.

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FAQ

What are the recent contract awards for Orion Group Holdings (ORN)?

Orion Group Holdings announced contract awards totaling approximately $20 million, including projects in Florida.

What is the value of the contract awarded for bridge replacement in St. Petersburg by ORN?

The contract for the bridge replacement in St. Petersburg is valued at approximately $10.7 million.

When is the timeline for the projects announced by Orion Group Holdings?

The projects are set to begin in the first quarter of 2021, with the bridge work expected to take about 10 months and the quay wall work to be completed by the end of 2021.

What types of projects is Orion Group Holdings involved in?

Orion Group Holdings engages in specialty construction projects, particularly in the marine sector, including bridge replacements and quay wall constructions.

How can I access the detailed risk factors for Orion Group Holdings (ORN)?

Detailed risk factors can be found in the Company's Annual Report on Form 10-K available on their website or the SEC's website.