Orion Group Holdings, Inc. Announces Contract Awards of Approximately $33 Million

Rhea-AI Summary

Orion Group Holdings (NYSE: ORN) has secured two contract awards in its Marine segment, totaling approximately $33 million. The larger contract, valued at $28.3 million, is for the repair and upgrade of a waterside facility in the Bahamas, set to begin in Q2 2022 and conclude by early 2024. A secondary contract worth $4.4 million involves rehabilitating a barge dock for an energy client in Texas, expected to commence in Q1 2022 and finish by Q3 2022.

Positive

• Secured contracts totaling approximately $33 million.
• Awarded a $28.3 million contract from NAVFAC for a project in the Bahamas.
• Continues long-standing support for U.S. Navy infrastructure.
• Contract for Texas energy client adds to portfolio.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Orion Group Holdings, Inc. (NYSE: ORN) (the "Company") a leading specialty construction company, today announced two contract awards for its Marine segment totaling approximately $33 million.

The Company was recently awarded a $28.3 million design-bid-build contract by the Naval Facilities Engineering Command (“NAVFAC”) Southeast for the repair and update of an existing waterside facility in the Bahamas. Work on the project site is scheduled to commence in the second quarter of 2022 and to be completed in early 2024.

The Company has also been awarded a contract valued at $4.4 million to rehabilitate an existing barge dock for a private sector energy client along the gulf coast of Texas. Work is expected to begin during the first quarter of 2022 and be completed during the third quarter of 2022.

“The award from NAVFAC continues our long history of supporting the U.S. Navy’s infrastructure needs,” said Mark Stauffer, Orion’s President and Chief Executive Officer. “Additionally, we are pleased to continue to be the market leader supporting the needs of our energy sector clients along the Texas gulf coast.”

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 March 2, 2021, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211220005188/en/

Orion Group Holdings Inc.

Francis Okoniewski, Vice President Investor Relations

(346) 616-4138

fokoniewski@orn.net

www.oriongroupholdingsinc.com

Source: Orion Group Holdings, Inc.

FAQ

What contracts did Orion Group Holdings win?

Orion Group Holdings won two contracts totaling approximately $33 million, including a $28.3 million contract from NAVFAC and a $4.4 million contract for a Texas energy client.

When will Orion Group Holdings begin work on its new contracts?

Work on the Bahamas contract is scheduled to start in Q2 2022, while the Texas barge dock project is expected to commence in Q1 2022.

What is the value of Orion Group Holdings' recent contract with NAVFAC?

The recent contract awarded by NAVFAC is valued at $28.3 million.

What is the completion timeline for Orion Group Holdings’ contracts?

The Bahamas project is set for completion in early 2024, while the Texas project is expected to finish by Q3 2022.