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Orion Group Holdings, Inc. Announces Contract Awards of Approximately $26 Million
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Orion Group Holdings, Inc. (NYSE: ORN) has secured six contract awards totaling approximately $26 million in its Concrete segment. Key projects include an $8 million contract for an industrial park in Houston and a $9 million contract for a distribution center. Additionally, the company will construct a new school in Dallas for $3.2 million and townhome facilities in Austin valued over $4 million. Notably, Orion is expanding into Florida with a $2.1 million contract, enhancing its strategic presence.
Positive
Secured six contract awards totaling ~$26 million.
Diversification into Florida market with a $2.1 million contract.
Projects in Houston include an $8 million contract for an industrial park and a $9 million distribution center.
Negative
None.
HOUSTON--(BUSINESS WIRE)--
Orion Group Holdings, Inc. (NYSE: ORN) (the "Company") a leading specialty construction company, today announced six contract awards in its key markets for its Concrete segment totaling approximately $26 million.
The Company was recently awarded two contracts in the Houston, Texas, area including an $8 million contract for the construction of a building as part of a new industrial park and a $9 million contract for the construction of four tilt-wall buildings in a new distribution center. Both projects are expected to commence construction in the fourth quarter of 2021 and be completed before year end 2022.
The Company also has been awarded a contract valued at $3.2 million to construct three buildings for a new school in its Dallas market and two contracts valued at over $4 million to build new townhome facilities in Austin, Texas. All three projects are expected to begin construction during the fourth quarter of 2021 and be completed in the second quarter of 2022.
In addition, the Company was awarded a $2.1 million contract to construct a single-story tilt-wall building with associated site work in Daytona, Florida, marking the first project for the Company’s Concrete segment outside of Texas. The project is expected to begin in the fourth quarter of 2021 and be complete by the end of the first quarter of 2022.
“The capture of work in Florida is of significant importance as it represents a key first step in our strategic plan to expand our Concrete business to this market,” said Mark Stauffer, Orion’s President and Chief Executive Officer. “Our Marine segment has had an active present in the Florida market since the 1940s and our Concrete teams will leverage our existing experience, relationships and resources to grow into this market.”
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.
What are the recent contract awards for Orion Group Holdings (ORN)?
Orion Group Holdings announced six contract awards totaling approximately $26 million, including significant projects in Houston, Dallas, Austin, and Florida.
How much is the contract for the new school in Dallas awarded to Orion (ORN)?
The contract for the construction of a new school in Dallas is valued at $3.2 million.
What is the value of contracts awarded to Orion in Houston?
Orion received contracts in Houston valued at $8 million for an industrial park and $9 million for a distribution center.
When are the projects awarded to Orion expected to start?
All projects are expected to commence construction in the fourth quarter of 2021.
What is the significance of Orion’s contract in Florida?
The contract in Florida marks Orion's first project outside Texas, indicating strategic expansion into new markets.
