Orion Group Holdings, Inc. Announces Contract Awards of Nearly $200 Million

Rhea-AI Summary

Orion Group Holdings (NYSE: ORN) announced two significant contract awards in its Marine segment, totaling nearly $200 million. The first is a $125 million contract from the Florida Department of Transportation for the replacement of the Indian River Bridge, expected to start in Q4 2021 and finish in Q4 2024. The second is a $67 million contract for the Berth 6 Expansion Project at the Port of Port Arthur, Texas, set to commence in Q4 2021 and complete in Q3 2024. These projects enhance Orion's backlog and reinforce its role in U.S. infrastructure development.

Positive

• Secured contracts valued at nearly $200 million, boosting revenue potential.
• The $125 million contract for Indian River Bridge showcases strong governmental relationships.
• The Berth 6 Expansion Project adds significant capacity at Port Arthur, Texas.

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 nearly $200 million.

The Company has been awarded a contract valued at approximately $125 million from the Florida Department of Transportation (FDOT) to replace the State Road 405 Indian River Bridge over the NASA Causeway near Cape Canaveral, Florida. This bridge provides the main access to Kennedy Space Center and Cape Canaveral Space Force Center. The work is expected to commence during the fourth quarter of 2021 and be completed in the fourth quarter of 2024.

In addition, the Company has been awarded a contract valued at approximately $67 million from the Port of Port Arthur to construct the Berth 6 Expansion Project in Port Arthur, Texas, that will allow for significant additional berthing capacity at the Port. The project is expected to commence in the fourth quarter of 2021 and be completed in the third quarter of 2024.

“Orion has a strong track record of helping modernize and upgrade critical infrastructure,” said Mark Stauffer, Orion’s President and Chief Executive Officer. “The NASA Causeway project marks our fourth bridge project to be awarded recently, and along with the Berth 6 Expansion, not only provides significant backlog to our Marine segment, but reaffirms Orion as a leading contractor for building and rebuilding our nation’s infrastructure.”

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/20210929005784/en/

Orion Group Holdings Inc.

Francis Okoniewski, Vice President Investor Relations

(346) 616-4138

fokoniewski@orn.net

www.oriongroupholdingsinc.com

Robert Tabb, Executive Vice President & CFO

(713) 852-6500

www.oriongroupholdingsinc.com

Source: Orion Group Holdings, Inc.

FAQ

What contracts were awarded to Orion Group Holdings (NYSE: ORN) in September 2021?

Orion Group Holdings announced two contracts totaling nearly $200 million: a $125 million contract from the Florida Department of Transportation for the Indian River Bridge and a $67 million contract for the Berth 6 Expansion Project at the Port of Port Arthur.

When is the expected completion date for the Indian River Bridge project?

The Indian River Bridge project is expected to be completed in the fourth quarter of 2024.

What is the value of the contract awarded for the Berth 6 Expansion Project?

The Berth 6 Expansion Project was awarded at a value of approximately $67 million.

How do these new contracts affect Orion Group Holdings' backlog?

The new contracts significantly increase Orion’s backlog, affirming its position as a key player in infrastructure development.