Orion Group Holdings, Inc. Announces Contract Wins Totaling $134 Million

Rhea-AI Summary

Orion Group Holdings (NYSE: ORN) announced contract awards totaling $134 million, primarily in the concrete segment, with significant projects in Houston and Dallas. The concrete segment secured $100 million in contracts, including a $25 million contract for a 22-story building in Houston and a $12 million contract for a Dallas hospital. The marine segment landed its largest diving services contract in company history, worth $20 million, aiding the US Army Corps of Engineers. Other projects in the marine segment total $14 million. The company is optimistic about project wins for 2023.

Positive

• Concrete segment awarded $100 million in contracts, indicating strong demand.
• Largest diving services contract in company history, valued at $20 million.
• Successful bids in both concrete and marine segments contribute to significant overall contract awards.

Negative

• None.

Concrete segment secures awards totaling $100 million in core markets of Dallas and Houston

Largest diving services contract in Company history

HOUSTON, March 10, 2023 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (the "Company"), a leading specialty construction company, today announced multiple contract awards totaling $134 million, with the majority of this work to be completed in 2023.

Since the beginning of 2023, the Concrete segment has been awarded $100 million across several contracts including $25 million for a 22-story high-rise building in Houston, $12 million for a Dallas hospital, and $10 million for a Dallas packaging center.

The Marine segment was awarded the Company’s largest diving services contract of $20 million by a private client. The project is in support of the US Army Corps of Engineers’ ongoing deepening and widening of Gulf Coast shipping channels. The contract award is the largest diving contract in Orion’s history and will be completed by the end of 2023. For this project, Orion’s world-class specialty divers will remove 31 pipelines from the ship channel floor.

In addition, the Marine segment has been awarded contract wins on several projects totaling $14 million and was the bid winner on a $7 million dredging procurement by the US Army Corps of Engineers in the Gulf of Mexico.

“2023 is off to strong start with high-quality project wins in both of our business segments,” said Travis Boone, Chief Executive Officer of Orion Group Holdings, Inc. “Refocusing our Concrete business in the Dallas and Houston markets is delivering results. In our Marine business, we’re excited to participate in this important pipeline project that will ultimately accommodate larger ships servicing the Gulf Coast. Our specialty divers are the best in the industry with an outstanding record for performance and safety.”

About Orion Group Holdings, Inc.

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 place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas.

Contacts:
Financial Profiles, Inc.
Margaret Boyce 310-622-8247
orn@finprofiles.com