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Orion Group Pockets Multiple Contracts Worth ~$61M

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  • Orion Group Holdings Inc (NYSE: ORN) Marine segment has secured four contracts valued at a combined million to perform marine and infrastructure construction work in the gulf coast and Alaska.

  • Two of these awards, valued at $11.8 million and $6.7 million, are in the greater Houston area and call for the construction and dredging of new ship and barge berths for petrochemical loading and unloading.

  • The third project, valued at ~$9 million, calls for replacing an existing barge dock at a terminal located west of New Orleans.

  • Work on all three projects is expected to commence in 4Q21 and be complete by 3Q22.

  • Additionally, the company has secured a contract valued at $7.8 million from the US Department of Transportation to demolish and replace an existing bridge in Alaska's Denali National Park. The work will commence late in 1Q22, with the completion in late 2023.

  • Orion Group also announced that its Concrete segment had received six contracts totaling ~ million.

  • Price Action: ORN shares are trading higher by 2.69% at $5.14 on the last check Wednesday.

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