HOUSTON, Oct. 13, 2023 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (“Orion” and “Company”), a leading specialty construction and engineering company today announced a significant contract award valued at over $100 million for its Marine and Engineering business. The contract was awarded by Grand Bahama Shipyard Limited (GBSL) for the turnkey design-build of the Grand Bahama Shipyard Dry Dock Replacement Project, situated in Grand Bahama, Bahamas. In addition, the Company was recently awarded new contracts in both its Concrete and Marine segments for a combined total of $121 million.
Orion Group Holdings won the Grand Bahama Shipyard Dry Dock award through a competitive bid/negotiation process based on demonstrating its multiple core skill competencies. The scope of work includes marine works and infrastructure construction, dredging, creating new mooring facilities, and providing enhancements to shore stability. In addition, Orion will modify and extend service piers for the installation of two cutting-edge floating dry docks, which are among the largest in the western hemisphere. The project is set to commence immediately and will conclude in late 2025. Orion will be working with Bahamian subcontractors on the project.
Travis Boone, President and Chief Executive Officer of Orion Group Holdings, said, “The scope of the Bahama project demonstrates the extensive capabilities and commitment to predictable excellence that our integrated Marine & Engineering teams can deliver to large-scale and complex projects. We are excited to embark on this project and look forward to contributing to the growth and success of the Grand Bahama Shipyard.”
“When completed, the Grand Bahama dry docks will be a milestone in the maritime industry. With this enormous undertaking, Grand Bahama Shipyard will have the first floating dry docks for the Atlantic region capable of lifting the largest cruise ships in the world. The installation of two state-of-the-art floating dry docks, categorized as XL and Mega XL, promises substantial efficiency and cost savings for GBSL’s customers.”
Boone added, “As part of our strategic plan, we have been focused on strengthening our business development efforts and I am very proud of the energy and impact our expanded team is having on our business. In addition to this project award in the Bahamas for Marine, we also recently received new awards totaling $121 million, comprised of $50.8 million in the Concrete segment and $68.5 million in our Marine segment.” For additional information, see our 8-k filed on September 28, 2023.
Orion Group Holdings, Inc. is a renowned name in specialty construction, known for its dedication to quality, innovation, and timely project execution. With these new contract awards, Orion continues to strengthen its position as an industry leader capable of tackling complex projects with unmatched expertise.
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, Hawaii, 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. https://www.oriongroupholdingsinc.com.
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 “safe harbor” provisions of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, of which provisions 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, gross profit, EBITDA, Adjusted EBITDA, Adjusted 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 project award announcements, estimated project start dates, 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 at 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, except as required by law.
Please refer to the Company's 2022 Annual Report on Form 10-K, filed on March 16, 2023, 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.
Contact:
Financial Profiles, Inc.
Margaret Boyce 310-622-8247
mboyce@finprofiles.com
