Orion Group Holdings Awarded $100 Million in New Contracts
HOUSTON, June 19, 2025 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) ('Orion' or the 'Company'), a leading specialty construction company, today announced new Marine and Concrete awards for a total value of approximately $100 million. In addition, Orion's Chief Executive Officer and General Counsel were honored with executive leadership awards.
Management Commentary
'We are proud to be recognized with new contract awards that reflect the trust our partners place in us. These achievements are a testament to the strength of our team, our commitment to the highest safety standards, and the progress we are making in expanding our business development pipeline,' said Travis Boone, Chief Executive Officer of Orion Group Holdings, Inc. 'Our strong delivery and consistent execution have enabled us to successfully expand our client relationships and Port Tampa Bay is a good example. For many years, we have been their longstanding partner for maintenance dredging and new construction projects. We are pleased to play a role in their expansion initiatives aimed at enhancing the port's capacity and efficiency.'
Boone continued, 'In our Concrete business, we continue to see strong demand, supported by the next phase of a large data center project and several projects in our home state. With our strong reputation and robust pipeline, we are well positioned for continued growth.'
New Contracts
Orion's Marine business recently secured $67 million in new wins. For Weyerhaeuser Company, Orion Marine was awarded the Longview Export Dock Replacement project. This work involves removing the existing timber Berth A structure and replacing it with a new concrete structure supported by large-diameter steel pipe piles. The project is expected to last 12 months and will begin in the third quarter of 2025.
In addition, Orion Marine won two projects with the Port of Tampa Bay. The first award is a 3-year maintenance dredging contract for the Port, estimated to begin work in September 2025. The second contract is for the Port Redwing Berth 301 Wharf project – a crucial project given the rapid population growth in the Tampa Bay region and the increasing demand for construction and bulk materials.
Orion Concrete won $33 million in new contract awards, including a data center project in Iowa, the Harris County Sheriff's Office Complex in Houston as a subcontractor for Durotech, Inc., and the foundation of a cold storage facility for U.S. Foods. These projects will commence in the third quarter of 2025 with an estimated duration of one year. In addition, the Company was recently awarded a contract with the City of Ingleside wastewater treatment plant as a subcontractor to Associated Construction Partners. This project is expected to begin in December of 2025 with a duration of 12 months.
Executive Leadership Awards
Orion's executive leadership team was recently recognized for outstanding achievements. Travis Boone, Orion's Chief Executive Officer, was named a finalist for the EY Entrepreneur of The Year® 2025 Gulf South Award, presented by Ernst & Young LLP. This prestigious recognition honors visionary business leaders who are driving innovation and growth across industries.
Chip Earle, Orion's General Counsel, won the Lexology North America Award for in-house general counsel in the construction industry. In association with the Association of Corporate Counsel, Lexology recognizes the outstanding achievements of the world's leading legal practitioners across various practice areas and sectors.
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, guidance, outlook, assumptions, or goals. In particular, statements regarding our pipeline of opportunities, financial guidance and future operations or results, including those set forth in this press release, and any other statement, express or implied, concerning financial guidance or 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 or maintain compliance with debt covenants, and including any estimates, guidance, 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, ramp-up of contract activity 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. Considering 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 2024 Annual Report on Form 10-K, filed on March 5, 2025 which is available on its website at www.oriongroupholdingsinc.com or at the SEC's website at www.sec.gov, and filings and press releases subsequent to such Annual Report on Form 10-K 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:
Margaret Boyce
Orion Group Holdings, Inc.
[email protected]
312-402-6980
Source: Orion Group Holdings, Inc.
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