Orion Group Pockets $44M Worth Multiple Contract Awards

Orion Group Holdings Inc ORN received four contract awards for its Concrete segment totaling ~$28 million and three contract awards for its Marine segment totaling ~$16 million.
Orion’s Concrete segment was recently awarded three contracts in the Dallas area, including a $3.8 million contract for a data center expansion, a $4.3 million contract for constructing two cast-in-place retirement residential buildings, and a $5.6 million contract for a cold storage facility. The company expects to commence all three projects in 1Q22 and complete them by 4Q22.
The company has secured a contract valued at $5.1 million to construct tilt-wall warehouses and a contract valued at $9.2 million to build a mixed-use office-retail-residential building in its Houston market. The company expects to begin work on both projects during 1Q22 and complete them by 1Q23.
In Texas, Orion’s Marine segment has received a contract valued at $7.1 million from the U.S. Army Corps of Engineers for dredging in the Freeport Harbor Channel. The company will begin the work in 1Q22 and complete it in 2Q22. Another contract valued at $4.1 million by a local port for a pipeline removal project related to future expansion.
In Florida, the company has been awarded a contract by a private sector client to install a bulkhead wall for shore protection, valued at $5.2 million.
Price Action: ORN shares are trading lower by 1.70% at $4.04 on the last check Tuesday.