- Orion Group Holdings Inc's ORN Marine segment has secured three contracts valued at a combined $22 million to perform dredging services for the U.S. Army Corps of Engineers (USACE) in waterways along the gulf coast.
- Two of these contracts were recently awarded by the USACE's Galveston District for dredging work on the Texas coast. The first award is valued at $8.8 million.
- The second award is valued at a base amount of $9.5 million. If the USACE exercises all options for additional scope of work, the total value for this contract could grow to over $28 million. The third award is a $3.5 million contract.
- The company expects to begin work on all three projects during 4Q21, with completion expected late next year.
- Price Action: ORN shares closed lower by 2.66% at $5.12 on Tuesday.
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