Posted September 4, 2017
Orion Group Holdings, Inc. (NYSE:ORN) (the "Company") a leading specialty construction company, today provided an update regarding the ongoing impact of Hurricane Harvey on the Company.
Hurricane Harvey, and the associated tropical weather and flooding, has greatly impacted a significant portion of the Company’s operations in both its marine and concrete segments. Specifically, marine segment operations along the Gulf Coast in Texas and Louisiana were suspended for the storm event, and will resume as soon as it is safe to do so. Additionally, concrete segment operations in the greater Houston area and Central Texas have been impacted, with a complete suspension of operations in the greater Houston area, which will likewise resume when it is safe to do so.
“Our top priority is the safety and well-being of our co-workers, their families, and our communities, all of which have been impacted by this event in some way,” said Mark Stauffer, Orion Group Holdings’ President and Chief Executive Officer. “This hurricane and subsequent rains generated 500+ year flooding levels, and has impacted every part of the greater Houston area, as well as coastal communities from Corpus Christi, Texas to New Orleans, Louisiana. While this unprecedented event will cause a short-term disruption in the timing of our business operations in the affected areas, particularly along the Texas coast and in the greater Houston area, we will resume operations and resume work on our customers’ projects as soon as we are safely able to do so. Additionally, we are ready to assist our communities and customers in the cleanup and rebuilding efforts over the next few months and years.”
At this time, the Company cannot determine the extent to which Hurricane Harvey and the associated flooding will affect its third quarter results. Once the flooding recedes and a full assessment can be made, the Company will provide an update with estimated third quarter 2017 financial impacts from Hurricane Harvey. Additionally, the Company is in contact with its lenders and will work with them to make necessary adjustments to its credit agreement, if warranted.
“Our thoughts and prayers go out to all the people and communities that have been impacted by Hurricane Harvey and the flooding in Texas and Louisiana,” continued Mr. Stauffer. “This unprecedented storm has had a significant impact to Texas and the greater Houston area. However, as a company and a community, we will rebuild and we will work together to recover from this devastating event.”