Posted on February 10, 2025
HOUSTON, Feb. 10, 2025 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”, “Orion”), a leading specialty construction company, today announced new Marine and Concrete awards for a total value of approximately $211.7 million. These projects are expected to begin in 2025 with varying completion dates extending through 2026. These awards further reinforce Orion’s position as a leader in specialized Marine and Concrete construction.
Management Commentary
“As I have said before, we have never seen such a confluence of opportunity in our markets and the team we built over the last two years is really delivering on the promise of that potential,” said Travis Boone, Chief Executive Officer of Orion Group Holdings. “I am especially pleased with the quality and diversity of these recent awards. We are attracting new partners and participating in exciting new projects ranging from bridge work over waterways in Texas to environmental restoration in the Pacific Northwest. We continue to show strength in data centers with 33 projects to date. Importantly, while growing our backlog, we are maintaining our discipline around bidding to ensure profitable long-term returns.”
New Contract Details
Orion Marine Awards: In Orion’s Marine segment, the Texas Department of Transportation has approved a contract award of $113.7 million to replace the State Highway 6 bridge over Lake Waco in Central Texas. The contract is anticipated to begin in the first quarter of 2025 with a construction duration of approximately 24 months.
Also in Texas, the Marine business secured three separate contracts for repair of Wharves 20 and 21 for the Port of Houston, improvements to Cruise Terminal 16 for the Port of Galveston, and a significant private dredging project. In total, these awards are valued at $29.8 million, and all three projects are expected to be completed in 2025.
In the Pacific Northwest, Orion’s Washington-based Marine segment received notification of award for a General Contractor/Construction Management contract as a Joint Venture partner with Kraemer North America (KOJV) for the Deschutes Estuary Restoration project in the state capital of Olympia, Washington. The client currently estimates the value of the project at approximately $350 million and is actively pursuing full funding. Restoration of the Deschutes Estuary will improve ecological conditions, help achieve state water quality standards, improve climate resilience and mitigation, and seek to restore recreation and fishing in the waterbody. The KOJV will work closely with the State of Washington through the preconstruction phase to bring innovative construction methods and risk and cost management strategies. Acquiring permits and finalizing design with construction agreements to follow, pending final funding; consequently, Orion’s share of the KOJV contract is still undetermined and not included in the $211.7 million total referenced above.
Orion Concrete Awards: Combined with other contracts in the last two months, the Concrete segment has won over $68.2 million in new projects that will commence in early 2025. Upon successfully completing a 43-story high rise project as a subcontractor for Hanover Development Company in Houston, Texas, Orion Concrete was awarded a contract for a multi-story project award as a subcontractor for Hanover in Houston, Texas. In collaboration with longstanding partners, Corvus and Harvey, the team also secured a junior high school, industrial warehouses, and food processing building in Houston. Working with our partner Layton Construction, the Concrete team was also awarded a one million square foot data center project for a confidential client in Iowa, which brings Orion’s portfolio of data center projects to 33 total projects, including both active and completed projects. This data center project is not included in the $68.2 million as the final price is being negotiated.
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.
