Posted on March 28, 2016
Orion Marine Group (NYSE:ORN), a specialty construction company, said it won a contract valued at $11 million. The company’s Heavy Civil Marine Construction segment was recently awarded a contract by the North Carolina Department of Natural and Cultural Resources to construct a cofferdam around the perimeter of the USS North Carolina Battleship, to help facilitate the future repair of the ship’s hull.
Additionally, the company will construct a walkway structure around the perimeter of the ship that will allow visitors to experience the ship at water level and its surrounding ecosystem. The project will begin in the 2nd quarter of 2016 and last approximately 16 months. Shares of the Houston, Texas-based company closed unchanged at $5.30 on Tuesday. The stock is up 27% this year.
The stock closed at $5.3 during the last session. It is down 26.59% since August 14, 2015 and is downtrending. It has underperformed by 24.68% the S&P500.
Orion Marine Group, Inc. provides construction and specialty services both on and off the water in the continental United States, Alaska, Canada, and the Caribbean Basin. The company operates through two segments, Civil Marine Construction and Commercial Concrete Construction. Its marine construction services include construction, restoration, maintenance, and repair of marine transportation facilities, marine pipelines, bridges and causeways, and marine environmental structures. The companyÂ’s marine transportation facility projects comprise public port facilities for container ship loading and unloading; cruise ship port facilities; private terminals; and special-use navy terminals, recreational use marinas and docks, and other marine-based facilities.
Its marine pipeline service projects consist of the installation and removal of underwater buried pipeline transmission lines; installation of pipeline intakes and outfalls for industrial facilities; construction of pipeline outfalls for wastewater and industrial discharges; river crossing and directional drilling; creation of hot taps and tie-ins; and inspection, maintenance, and repair services. The companyÂ’s bridge and causeway projects include the construction, repair, and maintenance of overwater bridges and causeways, as well as the development of fendering systems in marine environments; and marine environmental structure for erosion control, wetlands creation, and environmental remediation. In addition, it offers dredging services; and specialty services, such as design, salvage, demolition, surveying, towing, diving and underwater inspection, excavation, and repair services. The company serves federal, state, and local governments, as well as private commercial and industrial enterprises. Orion Marine Group, Inc. was founded in 1994 and is headquartered in Houston, Texas.
