Benzinga | Sep 28, 2021 08:32AM EDT

Orion Group Holdings Announces Contract Awards Of Approximately $22M; Says Value Could Increase

Orion Group Holdings, Inc. (NYSE:ORN) (the "Company") a leading specialty construction company, today announced three contract awards totaling approximately $22 million.

The Company's Marine segment has been awarded three contracts valued at a combined $22 million to perform dredging services for the US Army Corps of Engineers (USACE) in waterways along the gulf coast, with the potential for the contract value on one award to increase by up to $19 million.

Two of these contracts were recently awarded by the USACE's Galveston District for dredging work on the Texas coast. The first award valued at $8.8 million calls for the removal of up to two million cubic yards of maintenance material along the Gulf Intracoastal Waterway between Corpus Christi and Port Isabel. The second award, located in the Sabine Neches Waterway in Jefferson County, Texas, is valued at a base amount of $9.5 million for the dredging of 2.1 million cubic yards of material. 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 from the USACE's Jacksonville District to dredge maintenance material from the upper channels in Tampa Harbor, in Tampa, Florida. Work on all three projects is expected to commence during the fourth quarter of 2021, with completion expected late next year.

"Maintaining our nation's waterways is critical to the economy of our country and being able to continue to support the US Army Corps of Engineers in executing their mission is equally critical to Orion," said Mark Stauffer, Orion's President and Chief Executive Officer. "We have several ongoing projects for the US Army Corps of Engineers and the addition of these projects adds to the growing backlog in our marine business."