Benzinga | Sep 28, 2021 04:15PM EDT

Orion's Marine Segment Bags Three Contracts Valued At $22M

* Orion Group Holdings Inc's (NYSE: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.