Monday, October 16, 2023
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Detail. Orion released some additional info regarding the new awards announced in its September 28th 8-K filing. The over $100 million design/build award was awarded by Grand Bahama Shipyard Limited for the turnkey design-build of the Grand Bahama Shipyard Dry Dock Replacement Project. The $121 million of other awards was split into $50.8 million of new Concrete business and $68.5 million of new Marine business.
Dry Dock. Grand Bahama Shipyard Dry Dock award was a competitive bid/negotiation process. The scope of work includes marine works and infrastructure construction, dredging, creating new mooring facilities, and providing enhancements to shore stability. In addition, Orion will modify and extend service piers for the installation of two cutting-edge floating dry docks, which are among the largest in the western hemisphere. The project is set to commence immediately and will conclude in late 2025.
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