Friday, March 04, 2022

Orion Group Holdings (ORN)
Call Wrap Up – Fine Tuning 2022 Numbers

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Fine tuning 2022 EBITDA estimate to $34.0 million, in line with current guidance. Incorporating comments from the quarterly call and the stated EBITDA guidance in the mid-$35 million range, we are moving our 2022 EBITDA estimate to $34.0 million from $37.0 million. Our estimate is based on Marine EBITDA of $33.75 million and Concrete EBITDA of $0.25 million. While the recovery in Marine appears underway based on better 4Q2021 results, the Concrete outlook is less clear and we scaled back our expectations. Please see our March 3rd research note for a more detailed discussion about operating results and backlog changes in 4Q2021.


Revolver waiver/amendments preserve financial flexibility and CFO search ongoing.  Due to weak operating results, a waiver was necessary on certain coverage covenants in 4Q2021. The leverage and fixed coverage ratios have been suspended through 2Q2022, which preserves some financial flexibility. Minimum EBITDA requirements remain in place, albeit at low levels of $2.6 million in 1Q2022 and $5.1 …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Flotek Awarded $1 Billion+ Long Term Contract

Research, News, and Market Data on Flotek Industries

 

HOUSTON, Feb. 17, 2022 /PRNewswire/ — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK), a leader in technology-driven, specialty green chemistry solutions, has entered into an agreement with ProFrac Holdings, LLC (“ProFrac”) to expand the previously-announced long term supply agreement with one of ProFrac’s affiliates.

The Company anticipates that, after closing, the new expansion will increase revenue backlog by at least $1 billion, and up to $2.1 billion, over the next ten years.  As part of the transaction, at closing Flotek would (a) issue to ProFrac notes convertible into Flotek’s common stock with a maturity of one year, with the amount of notes based on the size of expansion, and (b) grant ProFrac the right to appoint two members to Flotek’s board of directors, for a total of four out of seven directors.  Conversion price of the convertible notes is $1.088125 per share under certain conditions prior to maturity, or $0.8705 per share at maturity.  The convertible notes contain other terms and conditions similar to the convertible notes announced on February 2, 2022.

Closing of the transaction is expected to occur in Q2 of 2022 and is subject to a vote of the shareholders of Flotek’s common stock, as well as other customary conditions. 

The Company will be providing additional information and an investor presentation, and plans to host a conference call to discuss this new agreement.  The contract documents will be filed with the Securities and Exchange Commission via a Current Report on Form 8-K.

Piper Sandler is serving as a financial advisor to Flotek.

About Flotek Industries, Inc.
Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty green chemistry and data company, Flotek helps customers across industrial, commercial, and consumer markets improve their Environmental, Social, and Governance performance. Flotek’s Chemistry Technologies segment provides sustainable, optimized chemistry solutions that maximize our customer’s value by elevating their ESG performance, lowering operational costs, and delivering improved return on invested capital. The Company’s proprietary green chemistries, specialty chemistries, logistics, and technology services enable its customers to pursue improved efficiencies and performance throughout the life cycle of its desired chemical applications program. Major integrated oil and gas companies, oilfield services companies, independent oil and gas companies, national and state-owned oil companies, geothermal energy companies, solar energy companies and advanced alternative energy companies benefit from best-in-class technology, field operations, and continuous improvement exercises that go beyond existing sustainability practices. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit www.flotekind.com.

Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of tile Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Forward-looking statements include, but are not limited to, statements regarding the anticipated performance under the long-term supply agreement, the amount of the potential backlog, the consideration for the long-term supply agreement, and the closing of the contemplated transactions. Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Further information about the risks and uncertainties that may impact the company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect, any event or circumstance that may arise after the date of this press release.

Additional Information about the Transaction and Where to Find It
The Company intends to file a preliminary proxy statement with the SEC in connection with the transaction described in the press release, and will mail a definitive proxy statement and other relevant documents to its stockholders. This press release does not contain all the information that should be considered concerning the transaction, and it is not intended to provide the basis for any investment decision or any other decision in respect to the transaction. The Company’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement, the amendments thereto, and the definitive proxy statement in connection with the Company’s solicitation of proxies for the special meeting to be held to approve the transaction, as these materials will contain important information about the Company and the transaction. The definitive proxy statement will be mailed to the Company’s stockholders as of a record date to be established for voting on the transaction. Such stockholders will also be able to obtain copies of the proxy statement, without charge, once available, at the SEC’s website at http://www.sec.gov, or by directing a request to: Flotek Industries, Inc., 8846 N. Sam Houston Parkway W., Houston, TX 77064. Attention: Investor Relations, (ir@flotekind.com).

Participants in the Solicitation
The Company and its directors and officers may be deemed participants in the solicitation of proxies of the Company’s stockholders in connection with the proposed transaction. The Company’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of the Company in the Company’s most recent Annual Report on Form 10-K filed with the SEC and in the Company’s other SEC filings. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to the Company’s stockholders in connection with the proposed transaction will be set forth in the proxy statement for the proposed transaction when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement that the Company intends to file with the SEC.

SOURCE Flotek Industries, Inc.

Flotek Awarded $1 Billion+ Long Term Contract

Research, News, and Market Data on Flotek Industries

 

HOUSTON, Feb. 17, 2022 /PRNewswire/ — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK), a leader in technology-driven, specialty green chemistry solutions, has entered into an agreement with ProFrac Holdings, LLC (“ProFrac”) to expand the previously-announced long term supply agreement with one of ProFrac’s affiliates.

The Company anticipates that, after closing, the new expansion will increase revenue backlog by at least $1 billion, and up to $2.1 billion, over the next ten years.  As part of the transaction, at closing Flotek would (a) issue to ProFrac notes convertible into Flotek’s common stock with a maturity of one year, with the amount of notes based on the size of expansion, and (b) grant ProFrac the right to appoint two members to Flotek’s board of directors, for a total of four out of seven directors.  Conversion price of the convertible notes is $1.088125 per share under certain conditions prior to maturity, or $0.8705 per share at maturity.  The convertible notes contain other terms and conditions similar to the convertible notes announced on February 2, 2022.

Closing of the transaction is expected to occur in Q2 of 2022 and is subject to a vote of the shareholders of Flotek’s common stock, as well as other customary conditions. 

The Company will be providing additional information and an investor presentation, and plans to host a conference call to discuss this new agreement.  The contract documents will be filed with the Securities and Exchange Commission via a Current Report on Form 8-K.

Piper Sandler is serving as a financial advisor to Flotek.

About Flotek Industries, Inc.
Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty green chemistry and data company, Flotek helps customers across industrial, commercial, and consumer markets improve their Environmental, Social, and Governance performance. Flotek’s Chemistry Technologies segment provides sustainable, optimized chemistry solutions that maximize our customer’s value by elevating their ESG performance, lowering operational costs, and delivering improved return on invested capital. The Company’s proprietary green chemistries, specialty chemistries, logistics, and technology services enable its customers to pursue improved efficiencies and performance throughout the life cycle of its desired chemical applications program. Major integrated oil and gas companies, oilfield services companies, independent oil and gas companies, national and state-owned oil companies, geothermal energy companies, solar energy companies and advanced alternative energy companies benefit from best-in-class technology, field operations, and continuous improvement exercises that go beyond existing sustainability practices. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit www.flotekind.com.

Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of tile Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Forward-looking statements include, but are not limited to, statements regarding the anticipated performance under the long-term supply agreement, the amount of the potential backlog, the consideration for the long-term supply agreement, and the closing of the contemplated transactions. Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Further information about the risks and uncertainties that may impact the company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect, any event or circumstance that may arise after the date of this press release.

Additional Information about the Transaction and Where to Find It
The Company intends to file a preliminary proxy statement with the SEC in connection with the transaction described in the press release, and will mail a definitive proxy statement and other relevant documents to its stockholders. This press release does not contain all the information that should be considered concerning the transaction, and it is not intended to provide the basis for any investment decision or any other decision in respect to the transaction. The Company’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement, the amendments thereto, and the definitive proxy statement in connection with the Company’s solicitation of proxies for the special meeting to be held to approve the transaction, as these materials will contain important information about the Company and the transaction. The definitive proxy statement will be mailed to the Company’s stockholders as of a record date to be established for voting on the transaction. Such stockholders will also be able to obtain copies of the proxy statement, without charge, once available, at the SEC’s website at http://www.sec.gov, or by directing a request to: Flotek Industries, Inc., 8846 N. Sam Houston Parkway W., Houston, TX 77064. Attention: Investor Relations, (ir@flotekind.com).

Participants in the Solicitation
The Company and its directors and officers may be deemed participants in the solicitation of proxies of the Company’s stockholders in connection with the proposed transaction. The Company’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of the Company in the Company’s most recent Annual Report on Form 10-K filed with the SEC and in the Company’s other SEC filings. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to the Company’s stockholders in connection with the proposed transaction will be set forth in the proxy statement for the proposed transaction when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement that the Company intends to file with the SEC.

SOURCE Flotek Industries, Inc.

Thursday, February 17, 2022

ACCO Brands (ACCO)
Post Call Commentary: Looking for More Growth in 2022

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

Joe Gomes, Senior Research Analyst, 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.

Transformation to Lead to More Growth. Over the past years, ACCO has pivoted the business to consumer and technology products, with these faster growing categories accounting for almost 60% of sales. In addition, ACCO has moved into faster growing channels, such as retail and e-tail. We note Walmart is now the largest customer accounting for nearly 10% of revenue, with Amazon not far behind. We believe this combination will lead to faster growth going forward.


Impressive Comp Sales.  ACCO posted impressive comp sales during 2021, even with numerous headwinds. North America comp sales grew a reported 2%, but were up 7% excluding the large non-recurring tech order in 2020. EMEA comp sales grew 15%, and while International comp sales fell 3%, this reflects the near closure of two key markets during 2021 due to COVID …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Monday, February 14, 2022

Great Lakes Dredge & Dock (GLDD)
2021 Results Out This Week – Expect Constructive 2022 Outlook

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2021 Results out this week — BMO on Wednesday February 16th. Management will host a 10:00am EST call on Wednesday, February 16th to discuss the operating results and the 2022 outlook. The number is 877-377-7552 and the code is 5544504. Looking for 4Q2021 EBITDA of $42.4 million and 2021 EBITDA of $121.6 million.


Big news of 4Q2021 was final investment decision (FID) and shipyard engagement to build first Jones Act qualified incline fallpipe rock installation barge.  A contract for $197 million was awarded to Philly Shipyard, a publicly traded Norwegian company that is majority owned by Aker Capital. The goal is to construct the first Jones Act complaint vessel to assist in the installation of the wind …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Monday, February 14, 2022

Great Lakes Dredge & Dock (GLDD)
2021 Results Out This Week – Expect Constructive 2022 Outlook

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2021 Results out this week — BMO on Wednesday February 16th. Management will host a 10:00am EST call on Wednesday, February 16th to discuss the operating results and the 2022 outlook. The number is 877-377-7552 and the code is 5544504. Looking for 4Q2021 EBITDA of $42.4 million and 2021 EBITDA of $121.6 million.


Big news of 4Q2021 was final investment decision (FID) and shipyard engagement to build first Jones Act qualified incline fallpipe rock installation barge.  A contract for $197 million was awarded to Philly Shipyard, a publicly traded Norwegian company that is majority owned by Aker Capital. The goal is to construct the first Jones Act complaint vessel to assist in the installation of the wind …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Monday, February 07, 2022

Orion Group Holdings (ORN)
Looking Ahead to a Better Year

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Lowering 4Q2021 EBITDA to reflect lingering disruptions. Our 4Q2021 EBITDA drops to $1.0 million due to lingering cost pressures, lagging cost absorption and project timing. Consistent with the past several quarters, FY2021 will end on a soft note and EBITDA estimate moves to $17.5 million.


Recovery expected next year, but moving FY2022 EBITDA down to reflect project timing.  Our new EBITDA estimate of $37.0 million sets the bar lower and incorporates the startup of large multi-year projects this year …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

 

Orion Group Holdings, Inc. Announces Board of Director Changes

Research, News, and Market Data on Orion Group Holdings

 

HOUSTON–(BUSINESS WIRE)–Jan. 25, 2022– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced the appointment of  Quentin P. Smith, Jr. to the Board of Directors, as well as the retirement of  Richard L. Daerr, Jr. as a board member.

The Board’s appointment of  Mr. Smith to the Board of Directors is effective 
January 21, 2022. His initial term will expire at the 2022 annual meeting of stockholders, at which time the Board will propose  Mr. Smith for re-election as a Class II Director to serve until the 2024 annual meeting of stockholders. In addition,  Richard L. Daerr, Jr. has announced his retirement from the Board effective 
May 20, 2022.  Mr. Daerr has served as a member of the Board since 2007 and was Chairman of the Board of Directors from 2007 to 2020. With the timing of the appointment of  Mr. Smith and Mr. Daerr’s retirement, the 
Orion Group Holdings, Inc. Board of Directors will temporarily expand to eight Directors.

Austin Shanfelter, the Company’s Chairman of the Board, commented, “We are pleased to welcome Quentin as a new independent director. He brings a wealth of experience, particularly in strategic planning, business development and governance, and we are confident he will provide valuable perspectives as we continue to execute on our strategy to be a premier specialty construction company focused on providing solutions for our customers across the infrastructure, industrial, and building sectors while maximizing stakeholder value. We also want to thank Richard for his years of service to the Company and his many valuable contributions, including his board leadership in the transition of Orion to a public company, establishing the standards for governance, and the growth of the Company. We wish him all the best in his future endeavors.”

About Quentin P. Smith, Jr.

Mr. Smith is president of 
Cadre Business Advisors, LLC, a professional management-consulting firm with an emphasis on strategic planning, business development, and business performance improvement. He has 40 years of experience providing management services to publicly and privately held businesses and government agencies of virtually every size and scope. To effectively execute business strategies, he often assumes the role of board chairman, interim CEO or special advisor to the CEO, taking responsibility for corporate governance, capital formation, setting the company’s operating strategy, and guiding it to profitability. He is Chairman of 
Banner Health and serves on its Executive and Nominating & Governance and Compensation Committees; and is a Director of 
Store Capital (NYSE: STOR), is Chairman of its Compensation Committee and serves on its 
Nominating & Governance Committee. His additional past board service includes 
Arizona Public Service (NYSE: PNW), 
Rodel, Inc., iCrossing, Arizona MultiBank, Greater Phoenix Leadership, and the 
Morrison Institute for Public Policy at 
Arizona State University.  Mr. Smith holds a Bachelor’s degree in Industrial Management and Computer Science from the 
Krannert School of Business at 
Purdue University and a Master’s degree in Business Administration from 
Pepperdine University in 
Malibu, California.

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, 
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 pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net

www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

 

Orion Group Holdings, Inc. Announces Board of Director Changes

Research, News, and Market Data on Orion Group Holdings

 

HOUSTON–(BUSINESS WIRE)–Jan. 25, 2022– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced the appointment of  Quentin P. Smith, Jr. to the Board of Directors, as well as the retirement of  Richard L. Daerr, Jr. as a board member.

The Board’s appointment of  Mr. Smith to the Board of Directors is effective 
January 21, 2022. His initial term will expire at the 2022 annual meeting of stockholders, at which time the Board will propose  Mr. Smith for re-election as a Class II Director to serve until the 2024 annual meeting of stockholders. In addition,  Richard L. Daerr, Jr. has announced his retirement from the Board effective 
May 20, 2022.  Mr. Daerr has served as a member of the Board since 2007 and was Chairman of the Board of Directors from 2007 to 2020. With the timing of the appointment of  Mr. Smith and Mr. Daerr’s retirement, the 
Orion Group Holdings, Inc. Board of Directors will temporarily expand to eight Directors.

Austin Shanfelter, the Company’s Chairman of the Board, commented, “We are pleased to welcome Quentin as a new independent director. He brings a wealth of experience, particularly in strategic planning, business development and governance, and we are confident he will provide valuable perspectives as we continue to execute on our strategy to be a premier specialty construction company focused on providing solutions for our customers across the infrastructure, industrial, and building sectors while maximizing stakeholder value. We also want to thank Richard for his years of service to the Company and his many valuable contributions, including his board leadership in the transition of Orion to a public company, establishing the standards for governance, and the growth of the Company. We wish him all the best in his future endeavors.”

About Quentin P. Smith, Jr.

Mr. Smith is president of 
Cadre Business Advisors, LLC, a professional management-consulting firm with an emphasis on strategic planning, business development, and business performance improvement. He has 40 years of experience providing management services to publicly and privately held businesses and government agencies of virtually every size and scope. To effectively execute business strategies, he often assumes the role of board chairman, interim CEO or special advisor to the CEO, taking responsibility for corporate governance, capital formation, setting the company’s operating strategy, and guiding it to profitability. He is Chairman of 
Banner Health and serves on its Executive and Nominating & Governance and Compensation Committees; and is a Director of 
Store Capital (NYSE: STOR), is Chairman of its Compensation Committee and serves on its 
Nominating & Governance Committee. His additional past board service includes 
Arizona Public Service (NYSE: PNW), 
Rodel, Inc., iCrossing, Arizona MultiBank, Greater Phoenix Leadership, and the 
Morrison Institute for Public Policy at 
Arizona State University.  Mr. Smith holds a Bachelor’s degree in Industrial Management and Computer Science from the 
Krannert School of Business at 
Purdue University and a Master’s degree in Business Administration from 
Pepperdine University in 
Malibu, California.

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, 
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 pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net

www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

Tuesday, December 21, 2021

Orion Group Holdings (ORN)
Marine Awards Boost Total 4Q2021 Awards

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Two Marine awards total ~$33 million. Last Thursday, design-bid-build work of $28.3 million was awarded by the Naval Facilities Engineering Command (NAVFAC) Southeast. The work involves repairing and updating Atlantic Undersea Test and Evaluation Center (AUTEC) Facility 1902 Pier at Andros Island, Bahamas. Work should begin in 2Q2022 and run into early 2024. A smaller award of $4.4 million involves rehabbing an existing barge dock for a private company. Work will be completed over the first three quarters of 2022.


4Q2021 awards exceed $77 million.  To date, 4Q2021 award announcements include five Marine projects for $49 million and three Concrete projects for $28 million. Combined with the 3Q2021 backlog of $573 million and potential backlog of $676 million, the outlook appears favorable …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

 

Orion Group Holdings, Inc. Announces Contract Awards of Approximately $33 Million

Research, News, and Market Data on Orion Group Holdingsl

 

HOUSTON–(BUSINESS WIRE)–Dec. 20, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced two contract awards for its Marine segment totaling approximately 
$33 million.

The Company was recently awarded a 
$28.3 million design-bid-build contract by the Naval Facilities Engineering Command (“NAVFAC”) Southeast for the repair and update of an existing waterside facility in the 
Bahamas. Work on the project site is scheduled to commence in the second quarter of 2022 and to be completed in early 2024.

The Company has also been awarded a contract valued at 
$4.4 million to rehabilitate an existing barge dock for a private sector energy client along the gulf coast of 
Texas. Work is expected to begin during the first quarter of 2022 and be completed during the third quarter of 2022.

“The award from NAVFAC continues our long history of supporting the 
U.S. Navy’s infrastructure needs,” said  Mark Stauffer, Orion’s President and Chief Executive Officer. “Additionally, we are pleased to continue to be the market leader supporting the needs of our energy sector clients along the 
Texas gulf coast.”

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, 
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 pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

 

Orion Group Holdings, Inc. Announces Contract Awards of Approximately $33 Million

Research, News, and Market Data on Orion Group Holdingsl

 

HOUSTON–(BUSINESS WIRE)–Dec. 20, 2021– 
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced two contract awards for its Marine segment totaling approximately 
$33 million.

The Company was recently awarded a 
$28.3 million design-bid-build contract by the Naval Facilities Engineering Command (“NAVFAC”) Southeast for the repair and update of an existing waterside facility in the 
Bahamas. Work on the project site is scheduled to commence in the second quarter of 2022 and to be completed in early 2024.

The Company has also been awarded a contract valued at 
$4.4 million to rehabilitate an existing barge dock for a private sector energy client along the gulf coast of 
Texas. Work is expected to begin during the first quarter of 2022 and be completed during the third quarter of 2022.

“The award from NAVFAC continues our long history of supporting the 
U.S. Navy’s infrastructure needs,” said  Mark Stauffer, Orion’s President and Chief Executive Officer. “Additionally, we are pleased to continue to be the market leader supporting the needs of our energy sector clients along the 
Texas gulf coast.”

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, 
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 pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in 
Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on 
March 2, 2021, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Source: 
Orion Group Holdings, Inc.

Noble Capital Markets Senior Research Analyst Michael Heim hosts this exclusive fireside chat with Flotek CEO John W. Gibson, Jr. The discussion features questions asked by the live audience throughout the event. Research, News, and Advanced Market Data on FTK Information on upcoming live virtual roadshows About Flotek Industries, Inc. Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty green chemistry and data company, Flotek helps customers across industrial, commercial, and consumer markets improve their Environmental, Social, and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its green chemistry technologies and JP3’s real-time data platforms. Flotek serves downstream, midstream, and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit www.flotekind.com.