Friday, August 04, 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.
New Awards. Orion has been the recipient of two significant awards from the Army Corps of Engineers in the last two days, according to the DoD. Together, the new awards represent some $58 million of new dredging business, which typically has had an outsized impact on profit. We are encouraged by the recent awards and are hopeful proposal and award activity from the Corps ramps up to more historic levels.
Contract One. Last night, the DoD, in its daily contract awards press release, noted that Orion Marine Construction Inc., Tampa, Florida, was awarded a $40 million firm-fixed-price contract for Atchafalaya Basin, Gulf Intracoastal Waterway dredging. Work locations and funding will be determined with each order, with an estimated completion date of July 27, 2025.
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