Tuesday, June 30, 2020
Orion Group Holdings (ORN)
Additional Work Awarded. Outlook Remains Favorable.
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.
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Dredging award announced by US Army Corp of Engineers (USACE) late last week. ORN was awarded a $14.65 million contract for pipeline dredging in Port Mansfield, Texas. Bids were solicited via the internet with three received, and the contract was published on the Department of Defense web site. ORN has not yet issued a press release on the work, which has an estimated completion date of March 1, 2021.
Risk to existing projects is moderating. Despite moves to curb the spread of COVID-19, work in Seattle continues on the Terminal 5 upgrade and the Fairview Avenue North bridge replacement. Also, the solid rebound in crude oil prices also dampens some risk on…
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