Orion Group Bags Contracts Of $211.7 Mln; Pre-Market Stock Up

Orion Marine Group

7.55 EUR -3.21%

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(RTTNews) - Orion Group Holdings, Inc. (ORN), a specialty construction company, announced on Monday that it has bagged new Marine and Concrete contracts for a total value of around $211.7 million.

Orion's Marine segment has received a contract of $113.7 million from the Texas Department of Transportation to replace the State Highway 6 bridge over Lake Waco in Central Texas. This contract is anticipated to begin in the first quarter with a construction duration of around 2 years.

In Texas, the Marine business of the company has secured three separate contracts for the repair of Wharves 20 and 21 for the Port of Houston, improvements to Cruise Terminal 16 for the Port of Galveston, and a private dredging project. All these awards of $29.8 million are expected to be completed in 2025.

Combined with other contracts in the last two months, the Concrete segment has won over $68.2 million in new projects that will commence in early 2025.

Further, the company noted that its portion of the Deschutes Estuary Restoration project in Washington state and a one million square foot data center in Iowa are not included in these $211.7 million awards.

ORN was up by 3.36 percent at $8.30 in the pre-market trade on the New York Stock Exchange.