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Orion (ORN) Wins Multiple Deals, Aids Concrete & Marine Unit

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Orion Group Holdings, Inc. (ORN - Free Report) has won several contracts with a combined value of approximately $134 million within its Concrete and Marine segments.

Under the Concrete unit, Orion received contracts worth $100 million, including $25 million for a 22-story high-rise building in Houston, $12 million for a Dallas hospital and $10 million for a Dallas packaging center.

Within the Marine business, the company has won its largest diving services contract, worth $20 million, from a private client to support the U.S. Army Corps of Engineers’ ongoing deepening and widening of Gulf Coast shipping channels. The contract will be completed by the end of 2023. Orion’s world-class specialty divers will remove 31 pipelines from the ship’s channel floor.

Also, the Marine segment received several projects with a value of $14 million and won a bid on a $7 million dredging procurement by the U.S. Army Corps of Engineers in the Gulf of Mexico.

Travis Boone, chief executive officer of Orion, said, “Refocusing our Concrete business in the Dallas and Houston markets is delivering results. In our Marine business, we’re excited to participate in this important pipeline project that will ultimately accommodate larger ships servicing the Gulf Coast. Our specialty divers are the best in the industry with an outstanding record for performance and safety.”

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Orion derives revenues from various marine construction, dredging, turnkey concrete services and other specialty services contracts. These projects are of typically short duration and usually span less than a year.

For 2022, the company expects strong bid margins to boost profitability on disciplined bidding practices established over the past few months. These higher-margin projects are likely to establish a solid base for 2023. The company will continue to focus on disciplined bidding and strong project delivery.

Shares of this Zacks Rank #3 (Hold) company have surged 4.15% on Mar 10 and 16.7% in the past year compared with the industry’s 13% growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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