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February 27, 2014
05:36 EDTORNOrion Marine announces retirement of CEO Mike Pearson
Orion Marine Group announced changes in its management structure. On February 25, Mike Pearson, Orion Marine Group's CEO, notified the company of his plans to retire at the end of 2014, but continue as a Director. As a result, the board has begun to implement its succession plan. Under the board's transition plan, Pearson has relinquished his President title, but will remain CEO until December 31, 2014. At that time, he will retire, but will remain a Director of the company. The board announced it has named Mark Stauffer as President of Orion Marine Group. Stauffer has overseen the daily field operations of the company since 2011. The board will begin working with Pearson to transition the duties of CEO to Stauffer by the end of the year.
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February 26, 2015
05:34 EDTORNOrion Marine expects continued elevated levels of domestic energy production
The company commented, "With little exposure to the upstream portion of the energy sector, we expect continued elevated levels of domestic energy production to drive ongoing demand for improved and expanded waterside infrastructure related to the storage, transportation and refining of domestically produced crude. We also continue to track a high level of opportunities related to private recreational customers expanding their facilities throughout the Caribbean. Expansion work for local port authorities also remains a solid source of bid opportunities for us as port authorities continue to execute on capital expansion plans, many of which are related to the opening of the newly widened Panama Canal in 2016. We are also hopeful for a more normalized year of lettings from the Army Corps of Engineers now that funding for the remainder of fiscal year 2015 has been approved. Additionally, fines related to the 2010 oil spill that will fund the RESTORE Act may eventually lead to material bid opportunities in the next 12 to 24 months."
05:33 EDTORNOrion Marine reports FY14-end backlog of $215.9M
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05:32 EDTORNOrion Marine reports Q4 EPS 19c, consensus 11c
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