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May 20, 2014
09:25 EDTORNOrion Marine awarded $68M contract from the Port of Houston Authority
Orion Marine Group announced a contract award of approximately $68M. The award from the Port of Houston Authority is for the deepening and widening of the navigation channels and berthing areas for both the Barbour's Cut and Bayport container terminals along the Houston Ship Channel. The company will also be performing levee work, and conducting maintenance dredging in both the Barbour's Cut and Bayport channels and turning basins. Work is expected to commence in Q3 and last approximately 15 months.
News For ORN From The Last 14 Days
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September 25, 2014
05:42 EDTORNOrion Marine continues to see positive development in 2H14
Orion Marine Group' outlook for the second half of 2014 continues to show positive development. Delayed projects from Q2 have now fully begun and are contributing to higher levels of overall asset utilization. As expected, the company has also seen an improvement in lettings from the U.S. Army Corps of Engineers during Q3. To date, during Q3, the company has bid on approximately $209M worth of opportunities and has been successful on approximately $66M, representing a win rate of approximately 32%. Additionally, the company currently has approximately $170M worth of bids outstanding, of which it is the apparent low bidder on approximately $47M. The company reminds investors that the timing and size of awards can and does affect the win rate in any particular quarter. During Q3, the company has had a sequential decline in the amount of bid opportunities the company bid on due to normal fluctuations in the timing of lettings and the bid selection process. The company remains pleased with its level of bid opportunities in its tracking database and believes there is ample opportunity to support the continued growth of the company. While the company would have preferred to see a full FY15 appropriations bill passed, Congress did pass a Continuing Resolution to fund the federal government until December 11. The company is hopeful that Congress will fund the Federal Government, including the Corps of Engineers, for the balance of the Government's FY15, once Congress returns after the mid-term elections. Private sector opportunities continue, as demand for expanded waterside infrastructure remains strong. The company expects private sector opportunities to remain strong for the foreseeable future.

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