Orion 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.
Orion 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."