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Benzinga

Akanksha Bakshi

Orion Group Bags Contract Awards Worth $33M

Orion Group Holdings Inc (NYSE:ORN) secured two contract awards for its Marine segment totaling ~$33 million.
Orion Group has recently secured a $28.3 million design-bid-build contract from the Naval Facilities Engineering Command (NAVFAC) Southeast to repair and update an existing waterside facility in the Bahamas. The company expects to begin the work in 2Q22 and complete it in early 2024.
Orion Group has obtained a contract valued at $4.4 million to rehabilitate an existing barge dock for a private sector energy client along the gulf coast of Texas. The company anticipates beginning the work during the 1Q22 and complete in 3Q22.
Price Action: ORN shares are trading lower by 6.58% at $3.55 on the last check Monday.

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