Orion Group Holdings Awarded $100 Million in New Contracts

Rhea-AI Summary

Orion Group Holdings has secured new contracts worth $100 million across its Marine and Concrete divisions. The Marine segment won $67 million in contracts, including the Longview Export Dock Replacement project for Weyerhaeuser and two projects with Port Tampa Bay involving maintenance dredging and the Port Redwing Berth 301 Wharf project. The Concrete division secured $33 million in new awards, including a data center project in Iowa, Harris County Sheriff's Office Complex in Houston, and a U.S. Foods cold storage facility foundation. Additionally, CEO Travis Boone was named a finalist for the EY Entrepreneur of The Year 2025 Gulf South Award, while General Counsel Chip Earle received the Lexology North America Award for construction industry counsel.

Positive

• Secured significant new contracts totaling $100 million across Marine ($67M) and Concrete ($33M) divisions
• Expanded relationship with Port Tampa Bay through multiple projects
• Strong demand in Concrete business, particularly in data center projects
• Diversified project portfolio across different sectors and regions
• Executive leadership recognition through prestigious industry awards

Negative

• None.

Insights

Construction Industry Financial Analyst

Orion secures $100M in new contracts, strengthening its marine and concrete segments with multi-year projects starting Q3 2025.

Orion Group Holdings has secured approximately $100 million in new contracts across its two primary business segments, representing significant revenue visibility for upcoming quarters. The marine division captured $67 million in contracts, including the strategically important Longview Export Dock Replacement project for Weyerhaeuser and two separate projects with Port Tampa Bay, including a valuable 3-year maintenance dredging contract that provides recurring revenue.

The concrete segment added $33 million in new business, with notable diversity across data center construction in Iowa, government facilities in Houston, and industrial projects including a cold storage facility foundation. This contract mix demonstrates Orion's ability to secure work across multiple high-demand construction sectors.

The timing of these awards is particularly favorable, as all projects are scheduled to commence in Q3 2025, creating a steady revenue stream for the coming 12+ months. The diversification across both business segments and geographic markets (Texas, Florida, Iowa) helps mitigate market-specific risks while demonstrating the company's expanding national footprint.

The Port Tampa Bay relationship highlights Orion's success in leveraging existing client relationships into expanded opportunities, as the company has parlayed its maintenance dredging work into participation in the port's strategic expansion initiatives. This pattern of customer relationship extension represents a cost-efficient growth strategy, requiring less business development investment than pursuing entirely new clients.

Chief Executive Officer and General Counsel honored with executive leadership awards

HOUSTON, June 19, 2025 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (“Orion” or the “Company”), a leading specialty construction company, today announced new Marine and Concrete awards for a total value of approximately $100 million. In addition, Orion’s Chief Executive Officer and General Counsel were honored with executive leadership awards.

Management Commentary

“We are proud to be recognized with new contract awards that reflect the trust our partners place in us. These achievements are a testament to the strength of our team, our commitment to the highest safety standards, and the progress we are making in expanding our business development pipeline,” said Travis Boone, Chief Executive Officer of Orion Group Holdings, Inc. “Our strong delivery and consistent execution have enabled us to successfully expand our client relationships and Port Tampa Bay is a good example. For many years, we have been their longstanding partner for maintenance dredging and new construction projects. We are pleased to play a role in their expansion initiatives aimed at enhancing the port’s capacity and efficiency.”

Boone continued, “In our Concrete business, we continue to see strong demand, supported by the next phase of a large data center project and several projects in our home state. With our strong reputation and robust pipeline, we are well positioned for continued growth.”

New Contracts

Orion’s Marine business recently secured $67 million in new wins. For Weyerhaeuser Company, Orion Marine was awarded the Longview Export Dock Replacement project. This work involves removing the existing timber Berth A structure and replacing it with a new concrete structure supported by large-diameter steel pipe piles. The project is expected to last 12 months and will begin in the third quarter of 2025.

In addition, Orion Marine won two projects with the Port of Tampa Bay. The first award is a 3-year maintenance dredging contract for the Port, estimated to begin work in September 2025. The second contract is for the Port Redwing Berth 301 Wharf project – a crucial project given the rapid population growth in the Tampa Bay region and the increasing demand for construction and bulk materials.

Orion Concrete won $33 million in new contract awards, including a data center project in Iowa, the Harris County Sheriff’s Office Complex in Houston as a subcontractor for Durotech, Inc., and the foundation of a cold storage facility for U.S. Foods. These projects will commence in the third quarter of 2025 with an estimated duration of one year. In addition, the Company was recently awarded a contract with the City of Ingleside wastewater treatment plant as a subcontractor to Associated Construction Partners. This project is expected to begin in December of 2025 with a duration of 12 months.

Executive Leadership Awards

Orion’s executive leadership team was recently recognized for outstanding achievements. Travis Boone, Orion’s Chief Executive Officer, was named a finalist for the EY Entrepreneur of The Year® 2025 Gulf South Award, presented by Ernst & Young LLP. This prestigious recognition honors visionary business leaders who are driving innovation and growth across industries.

Chip Earle, Orion’s General Counsel, won the Lexology North America Award for in-house general counsel in the construction industry. In association with the Association of Corporate Counsel, Lexology recognizes the outstanding achievements of the world’s leading legal practitioners across various practice areas and sectors.

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company's marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas. https://www.oriongroupholdingsinc.com.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, of which provisions the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as 'believes', 'expects', 'may', 'will', 'could', 'should', 'seeks', 'approximately', 'intends', 'plans', 'estimates', or 'anticipates', or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, guidance, outlook, assumptions, or goals. In particular, statements regarding our pipeline of opportunities, financial guidance and future operations or results, including those set forth in this press release, and any other statement, express or implied, concerning financial guidance or future operating results or the future generation of or ability to generate revenues, income, net income, gross profit, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, or cash flow, including to service debt or maintain compliance with debt covenants, and including any estimates, guidance, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward-looking statements also include project award announcements, estimated project start dates, ramp-up of contract activity and contract options, which may or may not be awarded in the future. Forward-looking statements involve risks, including those associated with the Company's fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints, and any potential contract options which may or may not be awarded in the future, and are at the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. Considering these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company's plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise, except as required by law.

Please refer to the Company's 2024 Annual Report on Form 10-K, filed on March 5, 2025 which is available on its website at www.oriongroupholdingsinc.com or at the SEC's website at www.sec.gov, and filings and press releases subsequent to such Annual Report on Form 10-K for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Contact:

Margaret Boyce
Orion Group Holdings, Inc.
Mboyce@orn.net
312-402-6980

Source: Orion Group Holdings, Inc.

FAQ

What is the total value of new contracts awarded to Orion Group Holdings (ORN)?

Orion Group Holdings was awarded new contracts totaling approximately $100 million, with $67 million in Marine contracts and $33 million in Concrete contracts.

What major projects did Orion Group Holdings (ORN) win in its Marine division?

In the Marine division, ORN won the Longview Export Dock Replacement project for Weyerhaeuser and two projects with Port Tampa Bay - a 3-year maintenance dredging contract and the Port Redwing Berth 301 Wharf project.

When will Orion Group Holdings (ORN) begin work on its new concrete projects?

The new concrete projects, including the Iowa data center project and Harris County Sheriff's Office Complex, will commence in the third quarter of 2025 with an estimated duration of one year.

What awards did Orion Group Holdings' executives receive?

CEO Travis Boone was named a finalist for the EY Entrepreneur of The Year 2025 Gulf South Award, and General Counsel Chip Earle won the Lexology North America Award for construction industry counsel.

What is the timeline for the Weyerhaeuser Longview Export Dock Replacement project?

The Longview Export Dock Replacement project is expected to last 12 months and will begin in the third quarter of 2025.