Orion's Marine Segment Bags Three Contracts Valued At $22M

Orion Group Holdings Inc's ORN Marine segment has secured three contracts valued at a combined $22 million to perform dredging services for the U.S. Army Corps of Engineers (USACE) in waterways along the gulf coast.
Two of these contracts were recently awarded by the USACE's Galveston District for dredging work on the Texas coast. The first award is valued at $8.8 million.
The second award is valued at a base amount of $9.5 million. If the USACE exercises all options for additional scope of work, the total value for this contract could grow to over $28 million. The third award is a $3.5 million contract.
The company expects to begin work on all three projects during 4Q21, with completion expected late next year.
Price Action: ORN shares closed lower by 2.66% at $5.12 on Tuesday.

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