Orion Group Holdings Completes Reconstruction of Commissioned Dredge ‘Lavaca’


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Orion Marine Group christens new dredge Lavaca

HOUSTON, Nov. 17, 2022 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialist construction company, has completed a 15-month rebuild of the recently commissioned Lavaca dredge. Improvements have been made to the dredge’s scale, accommodations and operating systems to continue to provide exceptional dredging service to its customers and industry partners in the public and private sectors along the gulf coast. The Lavaca is expected to begin work in mid-November 2022 on a newly awarded contract for the Port of Corpus Christi and will assist with ongoing waterway maintenance, deepening and widening projects for years to come. along the entire Gulf Coast. The dredge’s design, including its modular quarters, walkways, access and exit points, ventilation, handrail and fender systems, was engineered specifically with an emphasis on safety. Improvements to the design of the crew accommodations reduced noise and vibration during dredging operations and allowed the crew to rest during their rest periods. The open-concept lever room allows the lever to monitor and control all dredge systems from a purpose-built control station with touch screens and floor-to-ceiling windows that provide a 180-degree field of view . Tier III diesel-electric engines and electric winches are another step forward for the company in furthering its commitment to protecting the environment by preventing potential spills and reducing NOx emissions in our areas of operation. Orion’s commitment to safety and “target zero” is also instilled in our approved contractors and indirectly reflected in this project, as the project exceeded 65,000 man hours without any lost time or lost time incidents. recordable injury.

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About Orion Group Holdings, Inc.

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and construction sectors, provides on and off water services in the continental United States, Alaska, Canada and the Caribbean Basin through its maritime segment and its concrete segment. The Company’s marine segment provides construction and dredging services related to construction of marine transportation facilities, construction of marine pipelines, marine environmental structures, dredging of waterways, canals and ports, environmental dredging, design and specialized services. Its concrete segment provides turnkey concrete construction services, including pour and finish, earth work, layout, formwork and rebar in light commercial, structural and other related sectors. The company is headquartered in Houston, Texas, with regional offices in all of its operating areas.

Forward-looking statements

Matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, upon which the Company relies. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “will”, “could”, “should”, “seek”, ” about”, “intends”, “plans”, “estimates” or “anticipates”, or their negative form or any other comparable terminology, or through discussions of strategy, plans, objectives, intentions, estimates, forecasts, prospects, assumptions or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statements, express or implied, regarding future operating results or future revenue generation or ability , revenue, net profit, profit, EBITDA, EBITDA margin or cash flow, including for debt service, and including any estimates, forecasts or assumptions regarding future revenues or growth of earnings, are forward-looking statements. Forward-looking statements also include the estimated start date of the project, anticipated revenues and contract options that 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 impact earnings, unforeseen productivity delays that may affect the ultimate profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in customer funding, levels and predictability of government funding or other government budget constraints and any potential contract options that may or may not be awarded in the future, and are at the sole discretion of the award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be taken as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions or objectives will be achieved or achieved. 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 the information contained in this press release, whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed March 7, 2022, which is available on its website at www.oriongroupholdingsinc.com or on the SEC website at www.sec.govfor an additional and more detailed discussion of the risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Orion Group Holdings, Inc.
Francis Okoniewski, Vice President of Investor Relations
(346) 616-4138
[email protected]
www.oriongroupholdingsinc.com

Source: Orion Group Holdings, Inc.


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