Orion Group Holdings Inc. (ORN) stock prices opened and closed the trading day on September 29th, 2021 at USD$5.12. Subsequent premarket fluctuations have seen the stock rise by 10.55%, bringing it up to USD$5.66.
ORN Stock Awarded Contracts
September 29th, 2021 saw ORN stock announce two new contract awards for its Marine segment. The income generated by the two contract awards totals roughly USD$200 million. This includes a contract from the Florida Department of Transportation (FDOT) to replace the State Road 405 Indian River Bridge over the NASA Causeway near Cape Canaveral, Florida. The contract has been valued at roughly USD$125 million, with the bridge providing the main access to Kennedy Space Center and Cape Canaveral Space Force Center. The work is forecasted to start in the fourth quarter of 2021, with an expected completion date expected in the fourth quarter of 2024.
Details of Contracts
ORN stock has also been awarded a contract from the Port of Post Arthur to construct the Berth 6 Expansion Project in Port Arthur, Texas. The contract has been valued at roughly USD$67 million and will allow for significant additional berthing capacity at the Port. The project from this award is expected to start in the fourth quarter of fiscal 2021, with a completion date forecasted for the third quarter of fiscal 2024.
Building on Success
The company has reported a strong track record of helping modernize and upgrade critical infrastructure. The NASA Causeway project will be the fourth bridge project to be awarded recently. In conjunction with the Berth 6 Expansion, these developments provides significant backlog to its Marine segment. They also consolidate ORN stock as a leading contractor for building and rebuilding the nation’s infrastructure.
About ORN Stock
ORN stock is a leading specialty construction company that caters to the infrastructure, industrial, and building sector. The company also provides services both on and off the water in the continental United States, Alaska, Canada, and the Caribbean Basin through its marine and concrete segments. The marine segment facilitates the provision of construction and dredging services relating to marine transportation facility construction.
Future Outlook for ORN Stock
The company reported a promising quarter, consolidated by the awarding of its two newest contracts. Building on the strength of its Marine segment, ORN stock is keen to capitalize on the opportunities afforded to it. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value.