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Wednesday, March 22, 2023

What Led The Orion Group (ORN) Stock To Increase After-Hours Thursday?

After a contract was completed, shares of Orion Group Holdings Inc. (NYSE: ORN) were up 5.96% to trade at $2.31 at the last check.

Which agreement has ORN finished?

The freshly commissioned Dredge Lavaca underwent a 15-month overhaul, according to a statement made by Orion Group (ORN) yesterday. To continue offering outstanding dredging service to its customers and business partners in the public and private sectors throughout the Gulf Coast, improvements to the dredge’s ladder, accommodations, and operational systems were made.

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The Lavaca is slated to start working on a recently granted contract for the Port of Corpus Christi in mid-November 2022, and it will take part in ongoing canal maintenance, deepening, and widening operations for years to come throughout the Gulf Coast. The dredge’s architecture, including its walkways, access and egress locations, ventilation, railing & fendering systems, and modular living quarters, has all been particularly developed with a focus on safety.

Design modifications to the worker quarters decreased vibrations and noise during dredging operations and gave the team a break during their downtime. The leverman can monitor and manage all dredging systems from a specially constructed control station with touchscreen displays and floor-to-ceiling windows that offer a 180-degree field of vision thanks to the open-concept lever room’s layout.

By minimizing possible spills and lowering NOx emissions within its operational zones, Tier III diesel-electric engines and electric winches are another step in the right direction for Orion Group in keeping with its commitment to environmental protection. The project exceeded 65,000 manhours without any lost time events or recordable injuries, reflecting indirectly ORN’s dedication to safety and “Target Zero” among its carefully selected contractors.

ORN received a contract:

For its Concrete division, Orion Group (ORN) recently obtained a contract award worth more than $40 million. In accordance with the terms of the agreement, ORN will erect a 40-story multi-family residential structure in the Houston region, starting in Q1 2023 and finishing in Q3 2024, as planned.

The building of the mat foundation, an inner stair and elevator core, the shaping and installation of concrete for the raised structure, as well as the placement of rebar, will be handled by the ORN team. The project has 30 storeys of housing space, a nine-story parking garage, and an amenity level with an outdoor terrace. This contract will be finished in 2023 and 2024 together with others that were awarded in Q3 for a total of $128 million, including $53 million for concrete and $75 million for marine.

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