HOUSTON, May 5, 2011 (GLOBE NEWSWIRE) -- Orion Marine Group, Inc. (NYSE:ORN) (the "Company"), a leading heavy civil marine contractor serving the infrastructure sector, today announced a contract award of approximately $18 million.
Orion Marine Group's wholly owned subsidiary, Misener Marine Construction, Inc. was recently awarded a contract for two new berths at Port Canaveral. One berth is for the construction of a cruise pier 600 feet long and sixty-five feet wide consisting of a backfilled steel pile combi-wall, concrete encapsulated bulkhead with conventional and soil anchor tieback systems dredged to a depth of negative 35 feet. The new cruise pier is expected to begin mooring vessels in the third quarter of 2012. The second berth is for a cargo pier 900 feet long and 100 feet wide comprised of a concrete pile supported relieving platform with a steel pile combi-wall bulkhead and conventional tieback system and will be dredged to a depth of negative 35 feet.
The project has two more additional options that if awarded would increase the job to approximately $22 million overall.
"We are proud to be a part of this significant project for Port Canaveral," said Jim Rose, Orion Marine Group's Executive Vice President, Atlantic and Caribbean. "This project highlights the continued focus on marine infrastructure improvements in the United States."
Onsite construction of the project is expected to commence during the third quarter of 2011 and last approximately 24 months.
About Orion Marine Group
Orion Marine Group, Inc. provides a broad range of marine construction and specialty services on, over and under the water along the Gulf Coast, the Atlantic Seaboard and the Caribbean Basin and acts as a single source turn-key solution for its customers' marine contracting needs. Its heavy civil marine construction services include marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging, and specialty services. Its specialty services include salvage, demolition, diving, surveying, towing and underwater inspection, excavation and repair. The Company is headquartered in Houston, Texas and has a 75-year legacy of successful operations.
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The 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, the provisions of which 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, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release, and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward-looking statements also include estimated project start dates, expected project duration, estimated project completion dates, anticipated revenues, and contract options which may or may not be awarded in the future, including the statements set forth above in this press release. Forward-looking statements involve risks, including those associated with the Company's fixed price contracts, 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, and any potential contract options which may or may not be awarded in the future, which awards are in the sole discretion of 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 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.
Please refer to the Company's Annual Report on Form 10-K, filed on March 8, 2011, which is available on its website at or at the SEC's website at , 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: Orion Marine Group, Inc. Chris DeAlmeida, Director of Investor Relations 713-852-6506