Orion Group Holdings Announces Significant Design-Build Contract Award for Grand Bahama Shipyard Dry Dock and $121 Million in Additional Awards

HOUSTON, Oct. 13, 2023 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (“Orion” and “Company”), a leading specialty construction and engineering company today announced a significant contract award valued at over $100 million for its Marine and Engineering business. The contract was awarded by Grand Bahama Shipyard Limited (GBSL) for the turnkey design-build of the Grand Bahama Shipyard Dry Dock Replacement Project, situated in Grand Bahama, Bahamas. In addition, the Company was recently awarded new contracts in both its Concrete and Marine segments for a combined total of $121 million.

Orion Group Holdings won the Grand Bahama Shipyard Dry Dock award through a competitive bid/negotiation process based on demonstrating its multiple core skill competencies. The scope of work includes marine works and infrastructure construction, dredging, creating new mooring facilities, and providing enhancements to shore stability. In addition, Orion will modify and extend service piers for the installation of two cutting-edge floating dry docks, which are among the largest in the western hemisphere. The project is set to commence immediately and will conclude in late 2025. Orion will be working with Bahamian subcontractors on the project.

Travis Boone, President and Chief Executive Officer of Orion Group Holdings, said, “The scope of the Bahama project demonstrates the extensive capabilities and commitment to predictable excellence that our integrated Marine & Engineering teams can deliver to large-scale and complex projects. We are excited to embark on this project and look forward to contributing to the growth and success of the Grand Bahama Shipyard.”

“When completed, the Grand Bahama dry docks will be a milestone in the maritime industry. With this enormous undertaking, Grand Bahama Shipyard will have the first floating dry docks for the Atlantic region capable of lifting the largest cruise ships in the world. The installation of two state-of-the-art floating dry docks, categorized as XL and Mega XL, promises substantial efficiency and cost savings for GBSL’s customers.”

Boone added, “As part of our strategic plan, we have been focused on strengthening our business development efforts and I am very proud of the energy and impact our expanded team is having on our business. In addition to this project award in the Bahamas for Marine, we also recently received new awards totaling $121 million, comprised of $50.8 million in the Concrete segment and $68.5 million in our Marine segment.” For additional information, see our 8-k filed on September 28, 2023.