HOUSTON, Jan. 25, 2008 (PRIME NEWSWIRE) -- Orion Marine Group, Inc. (Nasdaq:OMGI) (the "Company"), a leading marine specialty contractor serving the heavy civil marine infrastructure sector, today announced the award of several new contracts totaling over $30 million.
Orion Marine Group's wholly owned subsidiary, Misener Marine Construction, Inc., was recently awarded a significant contract along with its partner Johnson Brothers Construction to design and build a new bridge across Lake Jessup for the Florida Department of Transportation District 5 located near Sanford, Florida. The current roadway across the lake limits water flow activity in Lake Jessup and has resulted in environmental concerns in the area. As part of a line item joint venture, the two companies will work together to design and build a new bridge that will replace the old roadway, which will enhance lake flow activity while reducing environmental concerns in the area. The total project is expected to be completed in March 2009.
"This project is tailored to our core strengths as a heavy civil marine contractor allowing us to self perform in excess of 80 percent of our portion of the on site construction," said Jim Rose, Orion Marine Group's Executive Vice President--Atlantic Seaboard & Caribbean.
Additionally, Orion Marine Group announced today that its wholly owned subsidiary, Orion Construction L.P., was recently awarded a contract with Helix Energy Solutions Group for the construction of the Helix Ingleside LLC Shore Base Facility in Ingleside, TX. The project involves building a deep water channel slip for its offshore reeled pipe lay vessels to facilitate the spool up onboard of multiple pre-fabricated pipeline segments at the new mile-long spool base facility Helix is building. The project is scheduled for completion in December 2008.
Also, the diving division of Orion Marine Group's wholly owned subsidiary, Orion Construction L.P., was recently awarded a significant contract with the Intercontinental Terminal Company, LLC for a ship dock rehabilitation project in Deer Park, Texas at Intercontinental Terminal's docks 7, 8, 9 and 10. The project involves underwater excavation, pile encapsulations and the fabrication and installation of retrofit structural members. The project is scheduled to be completed in February, 2008.
"These projects demonstrate our turkey capabilities allowing us to meet our customer's marine construction challenges," said Elliott Kennedy, Orion Marine Group's Executive Vice President Gulf Coast.
Mike Pearson, Orion Marine Group's President and Chief Executive Officer, said, "These awards highlight our continued excitement about the end markets we serve."
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 turnkey solution for its customers' marine contracting needs. Its heavy civil marine construction services include marine transportation facility construction, dredging, repair and maintenance, bridge building, marine pipeline construction, as well as 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 70-year legacy of successful operations.
The Orion Marine Group, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4539
The matters discussed in this news release may make projections and other forward-looking statements regarding, among other things, awarded contracts yet to be performed, associated revenues, and expected or scheduled dates of completion. These statements are predictions that are subject to risks and uncertainties that may cause actual results to differ materially, and particularly with respect to awarded contracts involve risks and uncertainties in view of the fact such contracts are yet to be performed. Moreover, past performance is not necessarily an indicator of future results. By providing this information, the Company undertakes no obligation to update or revise any projections or forward-looking statements, whether as a result of new developments or otherwise.
Please refer to the Company's Form S-1 as amended filed on December 20, 2007, which is available on its website at www.orionmarinegroup.com, for additional discussion of risk factors that could cause actual results to differ materially from our current expectations.