HOUSTON, Aug. 26, 2008 (GLOBE NEWSWIRE) -- Orion Marine Group, Inc. (the "Company") (Nasdaq:OMGI), a leading marine contractor serving the heavy civil marine infrastructure sector, today announced a contract award of $30.5 million.
Orion Marine Group's wholly owned subsidiary, Misener Marine Construction, Inc. was awarded a contract to build a new cruise ship pier for a private customer in Labadee, Haiti. The project will consist of constructing a new 1,675 linear foot dock, hydraulic dredging of a turning basin and construction of rock groins and beach re-nourishment. The Company's wholly owned subsidiary, Subaqueous Services, LLC will perform the hydraulic dredging services on the project.
"This is the first award in the Caribbean that utilizes the complete in-house, turn-key marine construction and dredging services of both our East Coast subsidiaries." said Jim Rose, Orion Marine Group's Executive Vice President, Atlantic Seaboard & Caribbean. "With the addition of Subaqueous Services earlier this year, we now have better ability to take advantage of opportunities like this which require a hydraulic dredge component while better controlling the project's critical path."
Onsite construction of the pier is expected to commence in the fourth quarter of 2008.
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 singlesource 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 75-year legacy of successful operations.
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Forward-Looking Statements
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. 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, any statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit 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 (i) estimates and forecasts of and assumptions regarding gross profit, gross margin, EBITDA, EBITDA margin, backlog, capital expenditures, and administrative expenses; and (ii) statements regarding projects or contracts in process, in negotiation, pending award, or being bid, including associated anticipated revenues and expected or scheduled completion dates. Forward looking statements involve risks, including those associated with the Company's fixed price contracts, dependence on government contracts and funding, bonding requirements and obligations, government regulation, and fluctuations in quarterly and other fiscal period operations, that can cause actual results to differ materially form current expectations, estimates or forecasts. Moreover, 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 19, 2008, which is available on its website at www.orionmarinegroup.com or at the SEC's EDGAR site at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.