HOUSTON, Sept. 16, 2008 (GLOBE NEWSWIRE) -- Orion Marine Group, Inc. (Nasdaq:OMGI) (the "Company"), a leading marine specialty contractor serving the heavy civil marine infrastructure sector, today updated its operational status post hurricane Ike.
Hurricane Ike, the 9th named storm of the 2008 Atlantic hurricane season, made landfall near Galveston, Texas, early Saturday morning bringing a significant storm surge, heavy rains and heavy wind across the upper Texas gulf coast and southeast Louisiana. As the storm neared, Orion Marine Group activated its hurricane preparedness program covering all jobs and locations from Brownsville, Texas, through southeast Louisiana.
"I am proud of our team's efforts during this catastrophic event to remain focused on our customers while safeguarding our equipment and lending support to fellow employees and their families," said Mike Pearson, Orion Marine Group's President and Chief Executive Officer. "These efforts helped ensure we are able to resume work quickly and that we are ready to respond rapidly to any marine construction or repair needs our customers may have during this time of crisis and recovery."
Although operations across Texas and southeast Louisiana were impacted by the storm, the Company is quickly resuming operations and expects to be fully operational by week's end. The Company has not sustained significant storm related damage to job sites or offices. Additionally, the Company's marine construction and dredging fleet came through the storm intact with only minor damage to a few pieces of equipment.
Forward Looking Statements
The matters discussed in this news release may constitute 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 or strategy, plans or intentions. In particular, any statements, expression or implied, concerning future operating results or ability to generate revenues, income or cash flow to service debt are forward-looking statements. Forward looking statements involve risk associated with the Company's fixed price contracts, dependence on government contracts and funding, bonding requirements and obligations, government regulation and fluctuations in quarterly operations. In light of these and other uncertainties, the inclusion of forward-looking statements in this new release should not be regarded as representation by the Company that the Company's plans and objectives will be achieved. 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 news release.
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 in 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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