HOUSTON, Feb. 18, 2009 (GLOBE NEWSWIRE) -- Orion Marine Group, Inc. (Nasdaq:OMGI) (the "Company"), a leading heavy civil marine contractor serving the infrastructure sector, today announced a contract award of $20.5 million.
Orion Marine Group's wholly owned subsidiary, F. Miller Construction, LLC was recently awarded a contract by the Terrebonne Port Commission for site preparations in Houma, Louisiana, for a major shipbuilding facility. The project consists of constructing a new 2,452 linear foot steel sheet pile bulkhead supported by a 1,420 linear foot steel sheet pile tie back wall. A major portion of the work involves 8 foot diameter deep soil mixing columns with depths ranging from 10 feet deep to 60 feet deep. The project also includes 12 steel mooring bollards and five 200 ton crane pads. Surfacing over the entire area will consist of 12 inch compacted limestone or approximately 16,511 tons of limestone.
"This award will allow us to plant a flag in the New Orleans area as we establish a new operating base," said Elliott Kennedy, Orion Marine Group's Executive Vice President, Gulf Coast. "We are excited about this opportunity to continue our expansion plans where we see good opportunities."
Onsite construction of the project is expected to commence in the second quarter of 2009 and be completed by the end of the year.
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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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 estimated project start dates, completion dates, and anticipated revenues. 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 and a cancellation of the contract by the customer for unforeseen reasons. 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.