Orion Group Holdings Announces Significant Design-Build Contract Award for Grand Bahama Shipyard Dry Dock and $12M Profit

Introduction

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 a new dry dock facility at their shipyard in Freeport, Bahamas.

Contract Details

The $100 million contract includes the design and construction of a state-of-the-art dry dock facility that will be capable of servicing a wide range of commercial vessels, including cruise ships, cargo vessels, and offshore oil and gas rigs. Orion’s Marine and Engineering division will oversee all aspects of the project, from initial design and engineering to final construction and commissioning.

Financial Impact

In addition to the contract award, Orion Group Holdings also announced that they expect to generate approximately $12 million in profit from this project. This significant financial gain will help bolster the company’s bottom line and position them for future growth and success in the specialty construction and engineering industry.

Impact on Me

As a stakeholder in Orion Group Holdings, this contract award and profit announcement could potentially have a positive impact on me. The increased profitability of the company may lead to higher dividends or stock prices, ultimately benefiting my investment portfolio.

Impact on the World

Orion Group Holdings’ design-build contract for the Grand Bahama Shipyard dry dock will have a broader impact on the world by supporting the global maritime industry. The state-of-the-art facility will enhance the capabilities of GBSL to service a variety of commercial vessels, ultimately contributing to the efficiency and safety of maritime transportation worldwide.

Conclusion

In conclusion, Orion Group Holdings’ significant contract award for the Grand Bahama Shipyard dry dock project represents a major milestone for the company and the global maritime industry. With a focus on innovation and excellence, Orion continues to solidify its position as a leader in specialty construction and engineering, delivering high-quality projects that have a lasting impact on stakeholders and the world.