Orion Group Stock Jumps 18% On Contract Awards Of About $200 Mln

(RTTNews) - Shares of Orion Group Holdings, Inc. (ORN) jumped over 18% in extended session on Wednesday after the specialty construction company announced two contract awards for its Marine segment totaling nearly $200 million.

The company has awarded a contract valued at about $125 million from the Florida Department of Transportation to replace the State Road 405 Indian River Bridge over the NASA Causeway near Cape Canaveral, Florida. This bridge provides the main access to Kennedy Space Center and Cape Canaveral Space Force Center. The work is expected to commence during the fourth quarter of 2021 and be completed in the fourth quarter of 2024.

In addition, the company has been awarded a contract valued at around $67 million from the Port of Port Arthur to construct the Berth 6 Expansion Project in Port Arthur, Texas, that will allow for significant additional berthing capacity at the Port. The project is expected to commence in the fourth quarter of 2021 and be completed in the third quarter of 2024.

"Orion has a strong track record of helping modernize and upgrade critical infrastructure," said Mark Stauffer, Orion's President and Chief Executive Officer. "The NASA Causeway project marks our fourth bridge project to be awarded recently, and along with the Berth 6 Expansion, not only provides significant backlog to our Marine segment, but reaffirms Orion as a leading contractor for building and rebuilding our nation's infrastructure."

ORN closed Wednesday's trading at $5.12, on the NYSE. The stock, however, gained $0.93 or 18.16% in the after-hours trade.