Monday, August 24, 2020

Orion Group Holdings (ORN)

Corpus Christi Accident Late Last Week

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Tragic accident in Corpus Christi. On Friday morning, Orion's dredging vessel Waymon L. Boyd caught fire, broke apart and sank in the Port of Corpus Christi. According to a US Coast Guard bulletin, two crew members were rescued by a MH-65 Dolphin helicopter on Friday, the bodies of two crew members were recovered on Saturday morning, and the search for other two crew members was suspended late Saturday. We hope that the injured crew members will fully recover, and we offer our condolences to families of the crew members who perished in the accident. ORN's management team mobilized to Corpus Christi on Friday and has offered condolences and support for the employees and families impacted by this accident.

Investigation under way. It appears that the cause of the accident has not been determined, and several state/federal agencies, including the Port of Corpus Christi, will investigate the cause of the accident. Several news sources have reported that a natural gas/propane pipeline operated by ...

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*Analyst certification and important disclosures included in the full report.  NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.