Orion Group Holdings (ORN) – Major New Contract

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Tuesday, March 14, 2023

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Major New Award. On Friday, the Department of Defense announced the Dragados/Hawaiian Dredging/Orion JV was awarded a $2.84 billion firm-fixed-price task order for the construction of a concrete dry dock at Pearl Harbor Naval Shipyard. The Orion in the JV is Orion Group Holdings. This is a significant win for the Company, in our view.

Contract Details. Work will be performed in Hawaii and is expected to be completed by September 2027. This contract is part of the Shipyard Infrastructure Optimization Program (SIOP). The contract is incrementally funded with $463 million being allocated at the time of award. Subsequent contractual increments will be funded yearly from fiscal 2024 through fiscal 2026 in the amounts of: $1.267 billion; $613 million; and $496.9 million. The contract also contains three unexercised options, which if exercised, would increase cumulative contract value to $3.4 billion.

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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. 


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