Orion Marine Group, Inc. (ORN) today provided its investors with an update on the company’s outlook and end markets.
During the fourth quarter, ORN bid on approximately $560 million of opportunities and was successful on $118 million, representing a 21% win rate.
Both equipment utilization and job performance were solid in the company’s Heavy Civil Marine Construction segment during the fourth quarter, reported Orion Marine.
Additionally, during the fourth quarter, ORN completed two out of the five jobs managed by its Tampa office that had experienced issues during the third quarter. The remaining three jobs should be complete in early 2016.
The Heavy Civil Marine Construction segment continues to see solid demand for its services across its end markets and customers. The passage of the funding bill last month funding the federal government for the remainder of its fiscal year was an encouraging development.
Also, under the recent two year budget deal, funding for the fiscal year beginning October 1, 2016 should occur under regular order allowing appropriation bills to be complete prior to the end of the current fiscal year, which will according to ORN allow the U. S. Army Corps of Engineers to let maintenance dredging projects at a more consistent and predictable pace.