Orion Group Holdings Inc. (NASDAQ: ORN) stock gains by 19.53% during the after-hours trading session. Through its marine and concrete segments, Orion Group Holdings, Inc., a major specialized construction business servicing the infrastructure, industrial, and building sectors, offers services both on and off the sea throughout the continental United States, Alaska, Canada, and the Caribbean Basin.

Construction and dredging services for maritime transportation facilities, marine pipelines, marine environmental structures, dredging of waterways, channels, and ports, environmental dredging, design, and specialist services are provided by the Company’s marine segment.

ORN stock’ Important Development

Orion Group Holdings has received two contracts worth over $200 million for its Marine division. The Florida Department of Transportation (FDOT) has granted the Company a concession for about $125 million to rebuild the State Road 405 Indian River Bridge across the NASA Causeway in Cape Canaveral, Florida. The main entrance to Kennedy Space Center and Cape Canaveral Space Force Center is through this bridge. The project is scheduled to start in the fourth quarter of 2021 and finish in the fourth quarter of 2024.

In addition, the Port of Port Arthur has granted the Company a contract worth about $67 million to build the Berth 6 Expansion Project in Port Arthur, Texas, which would bring substantial berthing space to the Port. The construction is scheduled to start in the fourth quarter of 2021 and finish in the third quarter of 2024.

Mark Stauffer, Orion’s President, and Chief Executive Officer commented,

Orion has a long history of assisting in the modernization and improvement of vital infrastructure. The NASA Causeway project is their fourth bridge contract to be granted recently, and it, including the Berth 6 Expansion, not just adds to their Marine segment’s backlog, but also reinforces Orion’s position as a premier contractor for creating and restoring their nation’s infrastructure.