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Shares of Orion Group rise on $160 million contract award from Port of Seattle

The contract involves the Northwest Seaport Alliance’s Terminal 5 Improvements Project, which aims to modernize it to handle larger container vessels
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Orion now has a record $600 million backlog of projects

Investors on Wednesday boosted shares of Orion Group Holdings Inc (NYSE:ORN) after the specialty construction company announced the Port of Seattle has awarded it a $160 million contract.

The contract involves the Northwest Seaport Alliance’s Terminal 5 Improvements Project, which aims to modernize the terminal for the loading and unloading of larger container vessels. 

The Houston-based company’s stock recently traded up 4% to $2.11 a share.

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Orion Group’s scope on the project includes the rehabilitation and strengthening of the existing wharf at Terminal 5, including berth deepening and electrical upgrades, as well as the installation of a new crane-rail system.

Activity on the project is expected to begin in the third quarter with completion planned for early 2023, according to a statement.

"This project also takes our current backlog to over $600 million, which is a record high, and is one of many pursuits that will be the cornerstone of Orion achieving its strategic objectives,” said CEO Mark Stauffer.

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