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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