Quanta Services for marine infrastructure.

Granite Construction for marine and complex concrete projects.

Orion Group Holdings, Inc. (ORN) Major Services:

• Marine Infrastructure Construction & Maintenance: Provides comprehensive services for constructing, restoring, dredging, maintaining, and repairing marine transportation facilities, overwater bridges, causeways, and marine environmental structures.
• Marine Pipeline Services: Specializes in the installation, removal, and maintenance of underwater buried pipeline transmission lines, industrial intakes and outfalls, and river crossings.
• Specialty Marine Support Services: Offers a range of specialized services including design, salvage, demolition, surveying, towing, diving, underwater inspection, and excavation in marine environments.
• Concrete Construction: Delivers light commercial, structural, and other general concrete construction services.

Orion Group Holdings, Inc. (ORN) sells primarily to other companies and governmental entities rather than individuals. Based on the provided description, specific customer names are not listed. However, its major customers can be categorized by the types of organizations it serves:

• Governmental and Public Sector Entities: This includes various federal, state, and local government agencies and public authorities. Examples derived from the project types are U.S. Navy (for special-use terminals), state departments of transportation (for bridges and causeways), municipal port authorities (for public port facilities), and local water/wastewater districts (for pipeline outfalls and environmental structures).

• Industrial Corporations: Companies operating in sectors such as energy (e.g., oil and gas for pipelines), chemical manufacturing, and other heavy industries that require specialized marine infrastructure for their operations. This includes private terminals and the installation/maintenance of pipeline intakes and outfalls for industrial facilities.

• Commercial Marine and Infrastructure Developers: This category encompasses private entities that own or develop commercial marine facilities, such as cruise ship lines (for cruise ship port facilities), private terminal operators, and owners/operators of recreational marinas and docks.

• Commercial Developers and General Contractors: For its light commercial, structural, and other concrete construction services, Orion serves various commercial clients, potentially acting as a specialized subcontractor to larger general contractors or directly serving developers for these specific construction needs.

Travis Boone, President and Chief Executive Officer

Travis Boone was appointed President and Chief Executive Officer of Orion Group Holdings, Inc. in September 2022. Prior to joining Orion, he spent 23 years at AECOM and its legacy companies, where he started as a bridge engineer and rose to become Chief Executive of the West Region. In that role, he led a large multidisciplinary business that encompassed approximately 8,000 people across 88 offices and generated $2.3 billion in revenue. His career also includes various positions with other contracting companies in the utility/pipeline construction and commercial building construction industries.

Alison Vasquez, Executive Vice President, Chief Financial Officer, and Treasurer

Alison Vasquez is set to become the Executive Vice President, Chief Financial Officer, and Treasurer of Orion Group Holdings, Inc., effective June 23, 2025. She brings over 25 years of experience in finance and accounting within public companies. Before joining Orion, Ms. Vasquez served as Senior Vice President and Chief Accounting Officer at KBR, Inc., where she oversaw a team of more than 350 financial professionals and held various leadership roles, including Vice President of Investor Relations and Vice President of Finance. Her professional background also includes positions at Energy Transfer LP, Noble Corporation, Arthur Andersen, and PricewaterhouseCoopers. Her expertise includes auditing, investor relations, and mergers and acquisitions.

E. Chipman Earle, Executive Vice President, Chief Administrative Officer, Chief Compliance Officer, General Counsel and Secretary

E. Chipman Earle joined Orion Group Holdings in November 2023. Prior to Orion, he served as Vice President, General Counsel, Chief Administrative Officer, Chief Compliance Officer, and Corporate Secretary of Newpark Resources, Inc. from 2018 to 2023. He also held senior legal and compliance positions at Bristow Group, Inc. (2012-2017) and Transocean, Ltd. (2006-2012). He began his legal career in private practice, specializing in corporate and securities law at firms such as Baker Botts L.L.P. and Wilson Sonsini Goodrich & Rosati.

Scott Cromack, Executive Vice President

Scott Cromack became an Executive Vice President at Orion Group Holdings in March 2019, bringing over 30 years of experience to the company. Before his tenure at Orion, he served as a Senior Vice President at Texas Sterling Construction Co. Throughout his career, Mr. Cromack has held numerous construction and project management roles at companies including Peter Kiewit Sons, Inc. and Zachry Construction Corporation.

Austin Shanfelter, Chairman of the Board

Austin Shanfelter has been the Chairman of the Board of Orion Group Holdings since January 1, 2021, and a Director since 2007. He previously served as Interim CEO and CFO for the company from April to September 2022. With a career in the telecommunication, power, and specialty construction industry dating back to 1981, he has held significant leadership roles, including President and CEO of MasTec, Inc. Mr. Shanfelter has also served as Chairman of Global HR Research LLC and as a Board Member of Sabre Industries. Additionally, he has served as the chairman of the board of directors for UniTek Global Services, a privately held fiber optic construction company, since August 2023, and on the Board of Directors of Cardinal Infrastructure Group, Inc. since December 2025.

The key risks to Orion Group Holdings, Inc. (ORN) primarily stem from the inherent nature of the construction industry and specific operational challenges within its segments.

1. Inherent Risks of Construction Contracting: Orion faces significant risks common to the construction sector, including volatility in supply chain, labor availability, and regulatory changes. Furthermore, the company undertakes projects under fixed-price contracts, exposing it to potential cost overruns or unexpected expenses that could materially impact profitability if project execution deviates from plans.
2. Profitability Challenges in the Concrete Segment: The Concrete segment has demonstrated ongoing margin challenges, reporting an adjusted EBITDA loss of $10.8 million and a negative adjusted EBITDA margin of -3.5% in 2025. This indicates a consistent struggle to generate profits from a significant portion of its operations.
3. Declining Backlog: Despite identifying a large opportunity pipeline, Orion's total backlog decreased to $640 million at the end of 2025, from $729 million a year prior. A declining backlog, even with new contract awards, suggests potential future revenue challenges if the company struggles to convert its pipeline into new secured projects at a sufficient rate.

Addressable Markets for Orion Group Holdings, Inc. (ORN)

Marine Construction Services

The addressable market for marine construction services in the United States is substantial. In 2024, the U.S. marine construction market generated a revenue of approximately USD 11,513.6 million, with projections indicating growth to USD 15,235.9 million by 2030, at a Compound Annual Growth Rate (CAGR) of 4.8% from 2025 to 2030. Another report stated the U.S. marine construction sector's sales were USD 8 billion in 2023.

Dredging, a key component of marine construction, also represents a significant market. The market size for Dredging Services in the U.S. was approximately USD 2.5 billion in 2024 and is expected to remain around USD 2.5 billion in 2025. Other estimates for the United States Dredging Market include a valuation of USD 5.2 billion in 2023, with an anticipated CAGR of 2.7% through 2029, and a projected growth from USD 5.45 billion in 2025 to USD 6.55 billion by 2031 at a 3.11% CAGR. Furthermore, the U.S. dredging market is valued at USD 5.32 billion in 2025 and is expected to reach USD 6.56 billion by 2033, growing at a CAGR of 2.65% from 2026 to 2033.

Specialty Concrete Construction Services

For concrete construction services, the U.S. market for concrete contractors was valued at USD 110.4 billion in 2025 and USD 110.5 billion in 2026. The broader U.S. concrete market, which includes concrete materials, was estimated at USD 351,372.5 million (or approximately USD 351.37 billion) in 2024. This market is expected to grow to USD 541,383.5 million (or approximately USD 541.38 billion) by 2035, demonstrating a CAGR of around 4.01% from 2025 to 2035. Another source indicates the U.S. concrete market is expected to reach USD 442,145.0 million by 2030, with a CAGR of 3.9% from 2025 to 2030.

The U.S. precast concrete market, a segment relevant to Orion's services, was valued at USD 21.3 billion in 2024 and is projected to reach USD 34.5 billion by 2032, with a CAGR of 6.4% during the period of 2025–2032. Another estimate places the U.S. precast concrete market size at USD 20.85 billion in 2024, with a forecast to reach USD 36.45 billion by 2033.

Orion Group Holdings, Inc. (ORN) is expected to experience future revenue growth over the next two to three years driven by several key factors:

1. Expansion and Demand in the Marine Segment: Orion's Marine segment is anticipated to benefit from strong market activity and heightened demand for port infrastructure expansion, as well as a strengthening pipeline of marine projects. This includes significant U.S. Navy contracts, such as the construction of a submarine dry dock at Pearl Harbor, and large international projects like the Grand Bahama Shipyard contract for floating dry docks. The acquisition of a large Jones Act derrick barge in December 2025 also aims to increase capacity and execution flexibility within this segment.
2. Growth in Data Center and Mission-Critical Construction within the Concrete Segment: The Concrete segment is positioned for growth through its expanding presence in data centers and other mission-critical construction markets. As of late 2025, data center projects accounted for approximately 40% of Concrete segment revenue, with management expecting this share to increase in 2026. The company has secured multiple data center, cold storage, and manufacturing projects, driven by robust AI investment and a domestic focus on reshoring manufacturing.
3. Strategic Acquisitions: Strategic acquisitions are a key driver for future growth. The February 2026 acquisition of J.E. McAmis is specifically highlighted as bolstering Orion's heavy marine, jetty, and breakwater construction capabilities, which is expected to enhance its market reach and drive future revenue.
4. Robust Project Pipeline: Orion possesses a substantial opportunity pipeline, valued at approximately $23 billion. This pipeline includes numerous near-term opportunities, with over a dozen projects individually exceeding $100 million, indicating a strong outlook for future contract awards across both the Marine and Concrete segments.

Share Issuance

• In September 2024, Orion Group Holdings priced an underwritten public offering of 4,860,000 shares of common stock at $5.15 per share, generating approximately $25.0 million in gross proceeds.
• The company also granted underwriters a 30-day option to purchase up to an additional 729,000 shares of common stock in connection with the September 2024 offering.
• As part of the J.E. McAmis acquisition completed in February 2026, Orion issued 182,392 shares of common stock.

Outbound Investments

• On February 3, 2026, Orion completed the acquisition of J.E. McAmis (JEM) for $50.0 million in cash, a $12.0 million subordinated note, 182,392 shares of common stock, and contingent earn-out payments, aiming to strengthen heavy marine, jetty, and breakwater construction capabilities.
• In late 2025, the company purchased a large derrick barge to increase capacity and execution flexibility, enabling pursuit of a broader range of marine and defense-related work.

Capital Expenditures

• Orion anticipates capital expenditures for the full year 2026 to be in the range of $25 million to $35 million.
• This projected range for 2026 is consistent with the capital expenditures made in the prior year, 2025.
• A primary focus of capital expenditures in late 2025 was the purchase of a large derrick barge to expand marine capacity and flexibility for defense-related work.