Orion Group Holdings, Inc. Announces Retirement of Board Member
March 25 2024 - 4:59PM
Orion Group Holdings, Inc. (NYSE: ORN) (“Orion” or the “Company”),
a leading specialty construction company, announced today that
Richard L. Daerr, Jr., who has served as an independent member of
the Company’s Board of Directors (the “Board”) since 2007 and was
Chairman of the Board from 2007 to 2020 as well as Lead Independent
Director from 2022 to 2023, informed the Company that he has chosen
not to stand for re-election and instead retire from the Board
effective at the Company’s upcoming Annual General Meeting of
Stockholders on May 16, 2024. Effective upon Mr. Daerr’s
retirement, the Board has determined to reduce its size from eight
directors to seven directors, six of whom are independent.
Austin Shanfelter, Orion’s Chairman of the Board,
commented, “We want to thank Richard for his years of service to
the Company and his many valuable contributions, including his
board leadership in the transition of Orion to a public company,
establishing the standards for governance, the growth of the
Company, and agreeing to serve as our Lead Independent Director
through our recent executive transition. We wish him all the best
in his future endeavors.”
Mr. Daerr stated, “It has been my distinct honor to
serve on this Board for almost seventeen years and lead the Board
for almost all of that time. I am proud of the tremendous
transformation the Company has achieved over this time, and I leave
with great confidence in Orion’s future and the strength of its
Board.”
About Orion Group HoldingsOrion
Group Holdings, Inc., a leading specialty construction company
serving the infrastructure, industrial and building sectors,
provides services both on and off the water in the continental
United States, Alaska, Hawaii, Canada and the Caribbean Basin
through its marine segment and its concrete segment. The Company’s
marine segment provides construction and dredging services relating
to marine transportation facility construction, marine pipeline
construction, marine environmental structures, dredging of
waterways, channels and ports, environmental dredging, design and
specialty services. Its concrete segment provides turnkey concrete
construction services including place and finish, site prep,
layout, forming, and rebar placement for large commercial,
structural and other associated business areas. The Company is
headquartered in Houston, Texas with regional offices throughout
its operating areas. The Company’s website is located at:
https://www.oriongroupholdingsinc.com.
Forward-Looking StatementsThe
matters discussed in this press release may constitute or include
projections or other forward-looking statements within the meaning
of the “safe harbor” provisions of Section 27A of the Securities
Exchange Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, of which provisions the Company
is availing itself. Certain forward-looking statements can be
identified by the use of forward-looking terminology, such as
'believes', 'expects', 'may', 'will', 'could', 'should', 'seeks',
'approximately', 'intends', 'plans', 'estimates', or 'anticipates',
or the negative thereof or other comparable terminology, or by
discussions of strategy, plans, objectives, intentions, estimates,
forecasts, outlook, assumptions, or goals. In particular,
statements regarding future operations or results, including those
set forth in this press release, and any other statement, express
or implied, concerning future operating results or the future
generation of or ability to generate revenues, income, net income,
gross profit, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, or
cash flow, including to service debt, and including any estimates,
forecasts or assumptions regarding future revenues or revenue
growth, are forward-looking statements. Forward-looking statements
also include project award announcements, estimated project start
dates, anticipated revenues, and contract options which may or may
not be awarded in the future. Forward-looking statements involve
risks, including those associated with the Company's fixed price
contracts that impacts profits, unforeseen productivity delays that
may alter the final profitability of the contract, cancellation of
the contract by the customer for unforeseen reasons, delays or
decreases in funding by the customer, levels and predictability of
government funding or other governmental budgetary constraints, and
any potential contract options which may or may not be awarded in
the future, and are at the sole discretion of award by the
customer. Past performance is not necessarily an indicator of
future results. In light of these and other uncertainties, the
inclusion of forward-looking statements in this press release
should not be regarded as a representation by the Company that the
Company's plans, estimates, forecasts, goals, intentions, or
objectives will be achieved or realized. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. The Company assumes no obligation
to update information contained in this press release whether as a
result of new developments or otherwise, except as required by
law.
Please refer to the Company's 2023 Annual Report on
Form 10-K, filed on March 1, 2024, which is available on its
website at www.oriongroupholdingsinc.com or at the SEC's website at
www.sec.gov, for additional and more detailed discussion of risk
factors that could cause actual results to differ materially from
our current expectations, estimates or forecasts.
Contact:
Financial Profiles, Inc.Margaret
Boyce310-622-8247orn@finprofiles.com
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