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HOUSTON, Oct. 4, 2012 (GLOBE NEWSWIRE) -- Orion Marine Group, Inc. (NYSE:ORN) (the "Company"), a leading heavy civil marine contractor serving the infrastructure sector, today is providing it's investors an update on the Company's outlook and end markets.
The Company continues to maintain a solid backlog and increase construction equipment utilization as the projects booked in the first half of 2012 are underway. However, the Company's dredge fleet remains underutilized as Corps lettings continue to be choppy. The Company's strategy to rebuild backlog has proven to be successful, resulting in a larger volume of work to execute as it progresses through the back half of 2012.
The Company continues to track a high level of bid opportunities. During the third quarter, the Company bid on approximately $500 million worth of opportunities and was successful on approximately $100 million, representing a win rate of approximately 20%. Currently the Company has over $211 million worth of bids outstanding, of which it is the apparent low bidder on approximately $37 million. The Company remains comfortable with its future outlook and level of bid opportunities as indicated by its tracking database that currently has over $6.5 billion worth of opportunities over the next few years.
Hurricane Isaac delayed some of the Company's ongoing projects during the quarter, but the Company does not expect these delays will have a material adverse impact to its results for the third quarter.
The choppiness of Corps lettings continues to effect the utilization of the Company's dredging assets. On the legislative front, the President has signed a 6-month continuing resolution that funds the Corps, along with the entire federal government at FY2012 levels for the first six months of the new federal fiscal year.
Additionally, the Company is closely monitoring developments concerning the RESTORE Act, which will dedicate 80% of fines collected against BP relating to the oil spill of 2010 to coastal restoration in the Gulf Coast region. The Company expects this to be a significant long term driver of restoration opportunities in the Gulf Coast region once fines are collected.