"Managing through this downturn has given us the opportunity to make valuable operational improvements," said Mark Stauffer, Orion Marine Group's Executive Vice President and Chief Financial Officer. "We remain encouraged by our long term end market drivers. However, we still face challenges ahead, particularly with dredge utilization. We were successful in winning some Corps work during the fourth quarter; however, gaps in project schedules will again result in idle dredge equipment during the beginning of the year. That said, we will continue with our strategy of maintaining backlog and we are pleased with our bid market outlook.
We are encouraged with the current bid market activity and we are confident in our long term outlook. We have approximately $250 million worth of bids outstanding, including approximately $40 million on which we are apparent low bidder. During the fourth quarter we bid on approximately $253 million and were successful on approximately $54 million representing a win rate of approximately 21%."
"Orion Marine Group is well positioned for the future with a solid asset base, strong financial position, and a talented workforce," said Mr. Pearson. "Back in the third quarter of 2011, we implemented a plan to get this Company back to profitability, and in the fourth quarter we did just that. Now we must continue to drive volume and begin increasing our profitability. However, we still have work to do and uncertainty in the dredge market remains. As we have proven in the fourth quarter, we can achieve profitability with the right mix and volume of work."Conference Call Details Orion Marine Group will conduct a telephone briefing to discuss its results for the fourth quarter and full year 2012 at 10:00 a.m. Eastern Time/9:00 a.m. Central Time on Thursday, February 28, 2013. To listen to a live broadcast of this briefing, visit the Investor Relations section of the Company's website at www.orionmarinegroup.com . To participate in the call, please call the Orion Marine Group Fourth Quarter 2012 Earnings Conference Call at 866-730-5765; participant code 94485326. A replay of this briefing will be available on the Web site within 24 hours and will be archived for at least two weeks.