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HOUSTON, July 3, 2013 (GLOBE NEWSWIRE) -- Orion Marine Group, Inc. (NYSE:ORN) (the "Company"), a leading heavy civil marine contractor serving the infrastructure sector, today is providing its investors an update on the Company's outlook and end markets.
Continued demand for the Company's suite of marine infrastructure solutions has helped to provide steady bid opportunities. The Company expects this demand, particularly from the private sector, will continue for the remainder of 2013 and into 2014. For the quarter, the Company bid on approximately $440 million worth of opportunities and was successful on approximately $150 million, representing a win rate of approximately 34%. Additionally, the Company has approximately $170 million worth of bids outstanding of which it is the apparent low bidder on approximately $35 million. The Company reminds investors that the timing and size of awards can and does affect the win rate in any particular quarter. As noted previously, the Company has seen a stabilization of bid margins over the past several months. Additionally, pockets of bid margin improvement in certain areas continue to give the Company optimism, although widespread margin improvement has still not materialized. The Company remains content with its near term bid market outlook, backlog of work, and long term outlook. However, uncertainty remains surrounding Federal budgetary issues as the end of the Federal fiscal year approaches.
With only three months remaining in the Federal fiscal year, the Company is closely watching any developments out of Washington involving the Fiscal Year 2014 budget process, particularly as it relates to the Army Corps of Engineers. Congress will need to either pass a full year budget or a short term continuing resolution in order to fund the Army Corps of Engineers past September 30, 2013. As the Company has noted before, sporadic U.S. Army Corps of Engineers lettings usually arise during periods of budget uncertainty.