Orion Marine Group Inc. (NYSE: ORN) is establishing a base to serve the U.S. Pacific Northwest and West Coast through the acquisition of marine equipment items from a private company exiting the marine construction business. The cost of the equipment is $7 million.
The items include derrick barges cranes hammers and ancillary equipment. Additionally the company has hired several key personnel with West Coast heavy civil marine construction experience to help establish a new greenfield base to serve the area including Canada and Alaska. A new yard and office will be established on a waterfront site leased from the Port of Tacoma. Most of the equipment will be leased back to the selling company to facilitate completion of a naval base marine pier project that the seller expects to complete during the latter part of 2010.