March 23, 2012 / 11:28 AM / 6 years ago

UPDATE 1-Orion Marine warns of margin pressure

March 23 (Reuters) - Civil marine contractor Orion Marine Group Inc said it expects anemic economic growth and delays in federal spending to continue to pressure its margins in the first half of 2012.

“The company does not expect the start of recently awarded projects to materially begin until the third and fourth quarter of 2012,” Orion Marine said in a statement.

In March, the Houston-based company was awarded a $10 million causeway construction and trestle replacement contract in Hyder, Alaska.

Underutilized dredging assets, primarily due to lack of Corps of Engineers job lettings, are expected to further pressure margins during at least the first half of 2012.

Orion Marine shares, which have lost about 10 percent of their value in the last 3 months, closed at $7.28 on Thursday on the New York Stock Exchange.

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