DCA News

Welcome to the DCA 2008 News archive page.

The intended usage of this page is to maintain previous posts industry events, information and resources for the dredging industry from 2008. To view current industry news, please visit our Current DCA News page.

Orion Marine Group Acquires Subaqueous Services, Inc.

Orion Marine Group, Inc. announced on February 29th, 2008 that it had substantially acquired all of the assets and business of Orlando, Florida-based Subaqueous Service, Inc. ("SSI") for $35 million in cash. The Company will fund the acquisition using a portion of its term loan bank facility and will operate the acquired assets under the name Subaqueous Services, L.L.C. based in Jacksonville, Florida.

SSI is a specialty dredging services provider that focuses on shallow water dredging projects in Florida and along the Atlantic Seaboard, utilizing both mechanical and hydraulic cutter suction pipeline dredging. Over its 25-year history, SSI has provided services on projects such as the dredging of ports, inlets, and Florida's intracoastal waterways, as well as wetland creation, shoreline stabilization, beach nourishment, lake restoration, and port expansion to a variety of private and public customers. SSI estimates its 2008 revenues will be between $40 and $45 million with comparable EBITDA margins to Orion Marine Group's long term goals.

Orion Marine Group's President and Chief Executive Officer Mike Pearson said, "This acquisition adds hydraulic cutter suction dredging capabilities to our east coast operations and allows the company to further expand its foot print for turn-key marine construction capabilities in the Florida and Atlantic Seaboard markets. By having these types of dredging services available in Florida, we will have the opportunity to attract new projects with enhanced capabilities to meet our customer's complete marine contracting needs."

Subaqueous Services, L.L.C. President Curtis Huggins, formerly with SSI, said, "We are excited to be a part of the full-service capabilities Orion Marine Group provides. Our services further compliment Orion Marine Group's Florida based marine operations with the equipment, manpower, and expertise to provide top-quality dredging capabilities as we work together to meet and exceed our customers' needs."