Employee Benefits

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Employee Benefits

16.Employee Benefits

All of the Company’s employees except independent contractors, Associate Divers, the Associate Tugmasters, residents of Puerto Rico, and employees covered by a collective bargaining agreement, unless the agreement requires the employee to be included under the plan, are eligible to participate in the Company’s 401(k) Retirement Plan on the first day of any

month following their date of hire. Each participant may contribute between 1% and 80% of eligible compensation on a pre-tax basis, Roth after-tax or a combination of pre-tax and Roth, up to the annual IRS limit. The Company matches 100% on the first 3% of eligible compensation contributed to the Plan and 50% on the next 2% of eligible compensation contributed to the Plan. Participants’ contributions are fully vested at all times. Because the Plan is a Safe Harbor Plan, the money Orion contributes to employees’ accounts in the form of a match and any related earnings become theirs immediately upon receipt. At its discretion, the Company may make additional matching and profit-sharing contributions. During the years ended December 31, 2024, 2023 and 2022 the Company contributed $2.9 million, $2.7 million and $1.4 million, respectively, in matching contributions.

The Company contributes to several multi-employer defined pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. Risks of participating in these multi-employer plans are different from single-employer plans in the following aspects:

● Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers;

● If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and

● If the Company chooses to stop participating in its multi-employer plans, it may be required to pay a withdrawal liability based on the underfunded status of the plan.

The following table presents the Company’s participation in these plans:

		Pension Protection										Expiration
		Act ("PPA")										of
	Employer	Certified Zone Status		FIP/RP								Collective
	Identification	(1)		Status	Contributions						Surcharge	Bargaining
Pension Trust Fund	Number	2024	2023	P/I (2)	2024		2023		2022		Imposed	Agreement
International Union of Operating Engineers - Employers Construction Industry Retirement Plan - Local 302 and 612 Trust Funds	91-6028571	Green	Green	N/A	$	1,182	$	1,340	$	1,289	—	2027
Washington Laborers	91-6022315	Green	Green	N/A	$	50	$	137	$	106	—	2027
Carpenters Retirement Plan of Western Washington Northwest	91-6029051	Green	Green	N/A	$	681	$	1,906	$	1,717	—	2028
Carpenters Retirement Plan of Western Washington Southwest	95-3687194	Green	-	N/A	$	128	$	—	$	—	—	2028
Western Conference of Teamsters Pension Trust Fund	91-6145047	Green	Green	N/A	$	22	$	46	$	44	—	2027
Hawaii Operating Engineers Local 3 Trust Funds	81-3751949	Green	Green	N/A	$	1,706	$	121	$	—	—	2029
Hawaii Regional Council of Carpenters	45-3998630	Green	Green	N/A	$	1,542	$	128	$	—	—	2024

(1) The most recent PPA zone status available in 2024 and 2023 is for the plan’s year end during 2023 and 2022, respectively.  Zone status is based on information received from the plan and is indicative of the plans funding status. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the orange zone are less than 80 percent funded and have an Accumulated Funding Deficiency in the current year or projected into the next six years, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded.

(2) The FIP/RP Status P/I column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending (“P”), or implemented (“I”).

There are currently no plans to withdraw from any of the multi-employer plans in which the Company participates.