Primoris Services Corporation (NASDAQ Global Select: PRIM)
(“Primoris” or “Company”) today announced two new major contract awards
totaling over $393 million. The new contracts were secured by ARB and
James Construction Group, two Primoris subsidiaries. The projects
include a major utility alliance contract for pipeline integrity work in
California and a large highway infrastructure project in Mississippi.
In the West Construction Services Segment:
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The ARB Underground group has been selected by Pacific Gas and
Electric, through an “alliance” process, to receive a three year
contract, with two one-year options, as part of their PSEP (Pipeline
Safety Enhancement Plan) program.
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ARB was awarded the “Bay Area” of California, which includes the
San Francisco, San Jose, and Oakland regions.
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This alliance agreement replaces the delivery system PG&E has used
for their integrity work in previous years. The contract work will
encompass all forms of system integrity upgrades including
hydrotesting, valve automation/replacement, and in-line
inspection/replacement.
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The work will begin immediately and is initially valued at roughly
$100 million/year for a total of $300 million over the course of
the three year contract.
In the East Construction Services Segment:
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MDOT, the Mississippi Department of Transportation, recently awarded
James Construction Group a new contract valued at approximately $93.5
million for rehabilitation and improvements to Interstate 55 south of
Jackson, Mississippi. The project is slated to start in the second
quarter of 2013 and should be complete in the first quarter of 2016.
The work scope includes roughly:
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850,000 cubic yards of excavation
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350,000 tons of asphalt
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95,000 linear feet of cast-in-place barrier rail
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two bridges
ABOUT PRIMORIS
Founded in 1946, Primoris, through various subsidiaries, has grown to
become one of the largest specialty contractors and infrastructure
companies in the United States. Serving diverse end markets, Primoris
provides a wide range of construction, fabrication, maintenance,
replacement, water and wastewater, and engineering services to major
public utilities, petrochemical companies, energy companies,
municipalities, and other customers. Since December 2009, Primoris has
tripled its revenue and the Company’s national footprint now extends
from Florida, along the Gulf Coast, through California, into the Pacific
Northwest and Canada. For additional information, please visit www.prim.com.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements,
including with regard to the Company’s future performance. Words such as
"estimated," "believes," "expects," "projects," “may,” and "future" or
similar expressions are intended to identify forward-looking statements.
Forward-looking statements inherently involve risks and uncertainties,
including without limitation, those detailed in the "Risk Factors"
section and other portions of our Annual Report on Form 10-K, our Form
10-Q, and other filings with the Securities and Exchange Commission.
Primoris does not undertake any obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under applicable
securities laws.
