Primoris Services Corporation Announces New Contract Work Valued at over $322 Million
Primoris Services Corporation (NASDAQ Global Select: PRIM)
(“Primoris” or “Company”) today announced new contract work totaling
approximately $322.7 million for the period between January 1, 2013 and
March 31, 2013. This contract work is in addition to the two large
projects announced last week. The new contracts and work authorizations
secured by Primoris subsidiaries include power, pipeline, gas utility,
water/wastewater, and highway infrastructure projects throughout the
continental United States.
Approximately 38% of the new work will be performed under reimbursable
contracts and will not be included in backlog at the end of the quarter.
In the East Construction Services Segment:
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Cardinal Contractors secured approximately $12.4 million of new
contract work. Roughly $6.5 million of the work is for wastewater
plant improvements located in Texas. The $5.9 million of new awards in
Florida includes new water/wastewater construction projects and
rehabilitation/lining work. The majority of this work should be
completed by the end of 2013.
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James Construction Group was awarded new contract work totaling
approximately $82.5 million.
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The James Heavy Civil group new work encompasses over $40.1
million of new highway and transportation infrastructure projects
across central and southeast Texas, and approximately $5.6 million
of new bridge and highway work in Louisiana. These projects will
extend in to mid-2015.
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The James Industrial group was awarded over $31.1 million for
construction related to chemical and industrial facilities in
south Louisiana. The works should be substantially completed by
the end of 2014.
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The James Infrastructure and Maintenance group was awarded
approximately $5.7 million for power plant, industrial, and
landfill-related site work in Louisiana and Texas. This work
should also be completed substantially by the end of 2014.
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Saxon Construction, as part of a joint venture arrangement, was
awarded approximately $76.5 million for industrial facility
construction projects in Arkansas and south Texas. Saxon expects to
perform $42.5 million of the $76.5 million total award. This work
should be completed near year-end 2015. Saxon was also awarded a $3
million project associated with a gas processing facility in Oklahoma
that should be completed by the end of 2013.
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Sprint Pipeline Services secured additional awards for $27.6 million
in pipeline related projects in south Texas. The largest of the
projects is a $14 million contract for a new 12 inch pipeline that
extends a previously announced Sprint project. All of the new work
should be completed in 2013.
In the West Construction Services Segment:
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The ARB Underground Group has recently acquired approximately $68.6
million in new contract work in California, substantially all of which
will be completed by the end of 2013. This new work includes:
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approximately $24 million for retrofit and pipeline integrity work
from major California utility companies;
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$31.4 million for underground gas and electric distribution
projects; and
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$13.2 million for pipeline construction projects.
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The ARB Industrial Group acquired approximately $8.0 million in
industrial and power maintenance-related projects in California. The
majority of this work will be completed during 2013.
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Q3 Contracting secured $59.6 million for utility distribution and
pipeline-related work in the Midwest region of the United States,
primarily in Minnesota and Missouri. The new work will commence in the
second quarter and will extend to the end of 2013.
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Rockford Corporation was awarded additional new contracts for natural
gas pipeline and gathering systems in the Marcellus Shale region of
Pennsylvania valued at $18.5 million. All of this work should be
completed by the third quarter of 2013.
ABOUT PRIMORIS
Founded in 1946, Primoris, through various subsidiaries, has grown to
become one of the largest construction service enterprises 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.