Primoris Services Corporation (NASDAQ Global Select: PRIM)
(“Primoris” or “Company”) today announced new contracts and work
authorizations totaling approximately $328 million entered into since
the start of the second calendar quarter. These contracts are in
addition to those totaling over $210 million previously announced during
the second quarter. The new contracts and work authorizations include
work in the following market segments: power, pipeline, gas utility,
industrial, highway/infrastructure, water/wastewater, and parking
structure projects.
In the Engineering Segment:
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OnQuest successfully acquired twelve new work awards at locations from
Hong Kong to Trinidad and from Calgary to Texas and Louisiana in North
America. These awards, valued at $10 million, involve primarily the
OnQuest expertise for process reformers, heaters, and furnaces. The
awards also include two projects for a new OnQuest subsidiary,
Primoris Structural Forensics Group (PSFG), related to refinery
infrastructure rehabilitation in Louisiana.
In the West Construction Services Segment:
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The ARB Underground Group secured over $37.5 million in new contracts
and work authorizations, all of which are slated to be completed by
the end of 2013. This new work consists of:
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approximately $7.3 million in new work authorizations for natural
gas service, retrofit, and integrity work in California that is
not related to the previously announced PG&E PSEP contract;
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$14.9 million for gas and electric distribution work; and
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$15.3 million for other pipeline-related construction projects.
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The ARB Industrial Group was awarded approximately $41.1 million of
contracts, the majority of which is associated with new thermal solar
power plant construction in Southern California. The work has begun
and should be complete by March 2014.
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ARB Structures was awarded a new contract totaling approximately $10
million to construct a concrete parking structure in Southern
California. This project is slated for completion in mid-2014.
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Q3 Contracting secured $14.5 million of new contracts involving
utility distribution and restoration work. This work began in the
second quarter and will be completed by year end.
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Rockford Corporation was awarded $19.5 million in contracts for new
pipeline construction projects primarily located in the Pennsylvania
and West Virginia regions. All of this work should be completed during
2013.
In the East Construction Services Segment:
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James Construction Group was awarded new contract work totaling
approximately $166 million, which includes:
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In Louisiana, the James Heavy Civil group was awarded $18.5
million for new highway construction projects. The work on these
contracts is anticipated to extend in to 2015;
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In Texas, the James Heavy Civil group was awarded $36.9 million
for highway construction projects near Temple, Texas and in the
greater Houston area. The completion dates for these projects will
extend over the next two years;
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In Mississippi, the James Heavy Civil group was awarded a $69
million contract for a Design/Build highway and bridge project.
This project was awarded in early July and is anticipated to
extend in to 2015;
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The James Industrial group was awarded over $32 million for civil
and mechanical construction at industrial facilities in South
Louisiana and Southeast Texas. The Cardinal Mechanical division
also secured a $5 million contract for utility work in San
Antonio. All of this work is scheduled for the next three quarters
with completion in early 2014; and
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The James Infrastructure and Maintenance group was awarded over
$4.5 million for landfill, power plant and mine support projects
in Louisiana, Florida, and Texas. This work should be completed by
year end.
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Cardinal Contractors secured approximately $2.8 million of new work in
Florida, consisting of water/wastewater work and sewer system lining
work. This work should be complete by the end of March 2014.
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Sprint Pipeline Services acquired roughly $27.2 million in new
contract work from midstream oil & gas companies for various pipeline
related projects. The new work includes both capital projects and
Master Service Agreement work from the panhandle of Texas to the Eagle
Ford Shale region of South Texas. All of the new work will be
completed during 2014.
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.
Copyright Business Wire 2013