Primoris Services Corporation (NASDAQ Global Select: PRIM)
(“Primoris” or “Company”) today announced recent major contract awards
totaling approximately $155 million. The new contracts and work
authorizations secured by Primoris subsidiaries include pipeline and
highway infrastructure projects throughout the continental United States.
In the East Construction Services Segment:
James Construction Group’s Heavy Civil group was awarded new highway and
transportation infrastructure projects across Louisiana and Texas
totaling approximately $55 million. The duration of the new projects
will extend through 2015.
In the West Construction Services Segment:
Rockford Corporation secured new contracts valued at over $100 million.
The new Rockford contracts, which involve pipeline construction in
Pennsylvania, Texas, and West Virginia, highlight the significant
geographical range of the Rockford organization.
-
The largest contract, located near Corsicana, Texas, consists of a 100
mile portion of the 500 mile Seaway 30” diameter pipeline, which will
transport crude oil from the over supplied Cushing Hub to the Gulf
Coast. The Seaway Crude Pipeline Company is a joint venture between
Enterprise Products Partners, LLC, and Enbridge, Inc. The work is
scheduled to start in the 3rd quarter of 2013 and should be completed
during the first quarter of 2014.
-
The second project, located near Clarksburg, West Virginia, consists
of 2 miles of 24” diameter HDPE water line. This project started in
the third quarter of 2013 and should be complete by the end of 2013.
-
The third project involves 3.9 miles of 12” diameter gas pipeline in
Susquehanna County, Pennsylvania. This project started in the third
quarter of 2013 and should be complete by the end 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. With its acquisitions of James Construction Group in December
2009 and Rockford Corporation in November 2010, Primoris has doubled its
size 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