Primoris Services Corporation (NASDAQ Global Select: PRIM)
(“Primoris” or “Company”) today announced a new industrial award valued
in excess of $50 million. The contract was secured by the Industrial
division of ARB, Inc., part of the West Construction Services segment.
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The award is from a large oil refining customer for a new cogeneration
facility at a major refinery in Southern California. This project is
designed to provide primary power to the refinery and to augment the
existing steam supply system to the refinery process units.
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ARB is in a joint venture with Kansas City-based Burns & McDonnell
Engineering Company, Inc. The JV will provide engineering, procurement
and construction of the new cogeneration facility.
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Engineering and procurement will commence in the fourth quarter of
2015, and construction is anticipated to start in the second quarter
of 2016. The project is anticipated to be complete in the third
quarter of 2017.
ABOUT PRIMORIS
Founded in 1960, Primoris, through various subsidiaries, has grown to
become one of the largest publicly traded specialty construction 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, state departments of transportation,
and other customers. Growing both organically and through acquisitions,
the Company’s national footprint now extends nearly nationwide and into
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 known and unknown risks,
uncertainties, and other factors, including without limitation, those
described in this press release and those detailed in the "Risk Factors"
section and other portions of our Annual Report on Form 10-K for the
period ended December 31, 2014, and other filings with the Securities
and Exchange Commission. Given these uncertainties, you should not place
undue reliance on forward-looking statements. 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.
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