Back to PRIM
Primoris Services Corporation Announces New Contracts Valued at $102.5 Million

Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced new contracts and work authorizations totaling approximately $102.5 million for natural gas pipeline infrastructure, power plant, and parking structure projects in California.

Primoris’s ARB Underground Group secured approximately $81.3 million in new work associated with recent MSA (Master Service Agreement) authorizations to continue its natural gas transmission and distribution pipeline integrity work in California. This includes replacing several sections of aging pipeline. These projects should be completed by December 2012.

Primoris’s ARB Industrial Group was awarded a $17.0 million contract to construct a new 50 MW peaking power generation facility in Oxnard, California. This project is for a major California electric utility and was directed by the California Public Utility Commission in response to concerns related to system reliability. Upon completion, the new facility will provide emergency start capability to quickly restore power to critical customers in Oxnard, such as hospitals and emergency responders, and also provide emergency power restoration to 21 cities in the Goleta, Santa Clara, and Moorpark areas of southern California. Work on this project has commenced and the facility is scheduled to go on-line in the third quarter of 2012.

Primoris’s ARB Structures, Inc. was awarded a $4.2 million contract by one of the largest real estate companies in southern California to construct a new multi-level parking structure in Costa Mesa. ARB Structures, Inc. is a leading design-build firm specializing in long-span, cast-in-place parking structures in the southern California market. The structure is expected to be completed by December 2012.

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 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 described in this press release and those detailed in the "Risk Factors" section and other portions of our Quarterly Report on Form 10-Q for the period ended September 30, 2011, 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.

(c) 2014 Business Wire, Inc., All rights reserved. All of the news releases and other content contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. Any copying or reproduction (other than for an individual user's personal reference), redistribution, reposting or other transmission or communication is expressly prohibited without prior written permission of Business Wire, Inc
Back to PRIM
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki