SOURCE: Primoris Services Corporation

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October 04, 2016 07:30 ET

Primoris Services Corporation Announces Additional $138 Million Authorization on Existing Industrial and Civil Award

DALLAS, TX--(Marketwired - October 04, 2016) - Primoris Services Corporation (NASDAQ: PRIM) ("Primoris" or "Company") today announced the authorization for an additional $138 million on an existing industrial and civil award. The contract was jointly secured by Primoris Energy Services' industrial division, part of the Energy segment, and James Construction Group's civil division, part of the East Construction Services segment. Work on the project began in the fourth quarter 2014, and currently planned completion is expected to be in the third quarter of 2017.

  • The project was awarded by a major petrochemical company for work at their multi-billion dollar expansion site in Louisiana.
  • This contract award was first announced in November 2014, with a value of $290 million. In August 2016, an additional $46.6 million authorization was announced.
  • This work is being done under a cost-reimbursable contract. The additional authorizations added approximately $134 million to the Energy backlog and approximately $51 million to the East backlog during the third quarter.

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, 2015, 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.

Contact Information

  • Company Contact
    Kate Tholking
    Director of Investor Relations
    (214) 740-5615
    ktholking@prim.com