SOURCE: Primoris Services Corporation

Primoris Services Corporation

November 10, 2016 07:30 ET

Primoris Services Corporation Announces Industrial and Heavy Civil Awards Valued at $49 Million

DALLAS, TX--(Marketwired - November 10, 2016) - Primoris Services Corporation (NASDAQ: PRIM) ("Primoris" or "Company") today announced three new awards valued at approximately $49 million.

The first award is for a new industrial project valued at approximately $17 million with a major industrial gases company. The contract was secured by Primoris Energy Services' industrial division, part of the Energy segment.

  • The award is for process mechanical construction on a new a steam methane reformer ("SMR") in Baytown, Texas. The SMR will produce approximately 125 million standard cubic feet per day of hydrogen.
  • The project is for erection of a reformer, including module assembly and process equipment setting.
  • Construction on the module assembly is scheduled to begin in the third quarter of 2016, and planned completion is in the first quarter of 2017.
  • Construction on the reformer erection is scheduled to begin in the third quarter of 2016 and planned completion is in the third quarter of 2017.

The second award is for a new heavy civil project valued at approximately $9 million. The contract was secured by James Construction Group, part of the East Construction Services segment.

  • The project was awarded by the Arkansas State Highway and Transportation Department and is located in Sevier County Arkansas
  • The project consists of replacing two existing girder bridges and asphalt paving to widen the road from 2 lanes to 5 lanes.
  • Work is scheduled to commence in the fourth quarter of 2016 and to be completed in the first quarter of 2018.

The third award is for a new heavy civil project valued at approximately $23 million. The contract was secured by James Construction Group, part of the East Construction Services segment.

  • The project was awarded by the Texas Department of Transportation and is located in Montgomery County, Texas.
  • The project consists of replacing an old asphalt two-lane section of FM 1774 with a new 4 lane concrete roadway, along with constructing a railway "Fly Over" to keep traffic continuously flowing.
  • Work is scheduled to commence in the fourth quarter of 2016 and to be completed in the second quarter of 2019.

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