SOURCE: Primoris Services Corporation

Primoris Services Corporation

November 09, 2016 07:30 ET

Primoris Services Corporation Announces Underground Award Valued at $30 Million

DALLAS, TX--(Marketwired - November 09, 2016) - Primoris Services Corporation (NASDAQ: PRIM) ("Primoris" or "Company") today announced an extension of a Master Service Agreement ("MSA") with a major utility customer with a three-year anticipated value of $30 million. The contract was secured by Q3 Contracting ("Q3C"), part of the West Construction Services segment.

  • The award is a three year agreement to perform natural gas main and service renewal work in Nebraska.
  • The work includes renewing the existing natural gas mains in the right-of-way along with associated services to the homes.
  • We estimate that the MSA will generate approximately $10 million per year over the course of the contract. While the agreement does not obligate the customer to award Primoris a specific dollar amount, our discussions and history with the customer form the basis for our anticipated value.

ABOUT PRIMORIS

Founded in 1960, 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. The Company's national footprint 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 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