SOURCE: Primoris Services Corporation

Primoris Services Corporation

January 18, 2017 07:30 ET

Primoris Services Corporation Provides Update on $680 Million Pipeline Construction Award

DALLAS, TX--(Marketwired - January 18, 2017) - Primoris Services Corporation (NASDAQ: PRIM) ("Primoris" or "Company") today announced that Spring Ridge Constructors, a joint venture of four pipeline construction companies including Primoris' Rockford Corporation, has awarded four spreads valued at over $680 million to Rockford. Rockford is a part of the Primoris' West Construction Services segment.

  • The awards are for a natural gas pipeline to bring natural gas to Virginia and North Carolina for electric generation and utility customer needs. The Rockford spreads are for 177 miles of 20", 36" and 42" diameter pipeline.
  • Construction will take place over two years and is anticipated to begin in early 2018. The current construction schedule calls for three spreads to be constructed in 2018 and the fourth spread in 2019. As the regulatory process proceeds, it is possible that Spring Ridge Constructors may re-allocate the spreads based on timing of permits and construction capacity of the four joint venture partners.
  • Prior to the spreads being assigned by Spring Ridge Contractors, Primoris estimated Rockford's portion of this project to be approximately $625 million and included that amount in backlog during the third quarter of 2016. The additional $55 million will be included in fourth quarter 2016 backlog to bring the total project award value to $680 million.

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