Primoris Services Corporation Announces New Contract Work Valued At Over $155 M
Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced recent major contract awards totaling approximately $155 million. The new contracts and work authorizations secured by Primoris subsidiaries include pipeline and highway infrastructure projects throughout the continental United States.
In the East Construction Services Segment:
James Construction Group’s Heavy Civil group was awarded new highway and transportation infrastructure projects across Louisiana and Texas totaling approximately $55 million. The duration of the new projects will extend through 2015.
In the West Construction Services Segment:
Rockford Corporation secured new contracts valued at over $100 million. The new Rockford contracts, which involve pipeline construction in Pennsylvania, Texas, and West Virginia, highlight the significant geographical range of the Rockford organization.
- The largest contract, located near Corsicana, Texas, consists of a 100 mile portion of the 500 mile Seaway 30” diameter pipeline, which will transport crude oil from the over supplied Cushing Hub to the Gulf Coast. The Seaway Crude Pipeline Company is a joint venture between Enterprise Products Partners, LLC, and Enbridge, Inc. The work is scheduled to start in the 3rd quarter of 2013 and should be completed during the first quarter of 2014.
- The second project, located near Clarksburg, West Virginia, consists of 2 miles of 24” diameter HDPE water line. This project started in the third quarter of 2013 and should be complete by the end of 2013.
- The third project involves 3.9 miles of 12” diameter gas pipeline in Susquehanna County, Pennsylvania. This project started in the third quarter of 2013 and should be complete by the end of 2013.
Founded in 1946, 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. With its acquisitions of James Construction Group in December 2009 and Rockford Corporation in November 2010, 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 detailed in the "Risk Factors" section and other portions of our Annual Report on Form 10-K, our Form 10-Q, 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.
Copyright Business Wire 2013