Primoris Services Corporation Announces New Underground Contract Work Valued at $200 Million

DALLAS--()--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced a new contract award from a large Southern California utility customer totaling $200 million. The new contract was secured by Primoris Services’ Underground division of ARB Inc., a Primoris subsidiary and part of the West Construction Services segment. The work will commence in June of 2014 and run through December of 2016.

  • The award is for two of the five regions of the utility’s PSEP (Pipeline Safety Enhancement Plan) Performance Partnership program.
  • The two regions awarded to ARB are the largest of the five from a spend perspective, with a total estimated combined spend of $200 million on a reimbursable target price.
  • The majority of the work is class upgrades, either hydrotesting to a higher pressure or replacing existing lines with newer, stronger pipes.

ABOUT PRIMORIS

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. 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, 2013, and other filings with the Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on forward-looking statement. 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.

Contacts

Primoris Services Corporation
Kate Tholking, 214-740-5615
Director of Investor Relations
ktholking@prim.com

Release Summary

Primoris Services Corporation announced a new contract award from a large Southern California utility customer totaling $200 million.

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Contacts

Primoris Services Corporation
Kate Tholking, 214-740-5615
Director of Investor Relations
ktholking@prim.com