Primoris Services Corporation Announces over $244 Million in New Contracts
DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced new contracts and work authorizations totaling $244.5 million for the period since July 1, 2013. These contracts are in addition to those totaling over $345 million previously announced in September and October. The new contracts and work authorizations include work in the following end markets: power, pipeline, gas utility, industrial, highway/infrastructure, and water/wastewater.
In the West Construction Services Segment:
The ARB Underground Group secured nearly $50 million in new contracts
and work authorizations, all of which are slated to be completed by
the end of the first half of 2014. This new work consists of:
- approximately $18 million in new work authorizations for the hydrotesting and retrofitting of existing natural gas pipelines; and
- approximately $32 million for gas and electric distribution work.
- The ARB Industrial Group was awarded approximately $11 million of contracts, covering a range of industrial projects in California. These projects should be complete by the end of the first quarter of 2014.
- Q3 Contracting secured almost $5 million of new contracts involving utility distribution and restoration work in Kansas, Illinois, and Iowa. This work should be completed by the end of the first quarter of 2014.
- Rockford Corporation was awarded $17 million in contracts for new pipeline construction projects primarily located in the Marcellus shale region of Pennsylvania. These newly awarded projects should be complete by the end of the first quarter of 2014.
In the East Construction Services Segment:
James Construction Group was awarded new contract work totaling
approximately $92 million, which includes:
- In Texas and Louisiana, the James Heavy Civil group was awarded $54 million for highway construction projects. The completion dates for these projects extend through 2015;
- The James Industrial group was awarded over $20 million for civil and mechanical construction at industrial facilities in Texas, Louisiana, Arkansas, Oklahoma, and Alabama. The Cardinal Mechanical division also secured $5 million in new contract awards for chilled and hot water pipelines in western Texas. All of this work is scheduled for completion by the end of the third quarter of 2014; and
- The James Infrastructure and Maintenance group was awarded close to $13 million for industrial and power project site work in Louisiana, Florida, and Texas. This work should be completed by the end of the second quarter of 2014.
- Cardinal Contractors secured approximately $18 million of new water/wastewater work in Florida. This work should be complete by the end of 2014.
- Sprint Pipeline Services acquired roughly $13 million in new contract work from midstream oil & gas companies for various pipeline related projects. The new work includes both capital projects and Master Service Agreement work from the panhandle of Texas to the Eagle Ford Shale region and southern Louisiana. All of the new work should be completed by the end of the second quarter of 2014.
In the Engineering Segment:
OnQuest successfully acquired new work valued at over $40 million,
consisting of the following:
- The largest of the new awards involves a contract for the engineering design, procurement, and construction of a new 100,000 gallon per day LNG plant near San Antonio, TX. OnQuest will provide the engineering and procurement for the small scale, micro-LNG facility. James Industrial Group will subcontract to OnQuest for the construction phase of the project, beginning in 2014 with completion planned for 2015.
- OnQuest also received engineering design and procurement awards for process reformers for refining and industrial projects in Alberta, Canada; Sriracha, Thailand; and along the Gulf Coast of the United States. These projects should be completed by the end of 2014.
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 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.