Primoris Services Corporation Announces Utilities and Distribution Award Valued at $21 Million
May 15 2017 - 7:30AM
Primoris Services Corporation
(NASDAQ:PRIM) (“Primoris” or “Company”) today announced a new
Master Service Agreement (“MSA”) with a major utility customer with
a three-year anticipated value of approximately $21 million.
The contract was secured by Q3 Contracting (“Q3C”), part of the
Utilities & Distribution segment.
- The award is a three-year agreement to perform natural gas main
and service renewal work in northern and northeastern Iowa.
- The work includes installing small and medium sized gas mains
in the utility easement using conventional and HDD methods,
associated tie-ins, renewing service lines to residential homes and
the abandonment of existing lines.
- It is estimated that the MSA will generate approximately $7
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 with the customer and our
history with similar clients form the basis for our anticipated
value.
ABOUT PRIMORISFounded 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, 2016, 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.
Company Contact
Kate Tholking
Director of Investor Relations
(214) 740-5615
ktholking@prim.com
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