Primoris Services Corporation Announces Additional $22 Million Authorization on Existing Industrial and Civil Award
July 05 2017 - 7:30AM
Primoris Services Corporation (NASDAQ:PRIM)
(“Primoris” or “Company”) today announced the authorization of an
additional $22 million for an existing industrial and civil award.
The work will continue to be done by both Primoris Industrial, part
of the Power, Industrial and Engineering segment, and Primoris
I&M, part of the Civil segment. With the additional
authorization, planned completion of the Primoris work is now
expected to be in the third quarter of 2017.
- The project was awarded by a major petrochemical company for
work at their multi-billion dollar facility in Louisiana.
- This contract award was first announced in November 2014, with
a value of $290 million. Since that time, work authorizations
have been increased by $206.6 million.
- This work is being done under a cost-reimbursable contract. The
additional authorizations added approximately $14 million to the
PI&E backlog and approximately $8 million to the Civil backlog
during the second quarter.
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, 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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