Primoris Services Corporation Announces Utilities and Distribution Award Valued at $20 Million
October 10 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 an anticipated
value of approximately $20 million. The contract was secured
by ARB Underground, part of the Utilities & Distribution
segment. While the MSA 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.
- The award is a one-year agreement to provide natural gas
pipelines construction services in Southern California.
- The work includes transmission and distribution pipeline
installations, service installations, valve installations,
miscellaneous gas work, street repair work, and crew
oversight. The majority of the work will be for the
customer’s small diameter gas distribution systems.
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 TholkingDirector of Investor Relations(214)
740-5615ktholking@prim.com
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