Primoris Services Corporation Announces Procurement Phase of Engineering & Supply Award Valued at Over $30 Million
January 23 2018 - 7:30AM
Primoris Services Corporation (NASDAQ:PRIM)
(“Primoris” or “Company”) today announced that Primoris’ OnQuest
has been released to proceed on a fired heaters procurement award
for a new petrochemical facility in Alberta, Canada. OnQuest
is part of Primoris’ Power, Industrial, and Engineering segment.
- The original award was for the design and supply of four fired
heaters and was announced in October 2015. In 2016, the
project was put on hold by the owner. OnQuest completed the
engineering in 2017 and has now been released to proceed with the
procurement of the heaters.
- The heaters are a critical component of a new multi-billion
polypropylene facility, the first propane-to-plastics facility in
Canada. The new facility will benefit from low-cost
feedstock, as shale gas drilling has led to an abundance of propane
in Canada.
- In addition to the heaters, OnQuest will be designing and
supplying associated equipment including the integrated steam
system and overall Burner Management System (BMS) for the
heaters.
- Delivery of the heaters is expected in the second quarter of
2019.
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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