Primoris Services Corporation Announces Utility and Distribution Awards Valued at $31 Million
January 14 2019 - 7:30AM
Primoris Services Corporation (NASDAQ Global Select:
PRIM) (“Primoris” or “Company”) today announced the
extension of two existing Master Service Agreements (“MSA”) with a
major utility customer. The contracts were secured by Q3
Contracting (“Q3C”), part of the Utilities & Distribution
segment.
- The first award is a one and one
half-year agreement for the restoration of hard and soft surfaces
in the Midwest region of the U.S. with an anticipated value of $12
million.
- The second award is a three-year
agreement for storm water and erosion control services in the West
region of the U.S. with an anticipated value of $19 million.
- It is estimated that these MSAs
will generate approximately $14 million per year over the course of
the contracts. While the agreements do not obligate the customer to
award Primoris a specific dollar amount, our discussions and
history with the customer 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,
2017, 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 ContactKate TholkingVice President,
Investor Relations(214) 740-5615ktholking@prim.com
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