DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation
(NASDAQ Global Select: PRIM) ("Primoris" or
"Company") today announced new contracts and work
authorizations totaling approximately $102.5 million for
natural gas pipeline infrastructure, power plant, and parking
structure projects in California.
Primoris's ARB Underground Group secured approximately
$81.3 million in new work associated with recent MSA (Master
Service Agreement) authorizations to continue its natural gas
transmission and distribution pipeline integrity work in
California. This includes replacing several sections of aging
pipeline. These projects should be completed by December
2012.
Primoris's ARB Industrial Group was awarded a $17.0
million contract to construct a new 50 MW peaking power
generation facility in Oxnard, California. This project is
for a major California electric utility and was directed by
the California Public Utility Commission in response to
concerns related to system reliability. Upon completion, the
new facility will provide emergency start capability to
quickly restore power to critical customers in Oxnard, such
as hospitals and emergency responders, and also provide
emergency power restoration to 21 cities in the Goleta, Santa
Clara, and Moorpark areas of southern California. Work on
this project has commenced and the facility is scheduled to
go on-line in the third quarter of 2012.
Primoris's ARB Structures, Inc. was awarded a $4.2
million contract by one of the largest real estate companies
in southern California to construct a new multi-level parking
structure in Costa Mesa. ARB Structures, Inc. is a leading
design-build firm specializing in long-span, cast-in-place
parking structures in the southern California market. The
structure is expected to be completed by December 2012.
About Primoris
Founded in 1946, Primoris, through various subsidiaries, has grown to become one of the largest specialty contractors 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, and other customers. Since December 2009, Primoris has doubled its size and the Company's national footprint now extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and 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 risks and uncertainties, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of our Quarterly Report on Form 10-Q for the period ended September 30, 2011, and other filings with the Securities and Exchange Commission. 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.
Primoris Services Corporation
Peter J. Moerbeek, 214-740-5602
Executive Vice President, Chief Financial Officer pmoerbeek@prim.com
or
Devin Sullivan, 212-836-9608
Senior Vice President dsullivan@equityny.com
Source: Primoris Services Corporation
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