Primoris Services Corporation Announces Pipeline Construction Awards Valued at over $185 Million
Primoris Services Corporation (NASDAQ Global Select: PRIM)
(“Primoris” or “Company”) today announced two new pipeline construction
awards with a combined value in excess of $185 million. The contracts
were secured by Primoris’ Rockford Corporation, part of the West
Construction Services segment.
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The first award is for a new natural gas pipeline located in central
Florida for a midstream customer. The project consists of 79 miles of
36” diameter pipeline to transport natural gas for power generation
needs. The scope of work includes 42 road bores, five directional
drills, and six mainline test sections. Construction is scheduled to
start in the second quarter of 2016 and is expected to be completed in
the first quarter of 2017.
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The second award is for a new natural gas pipeline to a power plant in
southern Pennsylvania for an independent power producer. The project
consists of 3.7 miles of 24” diameter natural gas pipeline and will
give an existing coal-fired plant the option to burn natural gas.
Construction is scheduled to start in the first quarter of 2016 and is
expected to be completed in the second quarter of 2016.
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, 2015, 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.
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Copyright Business Wire 2016
Source: Business Wire
(March 10, 2016 - 7:30 AM EST)
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