Primoris Services Corporation Announces Underground Award with Anticipated Value of $45 Million
By Business Wire News
By Business Wire News
Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced a new three year Master Service Agreement (“MSA”) from a major utility customer with an anticipated value of $45 million. The contract was secured by the ARB Underground division, part of the West Construction Services segment. The MSA will commence in April of 2015.
- The award is for gas distribution work in four regions, ranging from central California up to the Oregon border. This MSA represents incremental revenue to ARB’s historic work for the client.
- The work covered by the agreement includes the replacement of Aldyl-A low pressure distribution mains and services and restoration of public streets, sidewalks and private property to their original condition.
- Primoris anticipates that the MSA will generate approximately $15 million per year, and it is likely that the contract will be extended beyond the initial three years. While the agreement does 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.
Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the largest construction service enterprises 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. The Company’s national footprint 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 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, 2013, 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.
Primoris Services Corporation
Kate Tholking, 214-740-5615
Director of Investor Relations