Primoris Services Corporation Announces Underground Awards Valued at $20 Million
By Business Wire News
By Business Wire News
Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced three underground awards with a combined value of over $20 million. The contracts were secured by Primoris Energy Services’ Primoris Pipeline, part of the Energy segment.
- The first award is for the replacement of approximately 5 miles of 32” and 36” petroleum products pipeline in central Virginia for a large downstream petroleum customer. Construction is scheduled to start in the first quarter of 2016 and is expected to be completed in the third quarter of 2016.
- The second award is an optimization of existing tank lines at a tank farm in southeast Texas. The project adds additional pumping capacity, allowing an increase in through-put and the added feed stock for a refinery on the Gulf Coast. The project will start immediately and is expected to be completed in the second quarter of 2016.
- The third award is a pipeline project located near Port Arthur, Texas. The project involves installing 2.7 miles of 36” pipeline, which will connect a current crude oil line to a tank farm. The project will start immediately and is expected to be completed during the quarter.
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.
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, 2014, 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
Director of Investor Relations