Primoris Services Corporation Announces Underground Awards Valued at $63 Million
By Business Wire News
By Business Wire News
Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced three new Master Service Agreements (“MSAs”) with utility customers with a three-year anticipated value of $63 million. The contracts were secured by the Underground division of ARB, Inc., part of the West Construction Services segment.
- The first MSA award is from a major Southern California utility customer to upgrade the gas and electric infrastructure in existing mobile home parks. It is estimated that this MSA will generate $10 million per year.
- The second MSA award is from a major Northern California utility customer to inspect with mobile camera systems all sewers near recent utility construction sites. It is estimated that this MSA will generate $7 million per year.
- The third MSA award is from the same Northern California utility customer for meter relocation to provide easier access for the meter readers and maintenance. It is estimated that the MSA will generate $4 million per year.
All three MSAs are for three years, with two additional one-year options, and are scheduled to start immediately. While the agreements do not obligate the customers to award Primoris a specific dollar amount, our discussions and history with the customers form the basis for our anticipated value.
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, 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
Kate Tholking, 214-740-5615
Director of Investor Relations