Primoris Services Corporation Announces New Contracts Valued At Approximately $89 Million
DALLAS, Jan. 25, 2011 (GLOBE NEWSWIRE) -- Primoris Services Corporation (Nasdaq:PRIM) ("Primoris" or "Company") today announced that its wholly-owned subsidiary, James Construction Group, LLC, has been awarded five contracts valued at approximately $89 million for new work in Louisiana and Texas. The contracts involve highway infrastructure construction and projects related to the construction of industrial gas production facilities.
The first of the highway contracts, valued at approximately $26 million, is for the new I-49 Section F near Shreveport, Louisiana. This is the fourth I-49 project awarded to James over the last twelve months. The work scope, which includes 51,000 cubic yards of concrete paving, 2 million cubic yards of earthwork, and 3 new bridges, should commence in the second quarter of 2011 and be completed over the next two years.
The second highway contract, valued at approximately $39 million, was secured through the James Heavy Civil Division in Belton, Texas and relates to the Williamson County State Highway (SH) 195 Project. This project's work scope includes 10 new bridges, 3 million cubic yards of earthwork, and 196,696 tons of asphalt pavement. The contract work will start in the first quarter of 2011 and is scheduled for completion in late 2013.The James Houston Region, formerly known as Cravens Services, secured the third highway contract. Valued at approximately $9 million, this contract involves the reconstruction and improvement of Callaghan Road for the City of San Antonio, Texas. The project will commence in the first quarter of 2011 and is scheduled for completion in late 2012. The James Industrial Division was also awarded two separate contracts for projects related to the construction of industrial gas production plants in Louisiana and Texas. These contracts have a combined value of approximately $15 million. The first contract involves work for a new hydrogen plant near Luling, Louisiana. The work scope, consisting of concrete foundations, underground firewater lines, underground sewer lines, and underground electrical duct banks, should be completed by the end of 2011. The second contract, also expected to be completed by the end of 2011, involves the construction of a new air separation plant near La Porte, Texas. The work scope includes 172 tons of structural steel, over 12,000 linear feet of process piping, and the erection/setting of the major process equipment.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV