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.
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