DALLAS, March 2, 2011 (GLOBE NEWSWIRE) -- Primoris Services Corporation (Nasdaq:PRIM) ("Primoris" or "Company") today announced that its wholly-owned subsidiary, ARB, Inc., has been awarded a contract from one of the nation's largest power generation companies to help modernize the El Segundo Generating Station, located in El Segundo, California. Work on this project is scheduled to commence in May 2011 and be completed in the second quarter of 2013. Historically, contracts of similar size and scope have provided revenues between $137 million and $162 million to ARB.
The El Segundo Repowering Project is designed to improve the availability, supply, and reliability of electric power for the region in an environmentally-friendly manner. ARB will replace two older generating units (#1 and #2) at the El Segundo facility with a state-of-the-art, 550 MW natural gas-fired, combined cycle power plant. The new units to be installed by ARB will be air-cooled, eliminating the need to utilize the ocean water cooling system used by units #1 and #2 and bringing the El Segundo facility into early compliance with new environmental requirements regarding the use of ocean water for cooling purposes. In addition, the new technology being installed by ARB will allow the plant to efficiently ramp up to 150 MW in just 10 minutes as compared to traditional startup time of 6 to 12 hours. This project will make the El Segundo facility a clean, reliable base load energy source for Southern California residents.
Tim Healy, President of ARB Industrial, said, "We are honored to have been chosen to upgrade the output, efficiency, and reliability of the El Segundo facility, while reducing its carbon footprint and overall environmental impact."ABOUT PRIMORIS Founded in 1946, Primoris, through various subsidiaries, has grown to become one of the largest specialty contractors 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, and other customers. With its acquisitions of James Construction Group in December 2009 and Rockford Corporation in November 2010, Primoris has doubled its size and the Company's national footprint now extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and Canada. For additional information, please visit www.prim.com The Primoris Services Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5527 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 risks and uncertainties, 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 year ended December 31, 2009, our Form 10-Q for the three month period ended September 30, 2010, and other filings with the Securities and Exchange Commission. 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.
CONTACT: Company Contact Peter J. Moerbeek Executive Vice President, Chief Financial Officer (214) 740-5602 email@example.com The Equity Group Inc. Devin Sullivan Senior Vice President (212) 836-9608 firstname.lastname@example.org
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV