Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced new contracts and work authorizations totaling approximately $102.5 million for natural gas pipeline infrastructure, power plant, and parking structure projects in California.
Primoris’s ARB Underground Group secured approximately $81.3 million in new work associated with recent MSA (Master Service Agreement) authorizations to continue its natural gas transmission and distribution pipeline integrity work in California. This includes replacing several sections of aging pipeline. These projects should be completed by December 2012.
Primoris’s ARB Industrial Group was awarded a $17.0 million contract to construct a new 50 MW peaking power generation facility in Oxnard, California. This project is for a major California electric utility and was directed by the California Public Utility Commission in response to concerns related to system reliability. Upon completion, the new facility will provide emergency start capability to quickly restore power to critical customers in Oxnard, such as hospitals and emergency responders, and also provide emergency power restoration to 21 cities in the Goleta, Santa Clara, and Moorpark areas of southern California. Work on this project has commenced and the facility is scheduled to go on-line in the third quarter of 2012.
Primoris’s ARB Structures, Inc. was awarded a $4.2 million contract by one of the largest real estate companies in southern California to construct a new multi-level parking structure in Costa Mesa. ARB Structures, Inc. is a leading design-build firm specializing in long-span, cast-in-place parking structures in the southern California market. The structure is expected to be completed by December 2012.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. Since December 2009, 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 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 Quarterly Report on Form 10-Q for the period ended September 30, 2011, 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.
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