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Primoris Services Corporation Announces New Contract Work Valued At Over $34 Million

Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced that its subsidiary Sprint Pipeline Services has been awarded three separate contracts totaling approximately $34.8 million. All of these projects will commence in the third quarter of 2012 and are scheduled for completion by year end.

  • The first contract, valued at approximately $25 million, includes the construction of 54 miles of new twin pipelines, a 24” natural gas pipeline and a 12” liquids pipeline, in the EAGLE FORD SHALE region of South Texas.
  • The other two contracts total approximately $9.8 million and entail facility and civil work related to liquids processing facilities, also located in South Texas.

Sprint Pipeline Services, based in Houston, Texas, is an energy services company that specializes in pipeline, distribution, and process facility construction and maintenance activities for the oil and gas industry. Primoris completed its acquisition of Sprint in March 2012 with the intent of increasing its service capability in the Gulf Coast energy market. These new contracts reflect Sprint’s track record of successful performance, substantial equipment resources, and strategic support locations throughout Texas.

ABOUT PRIMORIS

Founded in 1946, Primoris, through various subsidiaries, has grown to become one of the largest construction service enterprises 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 2008, Primoris has more than doubled its size and the Company’s national footprint 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 Annual Report on Form 10-K, our Form 10-Q, 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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