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Primoris Services Corporation Announces New Contract Work Valued At Over $217 Million

Stocks in this article: PRIM

Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced new contract work totaling approximately $217.5 million for the period between July 15, 2012 and October 1, 2012. The new contracts and work authorizations secured by Primoris subsidiaries include power, pipeline, gas utility, water/wastewater, highway infrastructure and parking infrastructure projects throughout the continental United States and both domestic and international engineering projects.

Approximately 14% of the new work will be performed under reimbursable contracts and will not be included in backlog.

In the West Construction Services Segment:

  • The ARB Underground Group has recently acquired approximately $85.3 million in new contract work in California, substantially all of which will be completed by the end of 2012. This new work includes:
    • $33.3 million for various energy pipeline construction projects from both utility and non-utility customers;
    • approximately $16.6 million for retrofit and pipeline integrity work from three major California utility companies;
    • and $35.4 million for underground gas and electric distribution projects
  • The ARB Industrial Group acquired approximately $6.5 million in new industrial and power maintenance related projects in California. The majority of this work will be completed by the end of the first quarter of 2013.
  • ARB Structures secured two new parking structure contracts totaling approximately $16 million. These projects will commence in the 4th quarter of 2012 and should be complete by the end of the second quarter of 2013.
  • Rockford Corporation was awarded contracts for new natural gas gathering system pipeline construction work totaling approximately $28.8 million. The new contracts represent additional work in the Marcellus Shale region of Pennsylvania. The majority of this work should be completed in 2012.
  • Alaska Continental Pipeline secured approximately $10.5 million for a new natural gas transmission pipeline in Northern California. The new work should be substantially complete by the end of 2012.

In the East Construction Services Segment:

  • James Construction Group was awarded new contract work totaling approximately $34.2 million. The Heavy Civil new work will extend through 2014, while the Industrial and Infrastructure & Maintenance awards should be substantially complete by mid-2013.
    • The James Heavy Civil group new work encompasses over $16.1 million of new highway and transportation infrastructure across central and southeast Texas.
    • The James Industrial group was awarded over $5.7 million for construction related to chemical and industrial facilities primarily in south Louisiana.
    • The James Infrastructure and Maintenance group was awarded approximately $12.4 million for power plant and industrial related site work in Arkansas, Louisiana, and Texas.
  • Cardinal Contractors was successful in securing approximately $15.3 million of new work in Florida consisting of various water/wastewater construction projects and GML rehabilitation/lining work. Most of this work should be completed in 2013.
  • Sprint Pipeline Services secured an additional $11.6 million of pipeline and gas processing work in south Texas. This work supplements the previously announced $34.8 million of pipeline work acquired by Sprint.

In the Engineering Segment:

  • OnQuest, Inc., Primoris’s petrochemical and gas process engineering subsidiary, was awarded contracts for seven new design and engineering projects totaling approximately $9.3 million. The new projects include two international projects for furnace design and supply secured by OnQuest’s Calgary operation. Most of this work should be completed in 2013.

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. 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.

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 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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