Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced new contract work totaling approximately $150 million. The new contracts and work authorizations were secured by ARB and Rockford, both part of the West Construction Services Segment of Primoris. The projects involve primarily pipeline and gas utility infrastructure projects.
- Rockford Corporation was awarded new contracts, for which work will begin in the first quarter of 2013 and is slated for completion by third quarter of 2013.
- Rockford was awarded a new contract for Segment 2 of the Appalachia-to-Texas (ATEX Express) pipeline project. The overall 1,230 pipeline project is designed to transport natural gas liquids (NGL) from the Marcellus-Utica Shale region of Pennsylvania, West Virginia, and Ohio to the Texas Gulf Coast near Houston. Segment 2 consists of 118 miles of 20” pipeline running from near Newark, Ohio to southeast of Dayton, Ohio.
- Rockford also acquired additional work authorizations for Marcellus Shale related pipeline work in Pennsylvania.
- ARB Underground Group has recently obtained new pipeline and distribution related work for both public utility and private clients in California. The work includes Hydrotest/Retrofit work, gas pipeline construction/relocations, oil pipeline construction/relocations, and gas pipeline facility construction. Substantially all of the work will be completed by the end of 2013.
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 STATEMENTSThis 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. Examples of forward-looking statements include, but are not limited to, statements regarding the timing of project completion. 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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