Primoris Services Corporation announces new contract work valued at over $217 million

Wednesday, Oct 17, 2012

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.

Source: Business Wire

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