DALLAS--(BUSINESS WIRE)--
Primoris Services Corporation (NASDAQ Global Select: PRIM)
(“Primoris” or “Company”) today announced a new Master Service Agreement
(“MSA”), which the Company anticipates will generate approximately $500
million of revenues from a California utility customer. The contract was
secured jointly by the Underground and Industrial divisions of ARB,
Inc., part of the West Construction Services segment.
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The award is a five-year engineering, procurement, and construction
(“EPC”) agreement across all lines of the utility’s business,
including both gas and electric transmission and distribution.
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The agreement covers work in power substations, high voltage power
transmission lines, compressor stations, and hydro-electric plants.
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It is estimated that the MSA will generate approximately $100 million
per year over the course of the contract, based upon the customer
provided anticipated needs for the project. The agreement does not
obligate the customer to award the Company a specific dollar amount;
however, our discussions and experience with the customer form the
basis for our anticipated value. The Company will subcontract the
engineering requirements of the MSA.
ABOUT PRIMORIS
Founded in 1960, Primoris, through various subsidiaries, has grown to
become one of the largest publicly traded specialty construction 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, state departments of transportation,
and other customers. Growing both organically and through acquisitions,
the Company’s national footprint now extends nearly nationwide and into
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 known and unknown risks,
uncertainties, and other factors, 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 for the
period ended December 31, 2015, and other filings with the Securities
and Exchange Commission. Given these uncertainties, you should not place
undue reliance on forward-looking statements. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160329005393/en/
Primoris Services Corporation
Kate Tholking,214-740-5615
Director
of Investor Relations
[email protected]
Source: Primoris Services Corporation