As previously announced the Company has been focusing on developing and growing electrical construction services under multi-year Master Service Agreements ("MSAs"), which provide for more consistent work load and improved operating efficiencies. This effort has scored significant success in the second quarter. Total MSA backlog grew five-fold to approximately $190 million as of June 30, 2014, from $31 million as of June 30, 2013. If MSA contracts awarded since July 1, 2014 were included as of June 30, 2014, the total estimated MSA backlog would be approximately $266 million.
In addition, project-specific firm contracts to be completed within 12 months grew to approximately $34 million as of June 30, 2014, from approximately $25 million as of June 30, 2013. As of June 30, 2014 our total backlog was $224 million (excluding $76 million awarded since July 1, 2014), compared to $56 million as of June 30, 2013. Of the $224 million backlog as of June 30, 2014, $34 million is believed to be firm under existing project-specific fixed-price and maintenance contracts and the balance represents the estimated value of future services under our existing MSAs. We expect approximately $60 million (27%) of this backlog to be completed within the next 12 months.
Our backlog represents the uncompleted portion of services to be performed under existing project-specific fixed-price and maintenance contracts and the estimated value of future services that we expect to provide under our existing MSAs. The existing MSAs have initial terms ranging from one year to four years, and some provide for additional renewals at the option of the customer. Our total MSA calculation assumes exercise of the renewal options. Revenue from assumed exercise of renewal options represents 47% of our total estimated MSA backlog as of June 30, 2014.
The estimated amount of backlog for work under MSAs is calculated by using recurring historical trends in current MSAs and projected customer needs based upon ongoing communications with the customer. The size and amount of projects we may be awarded under MSAs cannot be determined with certainty and actual future revenue from such contracts may vary substantially from our current estimates.
John H. Sottile, President and Chief Executive Officer of Goldfield said, "The dramatic increase in our electrical construction MSAs attests to the strength of our operations and the success of efforts to grow that business." "This portends well for our future," Mr. Sottile added.
again - this is no backog s evidenced by the poor conversion figure of just $60 mln over a FULL calendar year. When applying a $15mln quarterly run rate to the new MSAs it would take close to 5 years to convert all the guesstimated current MSA backlog to revenues