Primoris Services Corporation Announces over $262 Million in New Contracts

Business Wire

DALLAS--(BUSINESS WIRE)--

Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced new contracts and work authorizations totaling $262.5 million for the period between January 1, 2014 and March 31, 2014, of which it is expected that approximately $7 million will have been recognized as revenue in the first quarter of 2014. The new contracts and work authorizations include work in the following end markets: pipeline, gas utility, industrial, highway/infrastructure, water/wastewater, and parking structure projects.

In the West Construction Services Segment:

  • The ARB Underground Group secured nearly $47 million in new contracts and work authorizations, all of which are slated to be completed by the end of 2014. This new work consists of:
    • approximately $8 million in new work authorizations for the hydrotesting and retrofitting of existing natural gas pipelines;
    • approximately $13 million for gas and electric distribution work; and
    • approximately $25 million for new pipeline construction.
  • Q3C secured roughly $67 million in new contracts and work authorizations, the majority of which are for three or four year contracts. This new work consists of:
    • approximately $5 million in new work authorizations for the retrofitting and restoration of existing natural gas pipelines;
    • approximately $38 million for gas and electric distribution work; and
    • approximately $24 million for surface restoration and traffic control work.
  • Rockford was awarded $21 million in new contracts, the majority of which is for 20” and 30” natural gas pipelines in West Virginia and Maryland. These projects should be completed by the end of third quarter of 2014.
  • The ARB Industrial Group was awarded nearly $7 million of new contracts, for a range of projects in California. The majority of these projects should be complete by the end of the second quarter of 2014.
  • ARB Structures was awarded over $13 million for a new poured-in-place parking structure. The expected completion date for this project is the first quarter of 2015.

In the East Construction Services Segment:

  • James Construction Group was awarded new contract work totaling over $65 million, which includes:
    • over $58 million of awards for the James Heavy Civil group for highway construction projects in Texas and Louisiana. The majority of this work is scheduled for completion by the end of the third quarter of 2016;
    • approximately $7 million of awards for the James Infrastructure and Maintenance group for industrial and power project site work in Louisiana, Florida, and Texas. This work should be completed by the end of the 2014.
  • Cardinal Contractors secured approximately $5 million of new water/wastewater work in Florida and Texas, all of which is slated to be completed by the first half of 2015.
  • Primoris Energy Services secured nearly $36 million in new contracts and work authorizations, the majority of which should be completed by the end of 2014. This new works includes:
    • over $27 million in new awards for James Industrial Constructors for civil and mechanical construction at industrial facilities in Texas and Louisiana;
    • roughly $6 million in new awards for Sprint Pipeline Services from midstream oil & gas companies for various pipeline related projects. The new work includes both capital projects and Master Service Agreement work in Arizona, Texas, and Louisiana; and
    • over $2 million in new awards for FSSI from industrial clients, primarily for maintenance work in Texas and Louisiana.

In the Engineering Segment:

  • OnQuest successfully acquired new work valued at nearly $3 million. These engineering, design, and procurement awards for process reformers should be completed by the end of the first quarter of 2015.

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. The Company’s national footprint 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.

Contact:
Primoris Services Corporation
Kate Tholking, 214-740-5615
Director of Investor Relations
ktholking@prim.com
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