DALLAS, July 05, 2017 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NASDAQ:PRIM) (“Primoris” or “Company”) today announced the authorization of an additional $22 million for an existing industrial and civil award. The work will continue to be done by both Primoris Industrial, part of the Power, Industrial and Engineering segment, and Primoris I&M, part of the Civil segment. With the additional authorization, planned completion of the Primoris work is now expected to be in the third quarter of 2017.
- The project was awarded by a major petrochemical company for work at their multi-billion dollar facility in Louisiana.
- This contract award was first announced in November 2014, with a value of $290 million. Since that time, work authorizations have been increased by $206.6 million.
- This work is being done under a cost-reimbursable contract. The additional authorizations added approximately $14 million to the PI&E backlog and approximately $8 million to the Civil backlog during the second quarter.
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, 2016, 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.