Primoris Services Corporation Announces New Contract Work Valued at over $80 Million
DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) ("Primoris" or "Company") today announced a major new contract award secured by Q3 Contracting, part of the West Construction Services segment of Primoris. The new award will result in a net revenue increase of over $80 million over the next three years.
Q3 Contracting was awarded a new three year contract by Xcel Energy. The unit priced blanket contract covers gas distribution work in the Denver area. The work performed under this new contract is similar to work Q3C has done for Xcel Energy in the past, but the new award significantly increases the level of the work to be done. The contract adds approximately $27 million per year for the three year term and includes an option for an additional two years. The work will begin immediately.
Founded in 1946, Primoris, through various subsidiaries, has grown to become one of the largest specialty contractors 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, and other customers. Since December 2009, Primoris has tripled its revenue and the Company's national footprint now 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.
Primoris Services Corporation
Kate Tholking, 214-740-5615
Director of Investor Relations
KEYWORDS: United States North America Texas
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