Primoris Services Corporation Announces New Power Plant Award Valued at over $55 Million
Primoris Services Corporation (NASDAQ Global Select: PRIM) ('Primoris' or 'Company') announced a new award for a California power plant valued at over $55 million. The new contract was secured by the Industrial division of ARB, Inc., a Primoris subsidiary and part of the West Construction Services segment. Work will commence on the project in the third quarter of 2014 and is scheduled to be completed in the second quarter of 2016.
- The award is for the Glenarm Repowering Project and was unanimously approved by the Pasadena City Council.
- The contract consists of design, procurement and construction of a new, more efficient, cleaner generator at the existing power plant.
- Demolition of the 50-year-old GT-5 steam generator is included in the scope of work.
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.
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, 2013, 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.