Primoris Services Corporation Announces $99.2 Million Power Contract
July 21 2010 - 8:08AM
Primoris Services Corporation (Nasdaq:PRIM)
(Nasdaq:PRIMW) ("Primoris" or "Company") today announced that its
wholly-owned subsidiary, ARB, Inc., was awarded a contract valued
at approximately $99.2 million by the Northern California Power
Agency ("NCPA") to provide general construction and commissioning
services for a power generation facility. This project and the
recently announced new construction contracts at the Company's
wholly-owned James Construction Group ("James") subsidiary have
combined to increase Primoris' current total backlog to more than
$1 billion for the first time. The $1 billion backlog amount
represents an increase of over 30% in backlog since the end of
2009.
The ARB contract is for a natural gas-fired, combined-cycle
nominal 296 megawatt (MW) power generation facility located at
NCPA's existing Lodi generation complex on land owned and
incorporated by the City of Lodi, 6 miles west of the Lodi city
center. Work on the project will start immediately and should be
completed on or before June 1, 2012.
ARB will provide procurement, construction, installation,
maintenance and operations training, commissioning, start-up and
testing services. The combined-cycle generating plant includes one
natural gas-fired combustion turbine-generator; one 3-pressure heat
recovery steam generator; one condensing steam turbine generator;
one natural gas-fired auxiliary boiler; one 7-cell draft
evaporative cooling tower and associated support equipment.
Brian Pratt, Chairman and CEO of Primoris, stated "Our milestone
backlog of $1 billion is a remarkable accomplishment and a
testament to our entire team. While backlog represents only a
portion of our future revenue stream and does not guarantee future
revenues, we are proud of the contributions from both our
California-based businesses and from James, which we acquired in
December 2009."
ARB, Inc., part of Primoris' West Construction Services segment,
is an industry leader in power-generation construction services.
ARB's experience and abilities address a broad spectrum of civil,
structural, mechanical, and piping services for both green field
and brown field large scale power plants. Many of the company's
power projects include turn-key design, procurement, and
construction services. ARB has developed niche skills in the power
market that include heat-recovery steam generators and SCR
installations and retrofits, burner management systems, low-NOx
burner and power boiler retrofits, boiler-tube replacements and
upgrades, and pressure-vessel and boiler repair.
About Primoris
Primoris, through various subsidiaries, is 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 and replacement
services, as well as engineering services to major public
utilities, petrochemical companies, energy companies,
municipalities and other customers. With the recent acquisition of
James Construction Group, Primoris has a significant presence in
the Gulf States region where it provides heavy civil construction
services. Primoris is also a leading water and wastewater
contractor in the state of Florida, and a specialist in designing
and constructing complex commercial and industrial concrete
structures in California. For additional information on Primoris,
please visit www.prim.com.
The Primoris Services Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5527
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 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 year ended December 31, 2009 and
other filings with the Securities and Exchange Commission,
including the Company's Form 10-Q filed on May 10,
2010. 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
Peter J. Moerbeek, Executive Vice President,
Chief Financial Officer
(949) 454-7121
pmoerbeek@prim.com
The Equity Group Inc.
Devin Sullivan, Senior Vice President
(212) 836-9608
dsullivan@equityny.com
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