Primoris Services Corporation Announces New Contract Work Valued at over $322 Million

DALLAS–(BUSINESS WIRE)– Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced new contract work totaling approximately $322.7 million for the period between January 1, 2013 and March 31, 2013. This contract work is in addition to the two large projects announced last week. The new contracts and work authorizations secured by Primoris subsidiaries include power, pipeline, gas utility, water/wastewater, and highway infrastructure projects throughout the continental United States.

Approximately 38% of the new work will be performed under reimbursable contracts and will not be included in backlog at the end of the quarter.

In the East Construction Services Segment:

• Cardinal Contractors secured approximately $12.4 million of new contract work. Roughly $6.5 million of the work is for wastewater plant improvements located in Texas. The $5.9 million of new awards in Florida includes new water/wastewater construction projects and rehabilitation/lining work. The majority of this work should be completed by the end of 2013.
• James Construction Group was awarded new contract work totaling approximately $82.5 million.
  • The James Heavy Civil group new work encompasses over $40.1 million of new highway and transportation infrastructure projects across central and southeast Texas, and approximately $5.6 million of new bridge and highway work in Louisiana. These projects will extend in to mid-2015.
  • The James Industrial group was awarded over $31.1 million for construction related to chemical and industrial facilities in south Louisiana. The works should be substantially completed by the end of 2014.
  • The James Infrastructure and Maintenance group was awarded approximately $5.7 million for power plant, industrial, and landfill-related site work in Louisiana and Texas. This work should also be completed substantially by the end of 2014.
• Saxon Construction, as part of a joint venture arrangement, was awarded approximately $76.5 million for industrial facility construction projects in Arkansas and south Texas. Saxon expects to perform $42.5 million of the $76.5 million total award. This work should be completed near year-end 2015. Saxon was also awarded a $3 million project associated with a gas processing facility in Oklahoma that should be completed by the end of 2013.
• Sprint Pipeline Services secured additional awards for $27.6 million …read more
  Source: FULL ARTICLE at DailyFinance