Primoris Services Corporation (NASDAQ Global Select:PRIM) (“Primoris” or “Company”) today announced an industrial and heavy civil award with an initial value of $290 million. The Company believes that the completion of the full scope of the project would result in a significant increase in the work authorization amount. The contract was jointly secured by Primoris Energy Services’ James Industrial Contractors (“JIC”), part of the Energy segment, and the Infrastructure & Maintenance (“I&M”) division of Primoris’ James Construction Group, part of the East Construction Services segment. Work on the project will being immediately and extend into 2016.

  • The project was awarded by a major petrochemical company for work at their multi-billion dollar expansion site in Louisiana.
  • The contract award allows Primoris to begin work at the sizeable jobsite. The project is expected to include over 2 million craft man-hours, 1.5 million cubic yards of excavation, 3 million cubic yards of backfill, 120,000 linear feet of underground piping, and 100,000 cubic yards of concrete foundation and paving.
  • The Company expects that approximately 40% of the total award value will flow to James I&M, whose portion of the contract includes all clearing and site work, including mass excavation and backfill.
  • The Company expects that approximately 60% of the total award value will flow to JIC. JIC will be responsible for deep foundations, underground piping and electrical duct banks, and foundations.

ABOUT PRIMORIS

Founded in 1960, 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.

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, 2013, and other filings with the Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on forward-looking statement. 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.