Primoris Services Corporation Announces Over $225 Million in Utilities Segment Awards

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) has secured two Master Service Agreements (MSAs) worth over $225 million for gas distribution projects in California. These agreements, one spanning two years and the other five years, highlight the company's long-standing relationships with major utilities. The MSAs are set to expand Primoris's portfolio into 2026, supporting its growth in critical infrastructure services across the energy and utility sectors.

Positive

• Secured two MSAs totaling over $225 million.
• Long-term relationships with major utilities, enhancing reliable revenue streams.
• Expansion of MSA portfolio into 2026 supports future growth.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced two new Master Service Agreements (“MSA”) totaling over $225 million for gas distribution projects in California. The MSAs were secured by the Utilities Segment.

“We have long-standing relationships spanning over forty years with both major utilities,” said Tom McCormick, President and Chief Executive Officer of Primoris. “These multi-year master service agreements expand those relationships and extend our MSA portfolio into 2026.”

The first agreement, a two-year MSA, is for a gas distribution program in northern California. The second agreement, a five-year MSA, is for a gas distribution program with a major utility customer in southern California.

ABOUT PRIMORIS

Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211209005172/en/

Brook Wootton, Vice President, Investor Relations

Primoris Services Corporation

214-545-6773, bwootton@prim.com

Source: Primoris Services Corporation

FAQ

What are the details of the new MSAs announced by Primoris Services Corporation?

Primoris has secured two new Master Service Agreements worth over $225 million for gas distribution projects in California.

How long will the new agreements with Primoris last?

The first MSA is a two-year agreement, while the second is a five-year agreement.

What is the significance of these MSAs for Primoris?

These agreements expand Primoris's existing relationships with major utilities and enhance their service portfolio through 2026.

What is the stock symbol for Primoris Services Corporation?

The stock symbol for Primoris Services Corporation is PRIM.