Primoris Services Corporation Awarded 200 MW Thermal Power Project Estimated Value of $100 Million

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) has secured a $100 million thermal power project through its Energy/Renewables Segment. This project involves the engineering, procurement, and construction of 200 MW thermal power plants at two Southwest locations. Initial engineering and procurement will commence in Q3 2021, with project completion anticipated by Q2 2022. Primoris continues to diversify its portfolio, focusing on high-margin markets, enhancing long-term growth prospects.

Positive

• Awarded a $100 million contract for a thermal power project.
• Involves engineering, procurement, and construction of 200 MW of thermal power.
• Expansion into higher-margin, higher-growth markets.

Negative

• None.

Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced the award of a thermal power project with an estimated value of $100 million. The contract was secured by the Company’s Energy/Renewables Segment.

• This award is for the engineering, procurement and construction of 200 MW of thermal power for two different locations in the Southwest. The primary scope of the project includes all civil, electrical and mechanical work associated with construction of these new power generation plants adjacent to existing facilities.
• Initial engineering and procurement of the project will begin in the third quarter of 2021 with completion expected in the second quarter of 2022.

ABOUT PRIMORIS

Primoris Services Corporation (NASDAQ GS: PRIM) is a leading provider of specialty contracting and critical infrastructure services to the utility, energy/renewables, and pipeline services markets throughout North America. The Company’s diversified base of blue-chip customers, focus on smaller contracts, and its high proportion of master service agreements have de-risked its portfolio over the last several years. An expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations and telecom/broadband infrastructure have also increased its 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/20210819005266/en/

FAQ

What is the value of the thermal power project awarded to Primoris (PRIM)?

The thermal power project awarded to Primoris is valued at approximately $100 million.

When will the thermal power project for Primoris begin and end?

Initial engineering and procurement for the project will begin in Q3 2021, with completion expected in Q2 2022.

What is the scope of the thermal power project awarded to Primoris?

The scope includes the engineering, procurement, and construction of 200 MW of thermal power across two locations.

Which segment of Primoris secured the thermal power project?

The project was secured by Primoris's Energy/Renewables Segment.