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Primoris Services Corporation Awarded Over $75 Million in Energy/Renewables Segment Contracts
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Primoris Services Corporation (NASDAQ: PRIM) has announced two new projects worth over $75 million, secured under its Energy/Renewables Segment in the Gulf Coast region. The projects include the construction of a dam in Florida and the mechanical scope for a hydrogen-producing Steam Methane Reformer (SMR), the largest unit operated by its customer in the region. Work is set to begin in Q1 2022, with completion expected by Q1 2023.
Positive
Secured two significant projects valued over $75 million.
Projects are within the growing Energy/Renewables Segment.
Work begins Q1 2022 and completes by Q1 2023, indicating immediate revenue generation.
Negative
None.
DALLAS--(BUSINESS WIRE)--
Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced two projects with a combined value of more than $75 million. The awards were secured by the Company’s Energy/Renewables Segment and are located in the Gulf Coast region. The projects will commence in the first quarter of 2022 and are expected to be complete in the first quarter of 2023.
The projects are for industrial and civil work. The first project is for the construction of a dam located in Florida. The second project is for the mechanical scope of a hydrogen producing Steam Methane Reformer (“SMR”). This will be the largest SMR Unit our customer operates in the Gulf Coast region.
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.
