Primoris Services Corporation Awarded Pipeline Project, Valued Over $120 Million

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) announced a new pipeline award valued at over $120 million. This contract, awarded to the Pipeline Services Segment, involves the construction of approximately 60 miles of pipeline in Texas. The project is slated to begin in the third quarter of 2022 and is expected to be completed by the second quarter of 2023. Primoris, a leading specialty contractor, provides infrastructure services across the utility and energy sectors, focusing on high-growth areas such as renewable energy and power delivery systems.

Positive

• Secured a pipeline award worth over $120 million.
• Construction of approximately 60 miles of pipeline to begin in Q3 2022.
• Expected completion by Q2 2023, indicating strong future revenue stream.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) announced today a pipeline award valued over $120 million. The contract was secured by the Pipeline Services Segment.

The award is for the construction of nearly 60 miles of pipeline in Texas. Work is scheduled to commence in the third quarter of 2022 and completion is expected in the second quarter of 2023.

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, power delivery 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, 2021, 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/20220906006100/en/

Blake Holcomb

Vice President, Investor Relations

Primoris Services Corporation

IR@prim.com

Source: Primoris Services Corporation

FAQ

What is the value of the new pipeline award announced by Primoris?

Primoris announced a pipeline award valued at over $120 million.

When is construction scheduled to commence for the new pipeline project?

Construction is scheduled to commence in the third quarter of 2022.

When is the completion date for the pipeline project?

The completion of the pipeline project is expected in the second quarter of 2023.

Which segment of Primoris secured the new pipeline award?

The Pipeline Services Segment of Primoris secured the new pipeline award.

How long will the new pipeline be?

The new pipeline project will cover nearly 60 miles.