Primoris Services Corporation Secures Heavy Civil Project Valued over $35 million

Rhea-AI Summary

On March 24, 2021, Primoris Services Corporation (NASDAQ: PRIM) announced a significant contract valued at over $35 million, awarded by the Texas Department of Transportation for a heavy civil project in Midland, Texas. The project involves reconstructing Interstate 20's frontage roads and main lanes, including paving, drainage, and safety features. Work is set to commence in Q2 2021 and is expected to conclude by Q4 2023. This contract reflects Primoris's capabilities in specialty contracting and its ongoing engagement in infrastructure development.

Positive

• Awarded a $35 million contract by the Texas Department of Transportation.
• Project addresses the reconstruction of critical infrastructure on Interstate 20.
• Solidifies Primoris's presence in the heavy civil sector.

Negative

• None.

DALLAS, March 24, 2021 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced a new heavy civil project with a total value of over $35 million. The contract was secured by the Company’s Energy Segment.

• The project was awarded by the Texas Department of Transportation and is in Midland, Texas.
• The project is for the reconstruction of both the frontage roads and main lanes of Interstate 20. The project involves the removal and replacement of existing surfaces, paving of both concrete and asphalt, drainage, new bridge construction and safety items such as signage, guardrails, and barriers.
• Work will commence in the second quarter of 2021, with completion expected in the fourth quarter of 2023.
  

ABOUT PRIMORIS
Founded in 1960, Primoris is one of the leading providers of specialty contracting services operating throughout the United States and Canada. Primoris provides a wide range of specialty construction services, fabrication, maintenance, and engineering services to a diversified and well-tenured blue-chip client base. 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.

For additional information, contact:

Brook Wootton
Vice President, Investor Relations
Primoris Services Corporation, 214-545-6773
bwootton@prim.com

FAQ

What is the value of the new contract announced by Primoris on March 24, 2021?

The contract is valued at over $35 million.

Who awarded the contract for the project in Midland, Texas?

The contract was awarded by the Texas Department of Transportation.

When will the construction work for the Primoris project start?

Construction work is set to commence in the second quarter of 2021.

When is the expected completion date for the Interstate 20 project?

The project is expected to be completed in the fourth quarter of 2023.

What type of work will be performed under the new Primoris contract?

The work includes reconstruction of roads, paving, drainage, and new bridge construction.