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Primoris Services Corporation Announces Canadian Awards Valued Over $43 Million

1016 Days ago

DALLAS, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced three new awards with Canadian customers for work in Northern Alberta, Canada with a combined anticipated value over $43 million. The contracts were secured by Primoris Canada, part of the Power, Industrial, and Engineering segment.

  • The first award is for work on a multi-discipline project. Major components of the work include pipeline corridor and facility earthwork, structural steel and electrical. Work commenced in the third quarter of 2019, and completion is expected in the fourth quarter of 2019.
  • The second award is for work on a mine tailings infrastructure project. The scope comprises civil, structural, and piping. Work commenced in the third quarter of 2019, and completion is expected in the fourth quarter of 2019.
  • The third award is for a three-year Master Service Agreement (“MSA”) to provide fabricated pipe spools and bends with chromium carbide overlay. While the agreement does not obligate the customer to award Primoris a specific dollar amount, our discussions and history with the customer form the basis for our anticipated value.

Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the larger publicly traded specialty contractors and infrastructure companies in the United States. Serving diverse end markets, Primoris provides a wide range of construction, specialty services, fabrication, maintenance, replacement, and engineering services to major public utilities, petrochemical companies, refiners, energy companies, municipalities, state departments of transportation, and other customers. The Company's national footprint extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and Canada. For additional information, please visit www.prim.com.

This press release contains certain forward-looking statements, including with regard to the Company’s future performance. Words such as "estimated," "believes," "expects," "projects," “may,” and "future" or similar expressions are intended to identify forward-looking statements. Forward looking statements inherently involve known and unknown risks, uncertainties, and other factors, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of our Annual Report on Form 10-K for the period ended December 31, 2018, and other filings with the Securities and Exchange Commission. Given these 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.

Company Contact
Kate Tholking
Vice President, Investor Relations
(214) 740-5615

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