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Primoris Services Corporation Announces Engineering Award Valued Over $11 Million

959 Days ago

DALLAS, Oct. 03, 2019 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced a new engineering award valued over $11 million. The contract was secured by OnQuest, part of the Power, Industrial, & Engineering segment.  This contract was signed in the third quarter of 2019.

  • The award is for an engineering, design and supply contract for a new liquid natural gas (“LNG”) storage and regasification facility.
  • The current scope of work for OnQuest includes the regasification system, LNG supply lines, 4,000 cubic meters of storage and complete balance of plant engineering, including start-up and commissioning support.  We expect additional scope to be awarded in the fourth quarter of 2019.
  • Engineering commenced in the third quarter of 2019, and completion of current scope is expected in the third quarter of 2020.

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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