Primoris Subsidiary Sprint Pipeline Services Announces New Contract Work Valued at $90 Million
DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) ("Primoris" or "Company") today announced recent major contract awards from midstream oil & gas companies totaling approximately $90 million. The new contracts and work authorizations were secured by Sprint Pipelines Services ("Sprint"), a Primoris subsidiary and part of the East Construction Services segment.
- The largest contract consists of a 95 mile, 20" diameter pipeline portion of the BridgeTex Pipeline, which will transport 300,000 barrels per day of crude oil between Colorado City, TX, and Texas City, TX. The Sprint contract segment runs from near College Station, TX, south to Houston, TX. The work will commence in the fourth quarter of 2013 and should be completed in the second quarter of 2014.
- The second contract, located near Galena Park, TX, consists of a total of 4.5 miles of pipeline, 20" and 24", to transport oil between storage and processing facilities. Work commenced in the third quarter of 2013 and should be completed in the first quarter of 2014.
Founded in 1946, Primoris, through various subsidiaries, has grown to become one of the largest construction service enterprises in the United States. Serving diverse end markets, Primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. Since December 2009, Primoris has tripled its revenue and the Company's national footprint now 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 risks and uncertainties, including without limitation, those detailed in the "Risk Factors" section and other portions of our Annual Report on Form 10-K, our Form 10-Q, and other filings with the Securities and Exchange Commission. 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.
Primoris Services Corporation
Kate Tholking, 214-740-5615
Director of Investor Relations
KEYWORDS: United States North America Texas
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