Primoris Services Corporation Announces Construction Contract With Southern California Water and Power Utility
05 Abril 2010 - 10:00AM
Primoris Services Corporation (Nasdaq:PRIM) (Nasdaq:PRIMW)
("Primoris" or "Company") today announced that its wholly-owned
subsidiary, ARB, Inc,. has been awarded a contract from a large
southern California water and power utility to provide an array of
services related to the re-powering of a combined-cycle 144 MW
generation unit. The 144 MW unit is located in an existing
generation complex and a major load center for this
utility. Work on the project will start immediately and should
be completed on or before May 1, 2012.
The expected cost of the entire project is approximately $248
million including the owner-procured major power island
equipment. ARB will provide engineering, design, procurement,
construction, installation, maintenance and operations training,
commissioning, start-up and testing services of the re-powered
generation unit. ARB's construction efforts will incorporate
and integrate the steam turbine generator, gas turbine generator
units, and the heat recovery steam generators into the existing
system, upgrade controls, and replace the existing condenser and
cooling tower.
Timothy R. Healy, President, ARB Inc. Industrial, said, "This
utility, a prior customer of ARB, is the nation's largest
irrigation district and one of the largest consumer-owned electric
utilities in California, supplying non-potable water to over
450,000 acres of highly productive farmland and providing energy
to more than 145,000 customers. Like many utilities, it has
chosen to upgrade technology rather than replace aging steam
production equipment in an effort to increase efficiencies in a
cost-effective manner. We appreciate the opportunity to work with
this utility again, and understand the importance of this project
to the both district it serves and the entire state of
California."
ARB, Inc., part of Primoris's Construction Services-West
segment, is an industry leader in power-generation construction
services. ARB's experience and abilities address a broad
spectrum of civil, structural, mechanical, and piping services for
both green field and brown field large scale power plants. Many of
the company's power projects include turn-key design, procurement,
and construction services. ARB has developed niche skills in
the power market that include heat-recovery steam generators and
SCR installations and retrofits, burner management systems, low-NOx
burner and power boiler retrofits, boiler-tube replacements and
upgrades, and pressure-vessel and boiler repair.
About Primoris
Primoris, through various subsidiaries, is one of the largest
specialty contractors and infrastructure companies in the United
States. Serving diverse end markets, Primoris provides a wide
range of construction, fabrication, maintenance and replacement
services, as well as engineering services to major public
utilities, petrochemical companies, energy companies,
municipalities and other customers. With the recent acquisition of
James Construction Group, Primoris has a significant presence in
the Gulf States region where it provides heavy civil construction
services. Primoris is also a leading water and wastewater
contractor in the state of Florida, and a specialist in designing
and constructing complex commercial and industrial concrete
structures in California. For additional information on Primoris,
please visit www.primoriscorp.com.
The Primoris Services Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5527
Forward-Looking Statements
This press release contains certain forward-looking statements,
including with regard to the Company's future performance. Words
such as "estimated," "believes," "expects," "projects," and
"future" or similar expressions are intended to identify
forward-looking statements. Forward-looking statements
inherently involve risks and uncertainties, 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 year ended December 31, 2008 and
other filings with the Securities and Exchange Commission,
including the Company's Form 10-K filed on March 11,
2010. 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.
CONTACT: Primoris Services Corporation
Peter J. Moerbeek, Executive Vice President,
Chief Financial Officer
(949) 454-7121
pmoerbeek@primoriscorp.com
The Equity Group Inc.
Devin Sullivan, Senior Vice President
(212) 836-9608
dsullivan@equityny.com
Gerrard Lobo, Senior Account Executive
(212) 836-9610
globo@equityny.com
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