Primoris Services (PRIM) Authorized an Additional $138M for Existing Industrial and Civil Award

October 4, 2016 7:32 AM EDT

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Primoris Services Corporation (NASDAQ: PRIM) announced the authorization for an additional $138 million on an existing industrial and civil award. The contract was jointly secured by Primoris Energy Services' industrial division, part of the Energy segment, and James Construction Group's civil division, part of the East Construction Services segment. Work on the project began in the fourth quarter 2014, and currently planned completion is expected to be in the third quarter of 2017.

  • The project was awarded by a major petrochemical company for work at their multi-billion dollar expansion site in Louisiana.
  • This contract award was first announced in November 2014, with a value of $290 million. In August 2016, an additional $46.6 million authorization was announced.
  • This work is being done under a cost-reimbursable contract. The additional authorizations added approximately $134 million to the Energy backlog and approximately $51 million to the East backlog during the third quarter.

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