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Stock Market & Financial Investment News

News Breaks
June 12, 2014
07:31 EDTPRIMPrimoris announces new power plant award valued at over $55M
Primoris Services Corporation announced a new award for a California power plant valued at over $55M. The new contract was secured by the Industrial division of ARB, Inc., a Primoris subsidiary and part of the West Construction Services segment. Work will commence on the project in the third quarter of 2014 and is scheduled to be completed in the second quarter of 2016. The award is for the Glenarm Repowering Project and was unanimously approved by the Pasadena City Council. The contract consists of design, procurement and construction of a new, more efficient, cleaner generator at the existing power plant. Demolition of the 50-year-old GT-5 steam generator is included in the scope of work.
News For PRIM From The Last 14 Days
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March 23, 2015
07:31 EDTPRIMPrimoris announces three-year, $45M master service agreement
Primoris Services announced a new three year Master Service Agreement from a major utility customer with an anticipated value of $45M. The contract was secured by the ARB Underground division, part of the West Construction Services segment. The MSA will commence in April. The award is for gas distribution work in four regions, ranging from central California up to the Oregon border. This MSA represents incremental revenue to ARBís historic work for the client. The work covered by the agreement includes the replacement of Aldyl-A low pressure distribution mains and services and restoration of public streets, sidewalks and private property to their original condition. Primoris anticipates that the MSA will generate approximately $15M per year, and it is likely that the contract will be extended beyond the initial three years. While the agreement does not obligate the customer to award Primoris a specific dollar amount, its discussions and history with the customer form the basis for its anticipated value.

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