Primoris Services Corporation Announces Contract Extension With Major International Oil & Gas Company
LAKE FOREST, Calif., Sep 15, 2009 (GlobeNewswire via COMTEX) -- By Staff
Companies: Primoris Services Corp (PRIM), Rhapsody Acquisition Corp (PRIM), Rhapsody Acquisition Corp (PRIMU)
Primoris Services Corporation (Nasdaq:PRIM) (Nasdaq:PRIMU) (Nasdaq:PRIMW) ("Primoris" or "Company"), one of the largest specialty contractors and engineering companies in the United States, today announced that its wholly-owned subsidiary, ARB, Inc., has signed a three-year extension of a Master Service Agreement ("MSA") with one of the largest oil & gas companies in the world. Under the terms of the agreement, ARB will perform general maintenance, repair work, and new pipeline construction, as requested by the client, in the state of California. Primoris estimates that this MSA may generate a total of $45 - $50 million in revenues over the three year period ending September 2012.
Scott Summers, President of ARB, commented, "For more then 60 years, ARB has been an industry leader in underground pipeline installation, maintenance, replacement, and rehabilitation. We are grateful for the continued confidence in our abilities reflected by this three-year contract extension. ARB's long-standing relationship with this client is just one of numerous long-term customer associations that define our history and reinforce our industry reputation. We look forward to continuing to support our client in meeting California's growing energy demands."
ARB installs large diameter pipelines for the transmission of natural gas, crude oil, chemical, petrochemical and refined petroleum product. The company provides construction services pertaining to all aspects of pipeline installation, replacement, and rehabilitation. ARB has developed the expertise to build pipelines through environmentally sensitive areas, congested city streets, and cross-country including valleys, deserts, mountains, rainforests, rivers and bays throughout North, Central, and South America.
About Primoris
Primoris, through various subsidiaries, is one of the largest specialty contractors and engineering companies in the United States, primarily serving the growing power and energy sectors. 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. 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-Q filed on August 11, 2009. 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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Primoris Services Corporation
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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Companies: Primoris Services Corp (PRIM), Rhapsody Acquisition Corp (PRIM), Rhapsody Acquisition Corp (PRIMU)
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