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PRIMU Primoris Services - Units (MM)

7.6144
0.00 (0.00%)
Pre Market
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Primoris Services - Units (MM) NASDAQ:PRIMU NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 7.6144 0 00:00:00

Primoris Services Corporation Announces Construction Contract With Southern California Water and Power Utility

05/04/2010 2:00pm

GlobeNewswire Inc.


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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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