Primoris Services Corp. (PRIM) Subsidiary Inks $99.2M Contract, Reflects $1B Backlog

QualityStocks would like to highlight Primoris Services Corp. (NASDAQ: PRIM). 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.

In the company’s news yesterday,

Primoris Services Corp. announced that its wholly owned subsidiary ARB Inc. was awarded a $99.2 million contract from the Northern California Power Agency (NCPA) for the construction and commissioning services of a power generation facility.

ARB provides power-generation construction services. The company’s experience and knowledge are focused on 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.

The company’s contract calls for a natural gas-fired, combined-cycle nominal 296 megawatt (MW) power generation facility at NCPA’s Lodi generation complex on land owned and incorporated by the City of Lodi, Calif.

ARB will provide procurement, construction, installation, maintenance and operations training, and commissioning, as well as start-up and testing services. The company will immediately commence operations on the project, which is expected to be completed on or before June 1, 2012.

ARB’s project and the recent new construction contracts by Primoris’ James Construction Group subsidiary represent a first-time $1 billion backlog for Primoris, marking a 30 percent backlog increase since the end of 2009.

“Our milestone backlog of $1 billion is a remarkable accomplishment and a testament to our entire team. While backlog represents only a portion of our future revenue stream and does not guarantee future revenues, we are proud of the contributions from both our California-based businesses and from James, which we acquired in December 2009,” Brian Pratt, chairman and CEO of Primoris stated in the press release.

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