Jul 22 2010
Primoris Services Corporation (Nasdaq:PRIM) (Nasdaq:PRIMW) ("Primoris" or "Company") today announced that its wholly-owned subsidiary, ARB, Inc., was awarded a contract valued at approximately $99.2 million by the Northern California Power Agency ("NCPA") to provide general construction and commissioning services for a power generation facility.
This project and the recently announced new construction contracts at the Company's wholly-owned James Construction Group ("James") subsidiary have combined to increase Primoris' current total backlog to more than $1 billion for the first time. The $1 billion backlog amount represents an increase of over 30% in backlog since the end of 2009.
The ARB contract is for a natural gas-fired, combined-cycle nominal 296 megawatt (MW) power generation facility located at NCPA's existing Lodi generation complex on land owned and incorporated by the City of Lodi, 6 miles west of the Lodi city center. Work on the project will start immediately and should be completed on or before June 1, 2012.
ARB will provide procurement, construction, installation, maintenance and operations training, commissioning, start-up and testing services. The combined-cycle generating plant includes one natural gas-fired combustion turbine-generator; one 3-pressure heat recovery steam generator; one condensing steam turbine generator; one natural gas-fired auxiliary boiler; one 7-cell draft evaporative cooling tower and associated support equipment.
Brian Pratt, Chairman and CEO of Primoris, stated "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."
Source: http://www.prim.com/