Primoris Services Corp (NASDAQ:PRIM), an aspiring infrastructure company, founded in 1946.Though subjected to various subsidiaries, it has emerged itself to become one of the largest specialty contractors and infrastructure companies in the United States. Meeting the needs of diverse end markets. It’s all-embracing services which they provide to their consumers includes an array of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers.
Primoris Services Corporation gladly announced today that the business units associated with its wholly-owned subsidiary, Rockford Corporation have been offered a lucrative new unit price contracts worth of approximately $50 million for the construction of pipelines in Pennsylvania, Wyoming, and Oregon. Each of these projects demands its completion by the end of 2011.
According to the agreed norms of the contract, Rockford will construct approximately 15 miles of 16” diameter natural gas pipeline in the Marcellus Shale region of Susquehanna County, Pennsylvania; and is also said to include cross-country pipeline installation, as well as 28 directional drills and 5 road bores. This being Rockford’s first contract in the Marcellus Shale region, the largest source of natural gas in the United States. The work is intended to begin by the month of July, 2011.
Prior to this contract, Rockford has also bagged a contract to install 53 miles of 20” carbon dioxide pipeline near Casper, Wyoming, part of a planned 230-mile pipeline project from the Lost Cabin gas treatment plant in Fremont County, Wyoming to Bell Creek Field in Montana. Furthermore Alaska Continental Pipeline, a former subsidiary of Rockford and now a wholly-owned subsidiary of Primoris, was awarded a contract to install a 7.3 mile section of 20” natural gas pipeline near Mollala, Oregon.This project is expected to begin in July.
Thus Primoris is looking forward to the execution of the newly proposed contract and is anticipating its sheer and lucrative success.
Shares of PRIM climbed 1.65% to $14.19.
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