Primoris secures $19M deal for second phase of industrial gas plant

ConDig (18-Apr-19).  Dallas, Texas-based construction and infrastructure company Primoris Services Corp has bagged an $19 million deal for the second phase construction of an industrial gas plant in Texas.

Under the deal with the unnamed client, the company will oversee installation of processing pipes, structural steel, equipment setting and electrical and instrumentation. 

Work is slated to start in the second quarter of this year and completion is expected in the third quarter of 2019.

Primoris was awarded the first phase of the process mechanical scope of work last year. 

The contract was secured by Primoris Industrial Constructors, part of the group’s power, industrial and engineering division.

In February, Primoris reported a 51% boost in revenue to $877.7 million in the year ended December 31, 2018, compared with $579 million in the same period a year earlier. 

Primoris said the increase was primarily due to incremental revenue from acquisitions and organic growth in its pipeline division.

This helped drive up net income to $32.4 million, or $0.63 per fully diluted share, compared with $22.5 million, or $0.44 per fully diluted share, the fourth quarter a year earlier.

It also unveiled that it had secured a $30 million master service agreement to construct and install natural gas distribution main and service pipelines in the Midwest.

In November, Primoris landed two contracts worth a total of $17 million for a new industrial gas plant in Louisiana, while it also secured a $90 million maintenance renewal contract with an unnamed oil producer.

In August, Primoris announced that it had secured a number of pipeline and underground contracts worth a total of $145 million.

US construction expenditure posted a moderate gain of 0.8% in November to a seasonally adjusted annual rate of $1.3 trillion from a revised $1.29 trillion in October, according to latest figures from the Commerce Department.

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