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Primoris Services (PRIM) Unit Receives $241M Texas Reconstruction Contract

 November 08, 2012 11:54 AM


(By Balaseshan) Primoris Services Corp. (NASDAQ: PRIM) said its James Construction Group unit recently executed a new contract with the Texas Department of Transportation for about $241.3 million.

The new contract is for a massive project to rebuild a six mile section of I-35 through Temple, Texas. The work encompasses the complete reconstruction of I-35 to widen the existing four lanes of the interstate to eight lanes and add new frontage roads through the city of Temple.

The 48 month project is scheduled to begin in mid-2013 and be completed in mid-2017. This section is part of the major capacity expansion program for I-35 between Salado and Hillsboro, Texas.

[Related -Dividend Roundup: CL, CNQ, CSC, NFG, PRIM, CNSL]

With this project award, James now has five I-35 projects in the region, totaling $663 million to be constructed over the next five years.

The construction activities for the new contract will include: over 1.9 million cubic yards of excavation; 128,000 linear feet of underground drainage; 629,000 square feet of retaining walls; and 20 new bridges.

The activities also include 907,000 square yards of concrete pavement; and 229,000 tons of asphalt and the other miscellaneous items require to complete the new interstate project.

The company, through various subsidiaries, provide a range of construction, fabrication, maintenance, replacement, water and wastewater and product engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.

[Related -Primoris Services (PRIM) 4Q Earnings Jump 36.5 Pct, Beat Estimates]

PRIM is trading down 0.72 percent at $13.71 on Thursday. The stock has been trading between $10.90 and $17.10 for the past 52 weeks.

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