Benzinga | Nov 30, 2021 04:25PM EST

Primoris Bags $520M In Contracts From Louisiana Department Of Transportation And Development

* Primoris Services Corp (NASDAQ:PRIM) has received two heavy civil awards with a combined value of more than $520 million.

* The Gulf Coast projects, secured by the company's Energy/Renewables Segment, were awarded by the Louisiana Department of Transportation and Development.

* The first project, valued at more than $60 million, involves the construction of a section of highway on LA 3241, scheduled to commence in 4Q21, with completion expected in 2Q23.

* The second project, valued at $460 million, involves the construction of a section of elevated highway on LA 1, scheduled to commence in 1Q22 with completion expected in 4Q27.

* "These projects, which were discussed in our recent earnings call, add a steady stream of heavy civil work to our Energy/Renewables backlog all the way into 2027," said CEO Tom McCormick.

* Price Action: PRIM shares are trading lower by 1.25% at $23.66 on the last check Monday.