Lake Forest-based construction and engineering company Primoris Services Corp. said Wednesday its ARB Inc. unit extended a contract with an undisclosed oil and gas company that could generate up to $50 million in revenue through 2012.
Under the extension, ARB is set to do maintenance, repair work and pipeline construction.
Primoris said it has a “longstanding relationship” with the oil and gas company. The company’s customers include Chevron Corp., Sempra Energy, Pacific Gas & Electric Co., BP PLC, ConocoPhillips and others.
In the second quarter, Primoris had revenue of $126.9 million, down 11% from a year earlier. The company had an operating profit of $12 million, up 50% from a year earlier.
Primoris went public in 2008 after buying about 80% of New York-based blank-check company Rhapsody Acquisition Corp. in a reverse merger.
The company has a market value of about $230 million with its shares up about 30% since the start of the year.
