Primoris Services Corporation Acquires Coastal Field Services
Primoris Services Corporation has acquired the assets of Coastal Field Services for $27.5 million paid in cash at closing. Based in Beaumont, Texas, Coastal Field Services provides pipeline construction and maintenance, pipe and vessel coating and insulation, and integrity support services for leading companies in the oil and gas industry. .
Under the terms of the merger agreement, Coastal Field Services will now operate as Primoris Coastal Field Services, part of Primoris’ Pipeline and Underground segment. Jeff Bridges, former co-owner and president, will continue to manage day-to-day operations as president.
“The acquisition of Coastal dovetails well with the work performed by our Primoris Pipeline and Field Services groups,” David King, Primoris President and CEO, said. “It allows us to offer our clients a wider range of services, including compressor station capital projects, pipeline integrity work, call-out work, and insulation of plant piping and vessels. Coastal provides Primoris an opportunity to increase our market share in the Gulf Coast energy market.”
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