TRC Selected by PSNC Energy for Second Phase of Natural Gas Pipeline Replacement and Upsizing Project
Company to continue project role following successful completion of Phase I
Lowell, Mass. – April 22, 2016 – TRC Companies, Inc. (NYSE: TRR), a recognized leader in engineering, environmental consulting and construction-management services, has been selected by PSNC Energy, a SCANA company, to provide $12.4 million of additional engineering design, mapping, right-of-way and surveying services for the second phase of a natural gas pipeline replacement and upsizing project in North Carolina. When complete, the project will result in improved line integrity, enhanced safety and additional capacity for economic development using clean-burning gas.
“We are proud to continue our relationship with PSNC Energy, especially on a project that supports the structural integrity of such an important pipeline,” said Chris Vincze, Chairman and Chief Executive Officer of TRC. “Participating in the entirety of this project has enabled TRC to showcase our expertise across a number of practices. We’re honored to have been selected again based on our efforts during the first phase.”
TRC is continuing to participate in the first phase of the project, which involves the removal and replacement of 26 miles of existing pipelines. Phase I began in January 2015 and is expected to be in-service in June 2016. During the second phase of the project, which involves the installation of 46 miles of a new, larger pipeline, TRC will support PSNC with respect to design and documentation for future integrity maintenance. Planning for Phase II began in March 2016, and construction is expected to be complete in the fall of 2017.
“The new pipeline system will benefit not just our company, but the entire surrounding community,” said Andrew Moore, Manager of Operations for PSNC Energy. “TRC has been an integral part of this project since day one, and we’re looking forward to working with them to successfully bring the next phase online.”
Certain statements in this press release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by forward-looking words such as "may," "expects," "plans," "anticipates," "believes," "estimates," or other words of similar import. You should consider statements that contain these words carefully because they discuss TRC's future expectations, contain projections of the Company's future results of operations or of its financial condition, or state other "forward-looking" information. TRC believes that it is important to communicate its future expectations to its investors. However, there may be events in the future that the Company is not able to accurately predict or control and that may cause its actual results to differ materially from the expectations described in its forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to, the uncertainty of TRC's operational and growth strategies; circumstances which could create large cash outflows, such as contract losses, litigation, uncollectible receivables and income tax assessments; regulatory uncertainty; the availability of funding for government projects; the level of demand for TRC's services; product acceptance; industry-wide competitive factors; the ability to continue to attract and retain highly skilled and qualified personnel; the availability and adequacy of insurance; and general political or economic conditions. Furthermore, market trends are subject to changes, which could adversely affect future results. See the risk factors and additional discussion in TRC's Annual Report on Form 10-K for the fiscal year ended June 30, 2015, and other factors included from time to time in the Company's other subsequent filings with the Securities and Exchange Commission.