Sunday, August 18, 2019

Cobra signs new $900 million Puerto Rico power contract

By on May 29, 2018

SAN JUAN – Mammoth Energy Services Inc. announced Tuesday that its wholly owned subsidiary, Cobra Acquisitions LLC, signed a one-year $900 million contract with the Puerto Rico Electric Power Authority (Prepa) to “complete the restoration of the critical electrical transmission and distribution system components damaged as a result of Hurricane Maria as well as to support the initial phase of reconstruction of the electrical power system in Puerto Rico.”

The contractor’s release explained that it submitted its proposal to a bid procees begun in mid-February and entered into a contract with Prepa on May 26.

Under the terms of the contract, according to the release, Cobra is to “perform hurricane restoration and reconstruction services at various locations in PREPA’s service area.”

Cobra’s Puerto Rico contract increased to about $945 million

The contractor said it is increasing its resources to expedite the completion of the restoration process. As the restoration process comes to an end, “Cobra will continue to work with the Commonwealth of Puerto Rico, PREPA and various other federal and Commonwealth agencies to transition to the long task of reconstructing the Puerto Rico power grid of the future. This contract award is in addition to the original contract to provide restoration services that Cobra entered into in October 2017, as amended.”

“We are very proud of our Cobra team in Puerto Rico and look forward to continuing our relationship with the Commonwealth of Puerto Rico, PREPA and the citizens of Puerto Rico. Through the team’s hard work, professionalism and technical ability, we have been selected to lead this very important effort to complete the restoration phase and transition to the reconstruction phase of the electric utility system in Puerto Rico, which is expected to last for several years. The reconstruction of the electric utility infrastructure will improve the reliability and quality of service for the citizens of Puerto Rico,” Arty Straehla, Mammoth’s Chief Executive Officer, says in the release.

Cobra has been working to restore electrical services in Puerto Rico since October.

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