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

By on February 28, 2018

SAN JUAN – Mammoth Energy Services Inc. announced Wednesday that its wholly owned subsidiary, Cobra Acquisitions LLC, has executed an amendment to its contract to assist in the restoration of Puerto Rico’s electric infrastructure. In the amendment, the prior contract amount of approximately $445 million has been increased to approximately $945 million “to address additional work requirements.”

According to the contractor’s release, on Feb. 27 the Puerto Rico Electric Power Authority (Prepa) and Cobra amended their agreement to include the ability to source construction materials needed to rebuild the grid on a “pass-through basis.” In the past, Cobra relied on third-party contractors hired by Prepa, and the U.S. Army Corps of Engineers (USACE) to supply materials.

“Our team in Puerto Rico is executing at a high level and through our hard work and professionalism PREPA has elected to further expand the value and scope of our contract. The ability to source materials opens up another opportunity to bring needed restoration materials to the Island, allowing our team to gain further efficiencies in our efforts to rebuild Puerto Rico’s damaged electrical system. Together with PREPA, we look forward to fully restoring power across the island and bringing a sense of normalcy back to the people of Puerto Rico,” Arty Straehla, Mammoth’s CEO, says in the release.

Cobra’s Puerto Rico contract increased to about $445 million

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