Mammoth Energy Services Inc. (NASDAQ: TUSK) said Feb. 28 its wholly owned subsidiary, Cobra Acquisitions LLC, has executed an amendment to its existing contract to assist in the restoration of the electric infrastructure on the island of Puerto Rico.
In the amendment, the prior contract amount of approximately $445 million has been increased to approximately $945 million.
On Feb. 27, the Puerto Rico Electric Power Authority and Cobra executed a contract amendment that further increased the aggregate contract amount by $500 million to a total contract value of approximately $945 million to address additional work requirements.
In addition to continuing with its repair and restoration work, Cobra will now include the ability to source construction materials needed to rebuild the electrical infrastructure in Puerto Rico 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 all materials.
“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, said.