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Mammoth Energy +6% as Puerto Rico contract expanded

Published 01/30/2018, 10:39 AM
© Reuters.  Mammoth Energy +6% as Puerto Rico contract expanded
TUSK
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  • Mammoth Energy Services (TUSK +6.5%) surges by more than 6% after announcing an extended and expanded contract to help restore power to hurricane-battered Puerto Rico.
  • TUSK says the expanded contract for its Cobra Acquisitions subsidiary now covers one year and $445M, and Cobra now has at least 880 employees in Puerto Rico vs. 434 included in the original 120-day, $200M award received in October.
  • The experience gained in Puerto Rico likely will help the company even after the restoration work is completed, TUSK CEO Arty Straehla tells NewsOK.com: "We think infrastructure spending is going to continue to grow. For the U.S. as a whole, our infrastructure is pretty old. There is a lot of modernization to do. That's going to be a core business for us going forward."
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