Granite Joint Venture Awarded $42 Million Air Force Base Improvement Project in Guam

Rhea-AI Summary

Granite (NYSE: GVA) and Obayashi Corporation have secured a $42 million contract for the P3001 Standoff Weapons Complex at Andersen Air Force Base, Guam, awarded by NAVFAC PAC. This project involves expanding existing facilities and upgrading infrastructure to support missile assembly. Notably, Granite has executed 38 projects for the Department of Defense in Guam over the past decade. Construction is scheduled to begin this month and complete by March 2023, with a significant impact on Granite's financial backlog for Q1 2021.

Positive

• Awarded $42 million contract, enhancing backlog for Q1 2021.
• Expansion of existing facilities boosts operational capacity.
• Strong presence in Guam with 38 projects for the Department of Defense indicates reliability.

Negative

• None.

The joint venture team comprised of Granite (NYSE: GVA) and Obayashi Corporation has been awarded the P3001 Standoff Weapons Complex at Andersen Air Force Base, Guam by the Naval Facilities Engineering Command, Pacific (NAVFAC PAC). As consolidating partner, the $42 million award is anticipated to be included in Granite’s first quarter 2021 backlog.

The project will expand the existing missile assembly shop, add a new powered trailer maintenance facility, and supporting infrastructure at Andersen Air Force Base. The new supporting infrastructure will include upgrades to transportation routes with heavy-duty pavement to accommodate increased traffic volume, a new airfield entry gate, upgraded utilities to the new facilities, and two new earth-covered magazines.

“Granite has a rooted presence in Guam constructing 38 projects in the last ten years for the Department of Defense and across the island and is honored to continue this partnership,” said Curtis Haldeman, vice president of Granite’s federal operations.

The joint venture team will be responsible for constructing the earth-covered magazines, the missile assembly shop expansion, and the maintenance facility expansion using structural concrete to resist the typhoon wind loads and seismic events common to Guam. The expansions will include new utilities and drainage facilities. The team will also replace the existing asphalt roads with new concrete roadways between the munitions storage area and the flight line.

Construction is expected to begin later this month and is expected to be completed by March 2023.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure, and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210315005034/en/

FAQ

What is the value of the contract awarded to Granite (GVA) for the P3001 Standoff Weapons Complex?

Granite (GVA) was awarded a $42 million contract for the P3001 Standoff Weapons Complex.

When is construction expected to begin for the P3001 project?

Construction is expected to begin later this month.

What is the expected completion date for the P3001 Standoff Weapons Complex?

The P3001 Standoff Weapons Complex is expected to be completed by March 2023.

What facilities are being expanded at Andersen Air Force Base under this contract?

The project will expand the missile assembly shop and add a new powered trailer maintenance facility.

How many projects has Granite (GVA) completed for the Department of Defense in Guam?

Granite has completed 38 projects for the Department of Defense in Guam over the last ten years.