Granite Wins More Work in Guam with $36 Million Navy Contract

Rhea-AI Summary

Granite (NYSE:GVA) has secured a $36 million project at the Joint Region Marianas naval base in Guam, enhancing critical infrastructure for the U.S. Navy. This Navy-Commercial Tie-In Hardening (P661) project aims to fortify the petroleum oil lubricant tie-in facility, emphasizing safety and utility relocations. Expected to begin in May 2022 and conclude by July 2024, the project underscores Granite's ongoing commitment to the Department of Defense, building on its history of significant contract wins in the area.

Positive

• Secured a $36 million project enhancing critical infrastructure for the U.S. Navy.
• Project aligns with the Department of Defense's initiative, ensuring long-term contracts and relationships.
• Demonstrates Granite's strong competitive position in Guam, with a history of significant contract wins since 2011.

Negative

• None.

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite (NYSE:GVA) announced today that it has been awarded the approximately $36 million Navy-Commercial Tie-In Hardening (P661) project at the Joint Region Marianas naval base in Guam. This project is an integral part of a broader Navy initiative to increase the resilience of critical infrastructure serving Department of Defense installations on Guam. This award continues Granite’s strong history of winning work in the area, with Granite and Granite joint ventures landing a number of significant contracts since 2011. The award is anticipated to be included in Granite’s second quarter CAP.

The project, funded by the U.S. Navy, will consist of hardened overhead roof structures over a new, hardened petroleum oil lubricant tie-in facility at the Joint Region Marianas Guam Navy fueling facility. This will require site improvements and utility relocations, with special attention to the safety considerations and requirements for the new facility.

“The P661 project is a strategic win for our Guam region and further enhances our relationship providing premier construction services for the Department of the Navy,” said Curt Haldeman, Granite VP of regional operations.

“These system resiliency projects are critical for the Navy’s Pacific operations and Granite is proud to be a part of this program,” said Aaron Isle, Granite project executive.

The project is expected to start in May 2022 and completion is anticipated in July 2024.

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 civil construction provider. 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 the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220505005084/en/

Media

Erin Kuhlman 831-768-4111

Investors

Wenjun Xu - 831-761-7861

Source: Granite

FAQ

What is the value of the recently awarded project to Granite (GVA)?

Granite has been awarded a project worth approximately $36 million.

Where is the Navy-Commercial Tie-In Hardening (P661) project located?

The project is located at the Joint Region Marianas naval base in Guam.

When is the start and completion date for the Granite (GVA) project?

The project is expected to start in May 2022 and complete by July 2024.

How does the P661 project impact Granite's relationship with the U.S. Navy?

The project enhances Granite's relationship by providing crucial construction services for the Department of the Navy.