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Black Construction Awarded $222 Million Tinian International Airport Project
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Black Micro Corp., secured a firm-fixed-price contract worth $221,690,757 from the Naval Facilities Engineering Systems Command Pacific. This contract involves construction work at Tinian International Airport in the Northern Mariana Islands, including a cargo pad, fuel tanks, and a maintenance support facility. There are three unexercised options that could raise the total contract value to $225,667,367. Construction is slated to begin immediately, with substantial completion expected by October 2026. This contract will be reflected in the company’s second-quarter 2023 backlog.
Positive
Award of a significant contract valued at $221,690,757 enhances revenue potential.
Potential increase of contract value to $225,667,367 if options are exercised.
Immediate commencement of work contributes to upcoming backlog.
Strengthening presence in Asia Pacific construction projects.
Negative
None.
LOS ANGELES--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its Guam-based subsidiary, Black Micro Corp. (a unit of Black Construction Corporation), has been awarded a firm-fixed-price contract valued at $221,690,757 by the Naval Facilities Engineering Systems Command Pacific for construction at Tinian International Airport, Tinian, Commonwealth of Northern Mariana Islands (CNMI). The work to be performed provides for the construction of a cargo pad with taxiway extension, fuel tanks with receipt pipeline and hydrant system, airfield development Phase I roads, and a maintenance support facility, under the Asia Pacific Stability Initiative. The contract contains three unexercised options, which if exercised, would increase the cumulative contract value to $225,667,367.
Work is expected to begin immediately with substantial completion anticipated expected by October 2026. The contract value will be included in the Company’s second-quarter 2023 backlog.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict quality control measures.
