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Black Construction-Tutor Perini JV Awarded $106.8 Million Bachelor Officer Quarters Project in Guam
Rhea-AI Impact
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Rhea-AI Summary
Tutor Perini Corporation (NYSE: TPC) has secured a firm fixed-price contract worth approximately $106.8 million from NAVFAC for the construction of the Bachelor Officer Quarters-B project at Marine Corps Base Camp Blaz in Guam. This marks the second such contract awarded to the Black Construction-Tutor Perini joint venture. Funded by the Japanese government as part of a military relocation agreement, the project will include multi-story housing for officers with completion expected by December 2024. Engineering is underway and fieldwork is set to commence in July 2022.
Positive
Awarded $106.8 million contract from NAVFAC, enhancing backlog.
Second contract for Bachelor Officer Quarters demonstrates continued demand.
Funding from the Japanese government indicates strong international agreements.
Negative
Fieldwork commencement delayed until July 2022 may affect project timeline.
Substantial completion not expected until December 2024.
LOS ANGELES--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that the Black Construction-Tutor Perini joint venture has been awarded a firm fixed-price contract valued at approximately $106.8 million by the Naval Facilities Engineering Systems Command, Pacific Division (“NAVFAC”), for the construction of the Bachelor Officer Quarters-B project at Marine Corps Base Camp Blaz on Guam. This is the second Bachelor Officer Quarters to be awarded by NAVFAC following a similar project previously awarded to the Black Construction-Tutor Perini joint venture in 2021. Black Construction is a subsidiary of the Company, one of Guam’s largest employers and a major general contractor working in Guam and throughout the Western Pacific. The contract is funded by the government of Japan as part of the international agreement between the United States and Japan for the relocation of military personnel from Okinawa to Guam. The project scope of work includes construction of a multi-story housing tower with an attached one-story common area wing. The structure will consist of single-occupancy housing units for officers with living, bedroom, closet, private bath, kitchen and laundry.
Engineering work has already commenced, with field work expected to begin in July 2022 and substantial completion anticipated in December 2024. The contract value will be included in the Company’s second-quarter 2022 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.
