Black Construction-Tutor Perini JV Awarded $98.3 Million Bachelor Officer Quarters Project in Guam

Rhea-AI Summary

Tutor Perini Corporation (NYSE: TPC) announced its joint venture with Black Construction has secured a fixed-price contract worth approximately $98.3 million from the Naval Facilities Engineering Systems Command for constructing bachelor officer quarters at Marine Corps Base Camp Blaz, Guam. Funded by the Japanese government, the project involves building a multi-story housing tower and aims for substantial completion by May 2024. Engineering work is ongoing, with field activities expected to commence in November 2021 and will contribute to the company's third-quarter 2021 backlog.

Positive

• Secured a $98.3 million fixed-price contract.
• Joint venture with a major local contractor enhances regional presence.
• Project funded by the government of Japan shows strong international ties.
• Expected completion by May 2024 aligns with long-term strategic goals.

Negative

• None.

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 fixed-price contract valued at approximately $98.3 million by the Naval Facilities Engineering Systems Command, Pacific Division, for the construction of a bachelor officer quarters at Marine Corps Base Camp Blaz on Guam. Black Construction is a subsidiary of the Company, and is 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. The project scope of work includes construction of a multi-story housing tower with an attached one-story common area wing and a detached utility building. The structure will house single-occupancy housing units with living, bedroom, closet, private bath, kitchen and laundry.

Engineering work has already commenced, with field work expected to begin in November 2021 and substantial completion anticipated in May 2024. The contract value will be included in the Company’s third-quarter 2021 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210819005265/en/

FAQ

What is the value of the contract awarded to Tutor Perini Corporation?

The contract is valued at approximately $98.3 million.

When is the expected substantial completion date for the project at Marine Corps Base Camp Blaz?

The expected substantial completion date is May 2024.

What type of project is Tutor Perini Corporation working on in Guam?

The project involves constructing bachelor officer quarters, including a multi-story housing tower.

Who is funding the construction project for Tutor Perini Corporation in Guam?

The project is funded by the government of Japan.

When is fieldwork expected to begin for the project?

Fieldwork is expected to begin in November 2021.