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Black Construction-Tutor Perini JV Awarded Two Projects in Guam Collectively Valued at $122 Million
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Rhea-AI Summary
Tutor Perini Corporation (NYSE: TPC) announced that the Black Construction-Tutor Perini joint venture received awards totaling approximately $122 million from the Naval Facilities Engineering Systems Command, Pacific Division. The new projects include a $73 million task order for constructing support facilities for the Marine Corps at Naval Support Activity, Guam, and a $48 million task order for a permanent aviation building at Andersen Air Force Base, Guam. Both projects are expected to be completed by August 2024.
Positive
Awarded approximately $122 million in new contracts.
Strong demand for services linked to Marine Corps Relocation Program.
Track record of $1.25 billion in projects from the U.S. Department of Defense over four years.
Negative
None.
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 the following two new projects collectively valued at approximately $122 million by the Naval Facilities Engineering Systems Command, Pacific Division:
Black Construction-Tutor Perini JV was awarded a $73,020,113 firm-fixed-price task order for the construction of low-rise facilities to support the 4th Marine Regiment at Naval Support Activity, Marine Corps Base Guam. The work to be performed includes construction of an electronics-communications maintenance shop, auto maintenance shop with a dispatch office, company-level administrative space, two vehicle grease racks, organic storage and four vehicle wash facilities. Work is expected to be completed by August 2024.
Black Construction-Tutor Perini JV was also awarded a $48,919,252 firm-fixed-price task order for construction work at Andersen Air Force Base (AAFB), Guam. The work to be performed includes construction of a permanent aviation administrative building that will provide command and administrative areas for Marine Aircraft Group Headquarters, Marine Air Control Group Detachment, and air operations personnel, as well as support Marine Corps aircraft and personal on AAFB and Marine Corps Base Guam operations. Work is expected to be completed by August 2024.
The contract values will be included in the Company’s second-quarter 2022 backlog.
Leonard Kaae, Black Construction’s Senior Vice President and General Manager, remarked, “Black Construction has been experiencing tremendous demand, particularly as a result of the Marine Corps Relocation Program transferring military personnel from Okinawa to Guam. Over the past four years, Black has been awarded more than $1.25 billion of projects funded by the U.S. Department of Defense, and we anticipate that sustained strong demand for our services will continue over at least the next five years.”
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.
What are the new contracts awarded to Tutor Perini Corporation?
Tutor Perini Corporation has been awarded two contracts valued at approximately $122 million by the Naval Facilities Engineering Systems Command, Pacific Division.
When is the completion date for the new projects awarded to Tutor Perini?
Both projects are expected to be completed by August 2024.
What is the value of the contracts awarded to the Black Construction-Tutor Perini joint venture?
The contracts awarded to the Black Construction-Tutor Perini joint venture are approximately $122 million.
How has demand for Black Construction's services changed recently?
Demand for Black Construction's services has increased significantly due to the Marine Corps Relocation Program transferring personnel to Guam.
