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Five Star Electric Awarded Two Contracts Collectively Valued at Approximately $90 Million
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Rhea-AI Summary
Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Five Star Electric, has secured two new contracts worth approximately $90 million. One contract involves building a new substation at JFK International Airport to power the upcoming Terminal 1, expected to be completed by spring 2024. The second contract entails the electrical work for a PATH substation in Jersey City, NJ, with completion projected for summer 2026. These contracts will enhance the Company’s backlog in Q3 and Q4 of 2022.
Positive
Awarded contracts valued at approximately $90 million, enhancing future revenue potential.
Projects at key locations like JFK International Airport and Jersey City are expected to improve the company's market position.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Five Star Electric (“Five Star”), has been awarded two new contracts collectively valued at approximately $90 million.
JFK International Airport Central Substation #2, New York, NY
Five Star, in a joint venture with Yonkers Contracting, was awarded a design-build contract by the Port Authority of New York and New Jersey for a new two-story substation building at JFK International Airport, which will provide power to the new JFK Terminal 1. The project scope of work for Five Star includes furnishing and installing 27kV switchgear, 15kV switchgear, medium-voltage cables, low-voltage power distribution equipment, security, lighting, fire alarm and other electrical systems. Work recently commenced and substantial completion is anticipated in the spring of 2024.
The contract value will be included in the Company’s third-quarter 2022 backlog.
Replacement of PATH Substation #2, Jersey City, NJ
Five Star, working as a subcontractor to Yonkers Contracting, was awarded the electrical component of a project to construct a new two-story substation building in Jersey City, NJ. Five Star’s scope of work entails furnishing and installing all electrical systems, including switchgear, supervisory control and data acquisition (SCADA) systems, traction power transformers, medium-voltage and traction power cables, low-voltage power distribution equipment, security, lighting and testing, as well as all raceways and feeders. In addition, traction power feeders will be installed from the new substation building to the existing PATH tunnels. Work will commence in the fourth quarter of 2022 and substantial completion is anticipated in the summer of 2026.
The contract value will be included in the Company’s fourth-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.
