Lunda Construction Awarded $62 Million I-494 Bridge Repair Project

Rhea-AI Summary

Tutor Perini Corporation (NYSE: TPC) announced its subsidiary, Lunda Construction Company, has secured a $62 million contract from the Minnesota Department of Transportation. The contract involves repairs to the I-494 Bridge over the Minnesota River in Bloomington, MN. Key tasks include pavement repair, reconstruction of the regional trail, bridge joint replacement, and drainage system repairs. Work is set to commence immediately, with substantial completion expected in summer 2026. This contract will be reflected in the company's first-quarter 2023 backlog, enhancing future revenue prospects.

Positive

• Awarded a $62 million contract, boosting future revenue.
• Immediate work commencement, indicating active project pipeline.
• Contract contribution expected in Q1 2023 backlog.

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 subsidiary, Lunda Construction Company, has been awarded a contract valued at approximately $62 million by the Minnesota Department of Transportation for Repairs to the I-494 Bridge over the Minnesota River in Bloomington, MN. The project scope of work includes pavement repair on I-494; reconstruction of the regional trail; replacement of bridge joints; repair of the bridge deck, beam ends and railings; reconstruction of bearings; replacement of highway lighting; and repair/replacement of drainage systems.

Work is expected to begin immediately with substantial completion anticipated in the summer of 2026. The contract value will be included in the Company’s first-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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230417005196/en/

Tutor Perini Corporation

Jorge Casado, 818-362-8391

Vice President, Investor Relations and Corporate Communications

www.tutorperini.com

Source: Tutor Perini Corporation

FAQ

What is the new contract value awarded to Tutor Perini Corporation for the I-494 Bridge?

Tutor Perini Corporation was awarded a contract valued at approximately $62 million.

Who awarded the contract to Tutor Perini for bridge repairs?

The contract was awarded by the Minnesota Department of Transportation.

When is the substantial completion of the I-494 Bridge project expected?

Substantial completion of the project is anticipated in the summer of 2026.

What does the contract for the I-494 Bridge include?

The contract includes pavement repair, reconstruction of the regional trail, replacement of bridge joints, and drainage repairs.

In which location will the repairs to the I-494 Bridge be performed?

The repairs will be performed in Bloomington, Minnesota.