Perini Management Services, Inc. Announces Two Federal Contracts Collectively Valued at $66.9 Million

Rhea-AI Summary

Tutor Perini Corporation (NYSE: TPC) announced that its subsidiary, Perini Management Services, Inc. (PMSI), has secured two federal contracts totaling approximately $66.9 million. The first contract, valued at $40.9 million, involves the design and construction of a prefabricated dormitory at the Federal Law Enforcement Training Centers in Georgia. The second, worth $26 million, pertains to the renovations of the Cadet Field House at the U.S. Air Force Academy. Both projects are set for completion by December 2022 and contribute to the company's backlog for Q4 2020.

Positive

• Awarded two federal contracts totaling $66.9 million.
• Contract for a $40.9 million prefabricated dormitory enhances operational capacity.
• Renovation project worth $26 million at a prestigious U.S. Air Force Academy, indicating strong client relationships.

Negative

• None.

Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, today announced that its subsidiary, Perini Management Services, Inc. (PMSI), has recently been awarded two fixed-price federal contracts collectively valued at approximately $66.9 million.

Design-Build Pre-Fabricated Dormitory, Federal Law Enforcement Training Centers (FLETC), Glynco, Georgia

PMSI received a $40.9 million task order contract under the Homeland Security National Multiple Award Construction Contract II (NMACC II). The project includes the design and construction of a dormitory that will be built utilizing modular construction methods. This will be PMSI’s third task order at the Glynco campus.

Renovations of the Cadet Field House, Phase 2, U.S. Air Force Academy, Colorado

PMSI received a $26 million contract from the U.S. Army Corps of Engineers, Omaha District for the renovations of the Cadet Field House, Phase 2. The work will take place at the U.S. Air Force Academy in Colorado Springs and includes phased renovations to the hockey & basketball arenas, installation of fire suppression systems, mechanical upgrades and anti-terrorism upgrades to the building envelope. PMSI recently completed the Phase 1 renovations, which were well received by the U.S. Army Corps of Engineers and the Academy.

Both projects have an anticipated completion date of December 2022. The combined project contract values have been included in the Company’s fourth quarter 2020 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/20210120005647/en/

FAQ

What federal contracts did Tutor Perini Corporation secure in 2021?

Tutor Perini Corporation secured two federal contracts totaling approximately $66.9 million, including a $40.9 million contract for a dormitory at FLETC in Georgia and a $26 million renovation at the U.S. Air Force Academy.

What is the value of the contract for the dormitory at FLETC?

The contract for the dormitory at the Federal Law Enforcement Training Centers is valued at $40.9 million.

When is the expected completion date for the new projects?

Both projects have an anticipated completion date of December 2022.

What was the total value of contracts awarded to Tutor Perini Corporation in January 2021?

The total value of contracts awarded to Tutor Perini Corporation in January 2021 is approximately $66.9 million.